Anyone that buys a sports car must accept that the thrill of driving such a powerful machine will go hand-in-hand with higher premiums. Of course, this is hardly surprising when you consider how insurance companies operate.
With most basing their premiums on how much risk will be posed by both you and your vehicle, it shouldn’t come as a surprise to hear that cars with hugely powerful engines are not going to be viewed in the same light as small city runabouts.
By their very nature the components used to put one of these high performance sports cars together will be far more technical, expensive and high-tech than those which are used in the construction of production-line family saloons. So as well as the higher risk of them being involved in an accident – and costing vast amounts to repair – they are also more likely to be stolen by thieves who are either eager to get behind the wheel of a high performance machine or want to sell it to rich overseas buyers.
Another fact to bear in mind is that although the value of your sports car is likely to reduce each year, the premium won’t be reflecting the depreciation because the policies themselves are closely linked to the cost of settling individual claims.
Also, the parts used and labour needed to repair these vehicles remains the same, regardless of whether it is only one years old or five. The fact is that high performance cars are always going to be more expensive to repair than more conventional vehicles.
How will your vehicle be used?
The reasons why you have purchased such a vehicle will have a bearing on the premium that you’ll be required to pay. For example, someone that garages it most of the year will be charged less than someone who plans to travel many thousands of miles. This is even more relevant if you intend thrashing your car around a race track every couple of weeks with other like-minded owners. The vast majority of venues in the UK and abroad will open up for privateers to drive their vehicles in anger.
Not all sports car insurance policies will cover these activities which, by their very nature, are far riskier than traditional use. Therefore you will need to check if it does and how the extra costs will increase your premium.
Cutting the cost
Even with high-performance sports cars there will be ways of lowering the cost of cover. For example, some offer discounts for being members of an owner’s club, while others will reduce the price if you agree not to exceed a certain amount of miles in the year. In addition, some may be willing to provide an “agreed valuation” on your car which will give you peace of mind in knowing exactly what your vehicle is insured for – and how much you will receive should the worst happen.
Equipping your car with various security devices – such as tracking systems, immobilisers and various wheel locks – can also help qualify you for a discount, although you will need to speak with your chosen insurer to ensure the items you buy are approved by them.
As you’ll be driving a fast car you will need to pay extra attention to your speed as motoring convictions mean higher insurance costs. Separately, agreeing to pay a higher excess can reduce your premium which might be worthwhile if you’re a safe driver.
Conversely, making any modifications to increase a car’s performance is likely to result in an increased premium as it indicates to the insurer that your main focus will be driving at even higher speeds than its manufacturer had anticipated. If you make changes to the vehicle without letting your insurance know to keep your premium down, you run the risk of your ability to claim should you be involved in an accident.
