How to find the right insurance for your sports car
Anyone who drives a sports car will know to their cost that fast cars mean high insurance premiums. If your car is a Lotus or a Lamborghini, you can expect to pay a lot more.
It's even harder to find cheap sports car insurance for young drivers, because they are statistically more risky.
Why is sports car insurance more expensive?
It might seem harsh to pay a high price for sports car insurance, but insurers set their premiums according to the risk of claims. And sports cars - and their drivers - are very risky indeed.
Think about it for a minute. A high performance car with a powerful engine is more likely to be involved in an accident than a family saloon. Why? Because if you own a sports car, you tend to put your foot down.
A sought-after sports model such as an Aston Martin is also more attractive to thieves and vandals than your everyday runabout.
So owners of sports cars lodge more claims than the average motorist. The claims are also more expensive because parts and labour for sports cars are costly. The bill for replacements and repairs is therefore high.
There are a number of other ways to drive down the price of premiums.
- If you use your sports car only at the weekends or perhaps during the summer months, you could opt for a limited mileage policy. The fewer miles you drive, the less likely the risk of an accident, so the premiums are often cheaper. But make sure you set a realistic mileage limit. If you breach the limit without talking first to your insurer, it could invalidate the cover.
- It can often pay to become a member of a car owners' club as insurers sometimes offer premium discounts to club members.
- The security of your car is important to prevent theft and vandalism. A sports car should be kept in a locked garage when not in use. You might also be rewarded with a cheaper sports car insurance quote if you fit approved security devices to your vehicle, such as trackers and immobilisers.
- Try not to make any other modifications to your car, though, as they will bump up the price of insurance, even something as simple as tinted windows.
- All car insurance policies come with a compulsory excess, which is the amount you must pay towards any claim. If you can afford a higher voluntary excess, it should bring down the cost of cover.
- Young drivers might like to add an older, more experienced driver to their policy. It helps to reassure insurance companies and can lower premiums.
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