Compare car insurance for high-performance cars
Extra-powerful cars come with extra-expensive car insurance policies, but as ever there are ways of cutting costs
When it comes to the thrill of driving, nothing quite matches the experience of being behind the wheel of a performance car. These vehicles, designed for speed and agility, offer an exhilarating ride that's hard to match.
However, owning such a car comes with its own set of challenges, especially when it comes to insurance. In this article, we'll explore the ins and outs of performance car insurance, what defines a performance car, and how you can potentially lower your premiums without putting the brakes on your driving enjoyment.
What is performance car insurance?
Performance car insurance is cover for drivers of top-of-the-range sports cars or powerful off-road SUVs. It's a specialised type of insurance that caters to the unique needs of high-performance vehicles, which are often targets for theft and can be costly to repair or replace.
Given the increased risks associated with these cars, insurers typically charge higher premiums to cover potential claims.
Defining the performance car
A performance car is defined as any lightweight car with a fast and powerful engine. This includes top-level sports cars, such as a Lamborghini or a Ferrari. But many other car makes and models are also classed as performance cars by insurers, and their owners face higher premiums when buying car insurance.
The definition extends beyond the exotic to include high-performance versions of standard models, which might surprise some drivers when they see their insurance quotes.
The impact of insurance groups
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.
It's not just the flashy sports cars that find themselves in the upper echelons of these groups; many manufacturers release high-performance versions of their ordinary cars, meaning a Ford Focus RS might be in the same insurance group as some BMW sports cars.
The cost of insuring performance
Performance car insurance is undeniably pricier than standard car insurance. The reasons are clear: these cars are more likely to be involved in high-speed accidents, they're attractive to thieves, and when they do get damaged, they're expensive to fix.
Insurers take all of this into account, viewing performance car drivers as having a higher risk profile, which in turn drives up the cost of insurance.
Young drivers: a high-performance dilemma
Insurers usually quote higher premiums for car insurance for young drivers because of their inexperience, and the higher likelihood that 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. Consequently, young drivers with a penchant for performance cars can expect to see some eye-watering figures on their insurance quotes.
Strategies for cheaper performance car insurance
Despite the high costs, there are strategies to help make performance car insurance more affordable:
Add a named driver
A young person driving a performance car could add a named driver to the policy who is an older and more experienced driver of the same car, which will bring down costs.
However, it's crucial to ensure that the main driver of the car is correctly identified on the policy to avoid insurance fraud.
Boost your security
Enhancing your car's security with alarms, immobilisers, and secure parking arrangements can lead to reductions in your insurance premiums. Insurers are more likely to offer better rates if they believe your car is less likely to be stolen or broken into.
Reduce your mileage
If you can manage to lower your annual mileage, you could see a decrease in your insurance costs. Less time on the road means a lower chance of accidents, not to mention savings on fuel and maintenance.
Comparing performance car insurance
One of the most effective ways to find the right insurance for your performance car at a competitive rate is to use a price comparison site. Sites like MoneySuperMarket allow you to compare deals from various providers, ensuring you get the coverage you need without paying over the odds.
In the fast-paced world of performance cars, insurance is a necessary pit stop. While it may seem like a costly addition to your driving experience, understanding the factors that affect your premiums and knowing how to navigate them can help keep your costs in check.
Whether you're a young driver or an experienced enthusiast, there's always a route to more affordable performance car insurance. Remember, the goal is to enjoy the ride without financial speed bumps slowing you down.
