Finance

May 20 2017

Compare the Market – Performance car insurance #stickers #for #cars

#performance car insurance
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Performance car insurance

Frequently Asked Questions

Sports cars go at blistering speeds – and have a blistering price tag to match. But if that lottery win is burning a hole in your pocket, you may be tempted to splash out on a turbo-charged motor to complete your dream garage. Be warned though – you may need your numbers to come up again just to afford the insurance premiums.

Performance car insurance can be seriously expensive – especially if you’re a young driver. So why is that, and are there any ways to bring down the cost?

Why is performance car insurance more expensive?

There’s no two ways about it. That beautifully nippy Italian number may turn heads in the street, but for that precise reason, car insurance companies think it’s much more risky than your average family runaround.

There’s the danger of theft and even vandalism if it’s left on display. And if your car gets damaged either through vandalism or an accident, the cost of repairing that mean machine will likely be higher than the average family hatchback.

Parts usually cost more too and the repairs may require more expensive, specialist labour.

Are some performance cars cheaper to insure than others?

If that hasn’t put you off owning your dream set of wheels, it pays to do your research as some premium cars cost less to insure than others. That’s because all UK cars are split out into 50 separate car insurance groups and the higher the car’s group number, the more expensive it will be to insure. Acceleration and top speed are both considered when the groups are decided, so a vehicle that’s built for speed is likely to be in a high group.

So if you’re in the market for a new Ferrari or Porsche, check its car insurance group first, by visiting Thatcham’s car insurance group calculator . The make and model of different cars can have a massive effect on your high performance car insurance premiums. Look at other models – you may find a car you like in a lower group.

How can I cut the cost of my car insurance premium?

The first and easiest way to find high performance car insurance at lower prices is to shop around. Doing a car insurance comparison will show you quotes from a wide range of providers and show you at a glance everything from cheap car insurance quotes to the most expensive end of the market.

But if even the lowest quotes are making your eyes water there are a few other quick tricks to try.

What options are there on a comparison site?

A quick win to reduce your premium is to increase the voluntary excess on the policy. On your page of car insurance quotes you’ll see a box at the top. Increase the value of the voluntary excess and click to see the effect this has on your premium. But don’t forget that if you do need to make a claim this is how much you’ll pay on top of any compulsory excess from the insurer.

The price is still pretty high, what else can I try?

A way you could keep insurance costs down is by doing fewer miles – as the lower the mileage, typically the lower the risk for your insurer. As tempting as it might be to step into your performance car every time you nip down the shops for a pint of milk, the less you drive, the lower the premium might be. Either way, you must keep to the annual mileage you specify in your quote or you’ll risk invalidating your policy.

Does security help?

Yes – locking your car in a garage at night may deter thieves and could lower your premiums, as will fitting an approved anti-theft device such as lock or immobiliser.

How important is my driving style?

You may yearn to open her up when you hit the motorway, but remember you’re not The Stig. It’s important to drive within the speed limit at all times for any number of reasons – not least because it’s illegal and potentially very dangerous not to! If you need any more convincing, rest assured that insurers and car insurance brokers are pretty hard on drivers who rack up speeding tickets, regardless of the type of car they drive, you will need to disclose this through the quote journey.

If you’re more of a slow and steady driver, one option to look into is black box insurance, where an insurer will put a piece of technology in your car that measures how often and how fast you drive. The idea is that good, safe driving is rewarded with lower premiums.

What about dropping some of the insurance features?

The thing about insurance is that when you need it, you really need it. It’s tempting to strip things out to get a cheaper price, but if you’re left stranded or out of pocket when an accident happens, your policy has failed you.

So make sure you properly understand what your insurance policy covers. On our quote page, take a look at the ‘more details’ section for each insurance provider. It will give you more information so that you really know what you’re about to buy. Every policy has different features and benefits which we will help you compare, like windscreen cover, a courtesy car, motor legal protection or breakdown cover.

Remember that just choosing cheap car insurance price without looking at the details could mean that you don’t buy the insurance policy you actually need.





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