Sports car insurance
Fast, high-performance cars are always going to attract higher insurance premiums than older, slower cars, because they pose a greater risk for the insurer – but for many drivers, the excitement of owning a sports car remains irresistible, despite the added expense.
Why does it cost more to insure sports cars?
There are a number of factors that push up the premium on sports cars:
- With powerful engines, these cars are faster and therefore there is a higher risk of them being involved in an accident.
- Sports cars also have high-tech specifications that incorporate specialist components, and this means they can cost a great deal to repair, compared with conventional cars.
- Thieves are often drawn to sports cars, further increasing the risk for insurers. Some thieves seek them out for their high value if they plan to sell the vehicle overseas, while others just want to enjoy the thrill of driving a high performance car themselves.
Reducing the cost of your premium
If you decide you can you afford to run and maintain a sports car - bearing in mind that the tax will also be high if it guzzles a lot of fuel – there are a number of factors that influence the cost of your insurance premium.
- Your planned use of the car will have an impact on the premium. If it's going to be locked in a secure garage for the majority of the time, the premium will be lower than if you plan to clock up thousands of miles. Obviously if you plan to race the car on a track regularly this will push up the premium even further. Some insurers refuse to cover some of the riskier motoring activities so make sure you're covered for everything you plan to do with your car.
- If you are able to agree a lower annual mileage limit, you will usually enjoy a lower insurance premium.
- You may enjoy discounts if you fit your car with security devices such as immobilisers, tracking systems or wheel locks.
- The more 'modified' your car is in terms of enhancing its performance, the more an insurer is likely to increase the premium. The insurer figures that you plan to drive faster than the manufacturer intended if you modify your car to boost its speed, and this poses a higher risk. If you modify your car without telling your insurer you risk invalidating any claims you make on your policy.
- Some insurers also reduce the premium if you belong to an owners' club.
- Motoring convictions tend to push up the price of all car insurance premiums, and while it may be tempting to drive fast in a sports car, if you avoid speeding and any other motoring offences you will help to keep costs down.
- As with most car insurance policies, if you agree a higher excess you can reduce your premium.