As you might already expect, car insurance on a high performance vehicle is definitely not a cheap affair.
Data on car insurance claims shows that high performance cars, built for speed, typically have more regular insurance claims and therefore have a higher insurance premium.
All the vehicles in the UK are placed in a car insurance category with group 1 being the cheapest to insure and group 50 the most expensive to insure. To find out which category your car belongs to, you can check out parkers.co.uk or use the Thatcham’s car insurance group calculator-http://ww2.thatcham.org/abigrouprating/
What affects the cost of high-performance car insurance?
The main influencer on the premium of your car insurance is the model and make of your car. Typically models made by the same manufacturer tend to sit in the same category;I.e. Mercedes-Benz cars have 22 models all belonging to category 50.
The cost of repairs is also calculated when insurance categories are assigned, so if the parts for your car are expensive and difficult to find, then repairs will be more time consuming and complex. So before you buy your luxury car, be sure to do some research as this will save you time as well as money.
To add, when buying your car, you should be aware of any modifications that have taken place on the vehicle. Car insurers typically have an increased premium for any car modifications as they consider the change to increase their risk.
How can I get cheap car insurance for high-performance vehicles?
To reduce the risk to the insurer, you can start by increasing the security of your car. By fitting an immobilisers or a tracking device you will reduce the risk of theft and therefore will get a discount on the insurance cost. You can also park in a safer location such as your garage to keep the car safe overnight. Parking on the road is more risky then parking in your driveway or garage. Please note, some insurers will be unwilling to take on the car insurance risk if they deem the security on the car to be inadequate.
To add, you can reduce the car insurance on your high-performance car if you are willing to reduce the amount of miles you drive. The less you drive, the less likely you are to be involved in an incident and so the car insurance premium should drop.
Moreover, you can add an experienced additional driver to your car insurance policy which will also reduce the cost of insurance. But you must be aware of “fronting”; if you are the main driver of the car then you should declare this on the car insurance policy. There have been many cases where claimants have failed to receive compensation as the financial ombudsman has ruled in the favor of the insurer.
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