Performance car insurance

Compare car insurance for high-performance cars

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Extra-powerful cars come with extra-expensive car insurance policies, but as ever there are ways of cutting costs

high performance car

What is performance car insurance? 

Performance car insurance is cover for drivers of top-of-the-range sports cars or powerful off-road SUVs.

If you own a high-performance car, you’ll know that not only is it costly to buy and maintain – the price of insuring it is also high. But there are ways you can keep costs down.

What is a performance car?

A performance car is defined as any lightweight car with a fast, powerful engine. This includes top-level sports cars such as a Lamborghini or a Ferrari – but many other cars are also classed as performance cars by insurers, and their owners face higher premiums when buying car insurance.

Premiums are worked out based on a number of factors including your age, your job and how securely your car is parked. On top of these variables, insurers will also check the insurance group into which your chosen vehicle has been assigned.

Cars are placed into one of 50 car insurance groups, and those in higher groups cost more to insure than ones in the lower groups. This rating is worked out based on factors including engine size, rate of acceleration, top speed and the cost of repairs.

More cars may require performance car insurance than might first be apparent. Because many manufacturers release high-performance versions of their ordinary cars, a Ford Focus RS sits in the same high insurance group as some BMW sports cars, for example.

The average cost of car insurance

According to MoneySuperMarket data correct as of August 2019

How much does performance car insurance cost? 

Insurance for a high-performance car is always going to be more expensive than for mid-range cars. This is because high-performance vehicles are statistically more at risk of accident. There are several factors increasing the risk for insurers of high-performance cars:

  • Performance cars have more powerful engines and reach high speeds very quickly, and as a result they are far more likely to be involved in an accident
  • Performance cars are more likely to be targeted by thieves and vandals, leaving insurers more likely to pay out for theft or vandalism
  • The cost of repairs is higher, as the parts are more expensive and skilled labour may be required

In other words, insurers believe that drivers of performance cars get into more accidents, and that the damage costs more to put right.

Can younger drivers get insurance for a performance car?

Younger drivers often find performance cars particularly attractive – but they will face even higher prices when buying insurance for them.

Insurers usually quote higher premiums for car insurance for young drivers because of their inexperience, and the higher likelihood they will be involved in an accident. Younger drivers are also more likely to have an accident with lots of people in the car, and are more likely to make a claim for theft or vandalism.

As a result, a young driver with a high-performance car will tend to be quoted an eye-wateringly high price for car insurance. However, there are steps that young drivers can take to keep these costs down.

How can I get cheaper performance car insurance?

  • Add a named driver: A young person driving a performance car could add a named driver – an older and more experienced driver of the same car – to the policy, which will bring down costs. To avoid invalidating your insurance and breaking the law, the main driver of the car must always be the person indicated as the main driver on the policy
  • Boost your security: Some features of performance cars – alloy wheels for instance – are a particular target for criminals. Your insurance premiums will fall if you use security features such as an alarm or an immobiliser, and if you park your car in a garage or driveway rather than on the street
  • Reduce your mileage: The likelihood of an accident increases the more you drive, and by keeping your mileage down you’ll save on fuel, wear and tear, and insurance

Compare performance car insurance

If you’re looking to find quotes for performance car insurance, the best way is to use a price comparison site like MoneySuperMarket. You can compare deals from hundreds of insurers all in one place – helping you to find the right cover at the right price in just a matter of minutes.

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