High Performance Car Insurance

High Performance Car Insurance

If you are the proud owner of a high performance car, you may find it difficult to obtain the right car insurance. Many regular insurers will be reluctant to insure your high performance car due to the perceived high risk involved. Those who take the chance mostly do so at an exorbitant rate.

Generally speaking, it is a good idea to use the services of a specialist insurer who will understand your needs better and be able to offer you a insurance policy designed to meet your requirements. For example, if you go to a specialist insurer, you will be able to procure track day cover, which may not be easily obtainable with a regular insurer. A specialist insurer will normally be able to offer you more benefits than a regular insurer. This will give you peace of mind that your expensive dream car will be properly covered.

High performance or fast cars such as a Ferrari or a Lamborghini can cost significantly more than standard cars for two main reasons — acceleration and top speed. These two factors put such cars in the high performance car insurance group.

It is widely believed that high performance cars make more regular insurance claims. The faster the car, the higher the likelihood of speeding is and thus being involved in an accident. When insuring your high performance car, you will find that the more powerful your engine, the more costly the insurance. Of course, the premium is even higher if you are a young driver with little driving experience. To keep your premiums down, always drive sensibly and keep within the speed limits, although this can be difficult in a fast car!

Your high performance car will inevitably attract more attention resulting in there being a higher chance of your vehicle being vandalised or even broken into. If you want to reduce your premiums, install an immobiliser or even a tracking device and park your car in a secure location such as a locked garage. If you take the security of your car seriously, your premiums may be lower.

Companies which offer insurance for high performance cars cover themselves by increasing the premiums as they believe that they will have to spend more on repairs. They may also have to spend more time and effort sourcing for hard-to-find replacement parts for certain high performance cars.

Before you buy a high performance car, do your research thoroughly. Use the database of the Association of British Insurers to find out the rating of the car you are considering. This information will allow you to think through all your options before buying your dream car.

Some high performance car insurers are willing to offer you a lower premium if you reduce the mileage of your car. The less you drive, the less risk you are exposed to, the lower your insurance premiums will be.

You can find high performance car insurance from most specialist insurance companies such as Swinton, Aon and Adrian Flux. Regular insurers such as the AA, Admiral or Elephant also provide high performance car insurance. There are numerous online insurers which offer fast quotes and efficient service. It is always useful to compare your quotes using a comparison website.