Relative claim frequency, relative claim severity and relative overall loss are three measures that insurance companies use in determining the cost average cost of providing collision coverage to cars. In a study by the Highway Loss Data Institute a score of 100 serves as the average in all three measures and represents the average score for cars of all types, classes and sizes.
Sports cars are classified by size as follows: mini, small, midsize and large. All classes of sports cars, with the notable exception of mini sports cars, score well above the average when taking into consideration relative loss per claim. Small, medium and large sports cars scored 164, 141 and 124 respectively. A score so far above the average of 100 drives up the costs of buying collision coverage for sports cars. In contrast, a mini sized sports car boasts a score of 80. The same trend is noticed when the relative claim severity is considered. Here too, sports cars scored well above average (166, 145 and 106 for small, medium and large respectively). And yet again, mini sized sports cars buck the trend by sporting a score of 97. However, in terms of relative claim frequency, sports cars do quite well with all sizes, except large, bearing scores under 100.
So what do all these scores translate into in dollar terms? Collision coverage for a small sports car such as a BMW Z4 convertible will cost $613, on average, as of December 2013. The corresponding premium rate for an Audi TT is $601. A Ford Mustang is classified as a mid-sized sports car and collision cover for it costs $564. A Jaguar XKR convertible and Porsche Panamera are both classified large sports cars and collision cover cost $862 and $818 respectively. All the prices stated above apply for 2010-2012 models of cars.