So you finally bought your dream car, it’s a sexy, high performance car and it cost you a proverbial arm and a leg. Now you need to insure it. You can expect insurance premiums will be sky high if you buy a performance or “super” car. This is mainly due to the added performance, the cost of replacing it if stolen and the potentially expensive repair costs, so it’s inevitable you’ll have to fork out more of your hard-earned cash to insure it. There are ways to keep your premiums as low as possible with high performance car insurance. Here’s how:
There is a huge difference when it comes to high performance car insurance. Performance cars are usually bought standard and modified cars have added equipment like a turbo, bigger wheels, re-mapped engines, lowered suspensions etc. Insurers believe that these modifications will have a negative effect on the car and thus they increase the premiums accordingly. It’s also worth noting that imported vehicles, kit cars and prestige cars could also qualify as being performance vehicles by car insurance companies.
It pays to do prior research into the cost and availability of parts for the specific vehicle online before you buy which can help reveal if parts will be hard to find, and if repairs are likely to be expensive and time-consuming. This will have a bearing on the cost of your insurance premium, as well as the general running costs of the vehicle. Another way to lower your insurance premium is to complete an advanced driving course. This should have an impact on your premium as insurers look upon performance vehicles as being more difficult to drive and control because of their greater power and acceleration.
It is possible to organise high performance car insurance through a broker with specialist knowledge of performance vehicles which will also save you money. Often owners of high performance cars will insure the car for weekend driving only as they will use a “run around” car during the week. This saves money as the car is only on the road for 8-10 days per month as opposed to the whole month.
Lastly it is important to drive safely as any speeding and drunken driving conviction will negatively affect your vehicle insurance premium. When it comes to performance vehicles, even if you could afford the increased cost, drivers with motoring convictions often find that insurers simply refuse to cover them at all. So do your homework before buying your dream car as it can make a big difference when working out what you can afford.