Performance car insurance
Built for speed and handling, and scoring high in the style stakes, performance cars have plenty of kudos and hold a huge appeal for a wide range of drivers.
Whether they are built for the road or the race track, insurers inevitably regard performance cars as riskier than standard family cars because they are desirable, powerful and fast, and have a high value. Statistically these cars are more likely to be involved in an accident and cost more to repair due to their specialist components – while they can also be a prime target for thieves, joyriders and vandals.
Manufactured performance cars versus modified vehicles
Insurers often regard manufactured performance cars slightly differently to vehicles that have been modified or 'souped-up' after rolling out of the factory. Modified high performance cars usually command a higher premium because insurers are not sure about the exact changes that have been made, or the potential dangers they pose to the driver and other road users.
Factors that influence your premium
- Modifications: different providers regard certain modifications as more risky than others, so there's no easy way of knowing how much modifications will cost you on your premium. Some firms push up premiums if you make superficial modifications, while others only increase premiums if the modifications deliver tangible performance benefits. If you're planning any modifications it's wise to phone your insurance company first to ask how much the change will cost you – even if you're only adding some sporty side skirts.
- Your age also has an impact on the premium. The younger you are, the more expensive the premium. Once you hit the age of 30 premiums generally start getting a bit cheaper because you're viewed as less of a risk, and equally you may have built up a no-claims years bonus.
- If you have an advanced driving course under your belt this can help bring down your premium because you pose less risk to the insurance company.
Suitable insurance for high performance cars
There are specialist insurance providers for performance cars, and they generally have a better understanding of the kind of protection you need. If you know other owners of high performance cars, particularly if you're a member of an owners' club, ask them for their recommendations – but always compare a range of quotes and check they offer the cover you need before making a decision.