Overcome expensive sports car insurance quotes
Flash cars come at a price. They are not only expensive to buy, they can also be costly to insure. So if you own a sports car, be prepared to pay a higher car insurance premium than the average motorist.
Higher premiums
So why are premiums higher? Insurers bump up the cost of sports car insurance for three reasons. First, your fancy car can attract the wrong kind of attention: thieves and vandals are known to target sports cars.
Second, sports cars are high performance vehicles and are statistically more likely to be involved in an accident.
Finally, the cost of replacement parts and repairs is generally higher for sports cars than for the average family hatchback.
Young drivers
Sports cars and young drivers are a particularly toxic combination when it comes to car insurance. It is estimated that a third of the total road fatalities in the UK each year involve drivers between the ages of 17 and 25. As a result, young drivers pay a lot more for their car insurance than older motorists. Put a teenager behind the wheel of a Porsche 911, and you are looking at a very risky proposition.
Market competition
Some insurers refuse to cover sports cars, or impose an age restriction. But there is still plenty of competition in the market so it’s important to shop around for a cheap sports car insurance deal.
There are also several ways to drive down the cost of sports car insurance quotes:
Cost of modifications
Try to resist customising your sports car. Insurers are wary of modifications to any car because they cannot check the standard of the alterations
Try to resist customising your sports car. Insurers are wary of modifications to any car because they cannot check the standard of the alterations. The safety of the car could therefore be compromised once the original specification is changed.
Cosmetic changes to your sports car could also act as a magnet for thieves. Sports car insurance is already expensive, and modifications will only add to the cost.
Approved safety devices
You can minimise the risk of theft by fitting appropriate and approved safety devices to your car, such as an alarm or an immobiliser. You should also make sure that the vehicle is kept in a locked garage when not in use or, at the very least, off-road on a driveway. If you park your sports car on the street, you will pay a much higher motor insurance premium.
Limited mileage car insurance policies
Some motorists drive their sports car infrequently, perhaps only at weekends or during warm weather. If so, you might be able to negotiate a lower sports car insurance premium by agreeing to drive only a limited number of miles a year, as the fewer miles you drive, the less likely you are to make a claim.
But remember that your car must be insured at all times, even if it’s parked-up for lengthy stretches and you have no intention of driving it – this is laid down by the Continuous Insurance Enforcement regulations. The only way to keep a car without insuring it is to apply to the DVLA for a Statutory Off Road Notice (SORN), which will require you to surrender the vehicle’s tax disc as well.
You would then need to tax and insure the car afresh before you drove it again.
Increase the excess
All car insurance policies come with a compulsory excess, which is the amount you must pay towards each claim. But if you volunteer to increase the excess, you could lower the sports car insurance premium. Just be careful not to make the excess so big that it is unaffordable.
Join the club
Sports car owners often join a club to share news and views with other enthusiasts. Club membership can bring financial rewards, too, as some insurers offer discounts of up to 15% if you are a member of a recognised car owners’ club.
Improve your driving skills
Young drivers can cut the cost of sports car insurance by taking a course to improve their driving skills. The most well-known is the Driving Standard Agency’s Pass Plus course, which is divided into six modules covering areas such as driving on motorways and at night. The course costs about £150, but it can result in a premium discount of 20% or more.
Add a named driver
You might also want to consider adding a named driver to your sports car insurance policy. If you add a motorist who is older and more experienced it can actually bring down the cost of cover. So, a young driver could benefit if they were to add their mum or dad to their policy as a named driver. The insurer will assume that the additional driver will get behind the wheel at least some of the time and so help to lower the risk of an accident.
Never be tempted to list someone as the main driver if they’re not – this is known as ‘fronting’ your policy and is a form of fraud that will get you into big trouble if you’re found out.
Compare cheap sport car insurance quotes
MoneySuperMarket’s online comparison service is a quick and easy way to compare cheap quotes for sports car insurance. Just remember to read the small print carefully to make sure the cover is adequate. Some policies, for example, do not insure track events or races, so you might need to seek specialist advice.