Paying that extra bit of cash for a slick, souped-up motor? Make sure it’s properly covered.
From the modern supercars featured in the Fast and Furious franchise to classic marques such as Aston Martin and Ferrari, high-performance or supercars are a cut above the rest.
These cars tend to have race-prepared engines, tuned exhausts and uprated suspensions, allowing you to hit those higher speeds with ease.
With all this in mind, it’s essential to have the right cover for your high-performance car. Their ability to reach high speeds and huge value mean insurers see them as a higher risk.
The good news is there are certain steps you can take to keep your insurance costs as low as possible.
What is a high-performance car?
An insurer usually classes a high-performance car as a two-door, lightweight vehicle with a large, powerful engine.
But it’s a pretty broad category, as it covers prestige models, kit cars and imported motors.
It also covers regular cars that have been modified for high performance eg adding a larger engine or upgrading the fuel system.
Other performance modifications could include:
reducing the weight with lighter materials like carbon fibre.
using specifically-designed components.
tuning the engine, which is usually a V5 or bigger.
A supercar is designed with power in mind. Whether that's handling higher-than-normal speeds or taking tight corners - all in a day's work for a performance car.
Manufacturers like Porsche, Jaguar and Aston Martin are well-known for producing performance cars. But even makers of standard cars sometimes produce high-powered versions of their usual models eg the Ford Focus RS, Volkswagen GTI and Mini John Cooper.
How does a performance car affect your car insurance prices?
As with any car, there are a number of factors that go into working out how much you should pay for your insurance. But with supercars there are other factors to consider:
The extra power in the engine means there’s a greater risk of an accident.
It’ll be more difficult and expensive to source specialist parts for repair.
They’re more desirable, and so a more tempting target for thieves and vandals. Some people even delight in damaging these cars.
High-performance cars cost a great deal of money. So it’s worth looking at policies that offer the most protection for the best price.
A comprehensive insurance policy should cover your car for repairs if it’s damaged in an accident, or if it’s written off.
How can you keep your costs down with a performance car?
You've paid enough money as it is, so here are a few things you can do to keep your insurance costs down:
- Consider adding an immobiliser or tracker to your car's security. This will deter would-be thieves, lessening the risk of you making a claim.
- Increase your voluntary excess. Increasing your excess tends to lend to lower premiums, but make sure you can afford to pay the excess should you make a claim.
- Reduce your mileage. If you're cruising around town every day, those extra miles could turn into extra pounds onto your premium. If you only take your supercar out for infrequent or shorter journeys, your insurance costs could reduce as a result.