Sports Car Insurance

Get reliable car insurance coverage tailored to you with Brokerlink.

If you drive a sports car, then sports car insurance is a must. This type of insurance will give you the coverage you need to stay safe behind the wheel of your premium vehicle. Learn more about how BrokerLink can help you find quality car insurance at a great rate below.

BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is sports car auto insurance?

Sports car insurance is like any other auto insurance policy, except it protects vehicles categorized as sports cars. While there is no universal definition of what constitutes a sports car in the insurance industry, cars with the following attributes tend to be classified as sports cars:

Two doors (coupe)
Low profile
High performance engine (e.g. V8 engine)
Lighter in weight than a standard vehicle

Is sports car insurance compulsory?

Yes, sports car insurance is compulsory in Canada. No matter whether you drive a Mustang or a Camaro, you will need to purchase adequate insurance coverage. This is because insurance is a legal requirement in every Canadian province or territory. Minimum coverage requirements vary but regardless of where you live, some form of car insurance is mandatory. Driving without insurance is a serious offense and if caught, could result in fines, a suspended licence, and even jail time. To avoid these consequences, make sure to purchase a valid, up-to-date insurance policy for your sports car that complies with provincial law.

Types of auto insurance coverage

While each province and territory has its own unique car insurance regulations, drivers all over Canada are generally required to purchase insurance that protects them against collisions, whether those collisions result in bodily injury, property damage, or both. In addition to mandatory coverage, there are several other coverage options that you can add to your sports car insurance policy that provide additional protection. Some of the most popular optional coverages in Canada are collision coverage, comprehensive coverage, and accident forgiveness coverage. We break down each type of optional and mandatory coverage for sports car insurance coverage below.

Mandatory

Optional

Third party liability coverage protects drivers if they get into an accident that they are at fault for. For example, if you cause a collision that results in bodily injury or property damage, liability coverage can help you cover the costs of medical expenses or vehicle repairs. It can also help pay for court fees or legal counsel, if necessary. In Ontario, drivers must hold a minimum of $200,000 in third party liability coverage at all times.

[Not mandatory in Ontario] Direct compensation - property damage coverage protects the policyholder in the event that they get into an accident that was not their fault. This type of coverage offers compensation if you suffer an injury or your car is damaged in the accident. In the case of direct compensation, the insurance company may reimburse the policyholder directly for their claim. However, beginning January 1, 2024 direct compensation property damage coverage isn't mandatory in Ontario.

[Not mandatory in Newfoundland] Accident benefits coverage can help cover the costs of medical expenses following a collision. This type of coverage can be claimed no matter which party was at fault for the accident, and it can help pay for the medical expenses of the driver, passenger, or any pedestrians involved in the accident. Examples of medical expenses accident benefits can cover include rehabilitation, prescription medications, and physical therapy.

[Not mandatory in Alberta] Uninsured automobile coverage protects you and any passengers in your vehicle if you’re involved in an accident with an at-fault driver who is uninsured or underinsured. This mandatory coverage type may also protect against hit-and-runs.

Collision coverage protects the policyholder if they get into an accident with another vehicle or object on the road, no matter who is at fault for the accident. Under the collision coverage section of your policy, you can receive compensation to help pay for any property damage that resulted from the accident, such as a damaged car in need of repair.

Comprehensive coverage aims to protect motorists from non-collision-related circumstances. For example, if your sports car is damaged by an insured peril, like theft, vandalism, falling objects, water damage, or fire and you added comprehensive coverage to your policy, your insurance company can help cover the cost of repairing or replacing your vehicle.

One final type of optional car insurance coverage popular among sports car drivers is accident forgiveness. Accident forgiveness is additional coverage that can be added to your sport car insurance policy as an endorsement, to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim.

If you're buying a new car, adding this coverage to your policy is worth considering. It ensures you're covered for the full value of your vehicle without factoring in depreciation. That means if your car is stolen or totalled, you'll be reimbursed for the cost of a brand-new vehicle—not just what it's worth after wear and tear.

If you ever get into an accident and your car needs repairs, loss of use coverage has your back. While your car is in the shop, this coverage helps pay for other ways to get around—whether that's hopping on public transit, using ride shares, or renting a car. It can be a real lifesaver, especially if your car ends up being out of commission for days or even weeks.

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Follow these tips to save money on sports car auto insurance

Want to pay less for sports car insurance? BrokerLink car insurance experts put together this list of money-saving tips below.

Discounts

Bundle insurance policies

We’re going to let you in on a little secret: The more money you spend with an insurance provider, the more likely they are to give a discount. Therefore, if you need to purchase additional insurance coverage, such as home insurance or business insurance, consider purchasing it at the same time as your sports car insurance. Bundling insurance policies is another way to save 15% on each policy.

Install snow tires on your sports car

Installing winter tires on your sports car could make you eligible for an insurance discount of up to 5%. Insurance companies recognize that snow tires are safer and reduce the odds of getting into an accident over the winter months, and they will reward you accordingly.

Consult with an insurance broker

Our last money-saving tip is to work with an insurance broker. Insurance brokers at BrokerLink are car insurance experts. They know the ins and outs of the industry, which means they can get you the best possible deal on sports car insurance. They will unlock discounts you didn't even know you were eligible for and help you compare quotes to ensure you aren’t overspending on auto insurance. Consulting with an experienced broker not only saves you money, but it also saves you time, as you’ll have someone shopping around on your behalf.

Savings Options

Increase your policy deductible

Increase your deductible by $1,000 or even $500 and you could save on sports car insurance. Insurance companies often lower rates to policyholders that raise their deductibles. So if you want to instantly reduce how much you spend on car insurance, consider increasing your policy deductible.

Pay for insurance annually

Paying for your sports car insurance policy annually rather than monthly is another tip to save money on car insurance. Many insurance providers charge an administrative fee for each payment. Therefore, making a one-time payment each year as opposed to twelve monthly payments can save you money.

Insure multiple cars together

If you have more than one vehicle in your household, why not insure them together? Doing so could save you between 15% and 20% on each policy.

How to get sports car insurance

Finding quality sports car insurance couldn’t be easier thanks to BrokerLink! Follow the steps below to make sure you get the coverage you deserve:

1. Work with an insurance broker

The first step to finding the best coverage at an affordable rate is by contacting an insurance broker. BrokerLink has been matching Canadians with quality insurance policies since 1991. One of our insurance advisors will take the time to get to know you and understand your unique needs.

2. We shop around on your behalf

As soon as you get in touch with BrokerLink and give us the go-ahead, your dedicated insurance advisor will begin shopping around on your behalf. They will contact Canada’s top auto insurance companies to obtain quotes, compare policies, and unlock discounts to find the best rate.

3. You get a great rate

The third and final step to purchasing sports car insurance is choosing the policy that suits your needs. Your dedicated BrokerLink insurance advisor will walk you through a few options, and then you can pick the one that’s best for you. It’s that easy.

Get in touch with BrokerLink for a free sports car insurance quote

Are you ready to save on sports car insurance? BrokerLink makes shopping for sports car insurance hassle-free. Sit back, relax, while we find you the right car insurance policy in no time.

Get started today by giving us a call, sending us an email, or visiting us in person at one of our many locations throughout Canada. You can also request a free sports car insurance quote now using our online quote tool. Simply answer some basic questions about yourself and the make and model of your sports car, and we’ll get back to you with an accurate and competitive quote in minutes.

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