Expert: Bennie719 - 3/26/2008

Question
Why would insurance on a 2003 Toyota MR2 "which is a sports car" be significantly cheaper than a Chevrolet Cobalt "which is not"?

thanks


Answer
Hi Nick,
Just because a vehicle is considered a 'sports car' does not put it in a 'penalty' category for insurance.
Even if a car is considered a 'penalty', many companies drop that extra charge when the vehicle is over 5 model years old, meaning that only the '08, '07, '06, '05 and '04 models would have a penalty charge on the insurance (except for Corvettes', Porsche's etc).
I believe that the first year for the Cobalt was '05 and if you were comparing the basic bottom of the line 4 cylinder against the MR2, the Cobalt would be less to insure.
Most of the small sedans and coupes allow you to factory build them into a 'pocket rocket', such as the Cobalt SS and Cobalt SS supercharged, the Mitsubishi Lancer and many other small cars.
These small cars are hot enough to embarrass a Corvette in 1/4 mile and 0-60 speeds and that's why they fall into a penalty category for insurance.

I hope this information has been of help.
Your feedback by rating my answer will be appreciated.
Sincerely,
Bennie
San Francisco Bay Area