Here we look at how car insurance for high performance cars works, including the things to consider when shopping around for cover and how to lower premiums.
How much will you pay to insure a performance car?
Insurance premiums are based on an assessment from the provider of how likely you are to make a claim. This takes into account your driving history, your annual mileage, your personal circumstances, your address and the vehicle you drive.
Performance cars are generally seen as a greater risk than vehicles with smaller engines because they are capable of faster speeds and are therefore more likely to be involved in high impact accidents. Furthermore, performance cars generally cost more to repair/replace in the event of a write-off/theft because they have higher values than other vehicles.
To get an overview of how much you’re likely to pay to insure a performance car, use the Association of British Insurers’ database. It ranks vehicles into groups from 1-50 (previously 1-20) with those in higher groups typically subject to higher premiums. So if you haven’t yet bought your car you may wish to consider a performance vehicle that fits into a lower insurance group.
Is it easy to get insurance for a performance car?
If you’re a young driver you may have some difficulties in obtaining insurance for a performance car because young motorists are deemed a high risk group. In 2008, several insurers stopped offering quotes to 17-year-olds altogether due to high accident rates – and so if you’re driving what insurance companies deem as a high risk vehicle you may have more difficulty in finding a suitable quote.
However, there are a host of specialist insurers on the market that are not only willing to offer quotes to drivers of performance cars but also offer policies tailored for their needs with cover features including:
- Agreed valuations: So you know from the outset what the vehicle is worth in the event that you suffer a total loss, such as if the car is written off or stolen.
- Overseas cover: A lot of performance car drivers enjoy taking their vehicles abroad, such as for overseas motorsports events, and so they should check to ensure the policy offers the same level of cover on the Continent and for how long this cover applies.
- Modifications cover: Most insurers frown on modifications as they add to a vehicle’s value and can be difficult to repair/replace. However, some specialist insurers are accustomed to dealing with modified cars and can offer competitive rates and like-for-like replacements whether you have upgraded brakes, a turbocharged engine, suspension alterations or any of a host of modifications.
- Track/rally/race day cover: Many performance car drivers like to test their vehicles on a race track or as part of a rally or other showcase event. With conventional insurers these activities may not be covered – however, many specialists offer cover features to ensure you’re protected while participating.
In addition, several specialist insurance companies offer incentives to help keep premiums in check, such as:
- Discounts for completing advanced driving courses – Such as the Pass Plus or IAM qualifications.
- Discounts for agreeing to limit your mileage – The fewer miles you drive, the less likely you are to be involved in an accident.
- Discounts for joining an owners’ or manufacturers’ club – Members of enthusiasts’ clubs are often viewed by insurers as more likely to take extra care of their vehicles and this is rewarded with a reduction in premiums.
Despite the incentives on offer, you should still compare rates from conventional car insurers too, to ensure you’re getting a competitive deal as the specialist insurers may not be the cheapest. Use a comparison website to compare deals from more than 100 insurers – including some specialists – and check both the quotes and the levels of cover available to ensure you’re getting value for money.
Additional ways to save on performance car insurance
Regardless of which insurance policy you opt for, don’t forget to follow these tips to lower your premiums:
- Choose a higher excess – You could lower premiums by increasing your voluntary excess, although it should only be set at an affordable level.
- Choose policy options carefully – Don’t pay for cover options you don’t need – for example, you may not need a courtesy car if you have access to a second vehicle.
- Increase security - Adding car alarms, immobilisers and tracking devices could help you save – consult your insurer about the equipment to install.
- Park safely – Use a locked garage to store your vehicle overnight and many insurance companies will reward you with savings.
- Pay annually – You may be able to avoid monthly interest charges by paying premiums upfront.
Each day we bring you the best new cars for sale deals in the market from 100's of car deals check out our hot offers below, or use our search system to find for your new or used ideal cars for sale.
The best deals on cheap new car prices from the biggest dealers in the UK. Save money with big discounts on the cheapest new cars in the UK. Compare hundreds of offers to find the cheap new car that is right for you!
We have cheap new cars in the UK including Scotland and Ireland. Find th cheapest and best deals on all UK new cars. We also cater for car insurance and help you find online car discounts some with 0% finance.
RSS