High Performance Car Insurance

High Performance Car Insurance - Sports Cars

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Some people can't wait to get their hands on a sports or classic car but forget about the high performance car insurance costs. They dream of driving off in that Ferrari or the Porsche, they read about them in magazines and watch TV programmes on cars imagining it was them driving down the autobahn in Germany at 160mph or serenely negotiating those mountain roads in Italy or the Cotswolds with the top down and the engine growling like a prowling tiger.

What they don't think about is how much they are going to have to pay for their high performance car insurance. It can be a shock to find out how much you have to pay every year for this high performance car insurance. Even though you may have paid £100,000+ to buy the car, can you handle insurance premiums of over £2000 a year?

The high performance vehicle market is a specialist insurance area. The BBC's "Top Gear" programme recently carried out an in depth survey of the sports and performance car insurance market, and concluded that you should approach the specialists for your cover. You are also advised to use the phone rather than the internet, which is better for "standard" car insurance.

There are many reasons for the existence of these specialists. They have grown recently because of the saturation of the "Mr and Mrs Average" market. So many companies are in that market that others are looking for niches.

The need for a specialist is due to the vagaries of high performance cars. For instance, should you have a Ford Mondeo it would only cost about £100 to replace a windscreen. Should you own a Porsche, you may have to pay about £1000 for it. Specialist insurers will have links to specialist Porsche repairers for example.

Another important difference you should think about is that when you apply for insurance cover for a high performance car you will be asked for your experience driving them. In the standard cover market, the "magic" age is 25, where your premiums will go down. In the high performance market, it is 30 or even above. The older you get the less risk to the insurer, because you may buy this type of vehicle for different reasons. You'll be asked for your experience driving this type of vehicle and this will affect your premiums. You will obviously get better rates if you have a no claims bonus.

Premiums are higher for these vehicles for the reason that they are driven faster, so accidents involving them are more expensive. The saving grace is that there are more single vehicle accidents with these vehicles, as they are generally driven where there aren't many other cars. Thus, insurers don't have so many third party liabilities.

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