Performance Car Insurance
High-powered vehicles draw passionate owners who seek performance car insurance to protect their vehicular investment from fire, theft and damage. If you like this type of model, you may not mind paying a high insurance premium for cover on the car. However, you needn’t pay for a high-priced cover when you can probably find cheaper cover of the same quality. Speciality providers understand the attraction to these elegant and fast cars, and they often present lower premiums than a standard insurance company.
You can quickly and easily compare performance car insurance via the Internet. Use our free, online comparison tools to solicit quotes from multiple providers in your area. You can opt for a standard, annual contract or even a pay as you go performance car insurance policy. Speciality companies are often staffed by like-minded drivers who enjoy offering low prices for the luxury model or performance car of your choice.
Rates for High-Powered Auto Mobiles
The car you drive has characteristics that are rated for risk value on a scale devised by the Insurance Group Rating Panel. The engine size, top speed and vehicle weight influence a model’s risk scale value. Vehicles that rate 11 through 20 are higher risk vehicles. Those rated from one to 10 are lower-risk vehicles.
Your performance car, regardless of exact make and model, will always be rated in the higher group. Performance, luxury and vintage cars are more expensive to repair and usually incur longer repair periods due to the scarcity of parts. They cost even more to replace if they are stolen or damaged beyond repair. That higher liability for the auto insurance company translates into higher premiums for the driver.
Most performance car enthusiasts are not dissuaded by the higher cost of car cover. Most true fans will gladly remit higher premiums to continue to drive their performance vehicles. Unfortunately, many of them haven’t learned that speciality companies often offer lower premiums than other carriers, and they pay more than they might have to otherwise. The auto mobile insurance industry is extremely competitive, and performance car insurance providers will often target enthusiasts and tempt drivers across all risk groups with reduced payments, simply to get their business.
Luxury Car Security Ratings
In addition to the risk scale value, newer performance cars are usually assigned a security rating. These separate values reflect statistical probabilities of theft. Instead of numerical values, however, the security ratings are alpha characters – letters. Each security rating may join a risk scale value to form an insurer’s profile of your vehicle. The lower the risk value and the better the security rating, the lower your premiums may be for your performance car.
The letter E is the most desirable. It stands for “Exceeds,” which means your performance car encompasses higher security criteria than standard. The letter A stands for “Acceptable,” meaning your car meets security standards. The letter D means that your performance car “Does not meet standards,” and if your car rates a U for “Unacceptable,” you will probably have a very difficult time finding any insurance for it.
Lowering the Cost of Cover
You can lower the cost of the cover for your performance car by ensuring security locks and an above-average alarm have been installed at the factory or by an authorised agent. You can engage immobilisers and vehicle tracking devices to further enhance your vehicle’s security rating and reduce your premiums. You may qualify for a discount for parking your locked performance car in a secure garage at night or off the street in a well-lit area. The garage is more favourable, but either parking option reduces the chance of vandalism or theft, and any action that reduces the insurance company’s potential liability will lower your cost.
One of the most popular discounts available for performance or luxury cars, for instance, is a no claims discount. If you complete a policy term without filing a claim, your safe driving will often result in a discounted price upon renewal. No claims discounts accrue over time, and it’s not unusual to eventually enjoy a policy price reduction of roughly 65 per cent or more. Some providers reduce long-term customers’ policies up to 75 per cent!
Increasing your voluntary excess, thereby reducing your insurance company’s financial obligation, will also reduce your regular premiums. Paying for a full policy term over instalment options negates the instalment administrative fee added to quarterly or monthly payments; you pay less over time if you pay all at once.
Cheap performance car insurance is entirely possible if you compare quotes from multiple providers. You will see that insurance companies evaluate your risk groups – age, car, driving records and more – differently. Tailor your search for the insurance plan you want, then sort the quotes for a price that meets your budget. Search more than once if needed: You don’t have to take just any price to protect your luxury or performance car. Find a low quote from a speciality company for maximum savings.