No doubt you’ve thought about the cost of buying your dream car, but have you thought about the price to insure it?
Why Do Sports Cars Cost More to Insure?
Insurers use risk to determine the cost of insurance. You may be an excellent driver (and your driving history is certainly a factor that’s taken into account) but an insurer will not be assessing you solely at an individual level.
Statistically, high-powered vehicles are more likely to be involved in an incident than an ‘average’ car. Their power, speed and attractiveness to thieves can land them near to or in the highest cost insurance group (ranged from Group 1, for low-powered, high safety vehicles, to Group 50, for high value, high-powered, high risk cars).
Security features and parking your car off the road can help reduce the risk, and can sometimes earn you a discount on your insurance.
Replacement parts for high value, high performance cars usually cost far more than other vehicles (and are more difficult to source), which is going to impact the cost to your insurer in the event of an accident. This is also factored into your premium.
Finding affordable sports car insurance can be especially challenging if you’re a young driver under 25. Your lack of experience, coupled with a high powered vehicle, can make for eye-watering insurance premiums.
Some insurers will give a discount if you have completed the Pass Plus scheme, which demonstrates a commitment to improving your driving skills.
Modifying your car can be a great way to stand out from the crowd, but can increase the cost of your insurance.
You may not be surprised to learn that upgrading to a more powerful engine can increase your premiums, but did you know that even purely cosmetic mods can also increase the cost? For example, ‘go faster’ stripes can increase your premiums by up to 22% according to research by MoneySuperMarket.
Always inform your insurer of modifications to your car, otherwise your insurance could be invalid.
Importing a vehicle from abroad can give you a rare, exotic ride that is scarcely available in the UK. You can import a car into the UK as long as you follow the process specified by the government. Countries such as the USA and Japan can be popular choices for imports.
It can be a challenge to insure an imported vehicle. For many insurers, a car imported from overseas can involve a number of unknown variables. Unsurprisingly therefore, quotes for imported cars can be expensive.
Tips to Help Keep Insurance Affordable
To a specialist insurer like Hyperformance, high value, sports, modified and imported vehicles aren’t a problem – with many years’ experience in this market, a specialist is your best bet to getting an affordable quote.
- If you mostly use your car on the weekend and not every day, you may want to consider lowering your annual mileage. Remember – you need to keep (reasonably) within the mileage you’ve stated to your insurer or you could invalidate your cover.
- Try opting for a higher excess
- Some insurers give a discount to members of a recognised owner’s club
- Leave the car in a secure garage overnight
- Security features such as an immobiliser or approved tracking device
So, keep this information in mind the next time you purchase or renew insurance for your dream car.