Your first step when looking for insurance for your performance car shouldn’t be the cheapest, but what cover you need to ensure the protection that will grant you peace of mind.
One of the best options might be agreed-value insurance. Many insurers tend to apply a blanket fee on vehicles based on how they rate across a series of metrics, meaning that a performance car is more likely to end up at the higher end of fees just from performance rates and the cost of repairs.
An agreed value policy could take the sting out of such a fee, which values the car itself before the policy is taken out. If the unthinkable happens and you suffer a total loss, your insurer’s offer will be based on the agreed price rather than the considerably diminished book price.
Moving away from worst-case scenarios, there are elements of cover to consider that come close to home.
For instance, your performance car is unlikely to be your only vehicle. Would it be more cost-effective to include cover for driving other cars in your policy? Are you the only hobbyist in your household? Will you be covered if there’s damage to your vehicle if they were having a turn behind the wheel?
Performance Car Insurance in the UK: Your Questions Answered
Owning a performance car in the UK is more than just a thrilling experience; it’s a statement. But great power comes great responsibility, and securing the right insurance for your high-performance vehicle is crucial. This article addresses some of the most frequently asked questions about performance car insurance in the UK.
What is Performance Car Insurance?
Performance car insurance is a particular insurance coverage tailored for high-performance vehicles. These cars, known for their powerful engines and high-speed capabilities, often come with unique risks that standard insurance policies might not cover comprehensively.
Why Do Performance Cars Require Special Insurance?
With their superior speeds and more intricate engineering, performance vehicles can pose a greater risk on the roads than regular cars. Repairs can be significantly more expensive in an accident due to the specialised parts and expertise required. Insurers recognise these elevated risks and tailor policies to suit the needs of performance car owners.
How is the Premium Calculated?
Several factors influence the premium for performance car insurance:
- Car Specifications: Higher horsepower, torque, and top speeds can impact your premium.
- Driving History: Your past driving record, including any accidents or violations, will be considered.
- Usage: How often, where, and for what purpose you use your car can influence the cost.
- Location: Areas with higher traffic or theft rates might result in a higher premium.
- Security Features: Enhanced security measures can sometimes lead to discounts.
Are Modifications Covered?
Not all insurance policies will cover car modifications. If you’ve modified your performance car, you must notify your insurer. Failing to do so can potentially invalidate your insurance. Some insurers might offer specialised coverage for modified vehicles, while others might increase the premium based on the type and extent of modifications.
Can Young Drivers Get Performance Car Insurance?
Age is a significant factor for insurers. Younger drivers, especially those under 25, are generally considered riskier. While it’s possible for young drivers to get performance car insurance, they might face steeper premiums. Young drivers should shop around and consider taking advanced driving courses to reduce premiums.
How Can I Reduce My Premium?
While performance car insurance can be pricier, there are ways to reduce your premium potentially:
- Increase Your Excess: You might lower your premium by agreeing to pay a higher voluntary excess.
- Secure Parking: Keeping your car in a safe location, like a locked garage, can help reduce risks.
- Limit Mileage: Some insurers offer discounts for limited annual mileage.
- Advanced Driving Courses: Courses can prove you’re a responsible driver and may result in discounts.
- Shop Around: Don’t settle for the first quote. Comparing different providers can yield better deals.
Performance cars are a joy to drive, but ensuring they’re properly insured is necessary. By understanding your needs, recognising the risks, and doing thorough research, you can find the right insurance policy that gives you peace of mind while enjoying the thrill of the road. Always remember to ask questions, clarify doubts, and keep communication open with your insurer to enjoy a smooth journey ahead.