Powerful Cars And How To Insure Them

Sports cars have long been a symbol of wealth and status, particularly in the world of celebrity, but you don’t necessarily have to be a celebrity to enjoy driving a more powerful motor.

High-performance cars are usually classified as being higher-end models of traditional makes of car, often with added features for extra power and torque, or a sports mode with differing braking systems and suspension to enhance the driving experience.

Manufacturers are always trying to one-up each other when it comes to attracting buyers, combining sleek looks with power under the bonnet. Enthusiasts of high-performance cars will use these vehicles for everyday use as well as modifying them further to increase speed or handling, electing to drive them occasionally on track days.

Whatever your reasons for owning a performance car, be it an everyday runaround or occasional track car, insurance is an essential part of owning such a vehicle, and it can be an expensive business if you’re not too careful.

Ownership And Insurance

Because of the increased specifications of vehicles such as performance cars and those with built-in ‘sports’ features, high-performance cars will have more powerful engines and higher spec brakes to cope with an increase in speed.

Because of the powerful nature of these vehicles, insurers may look upon them as a high risk to other road users, and as a result, you could find yourself paying a sky-high premium. But there are a few things you can do to ensure that you can keep your premiums low and allow you to enjoy your motor.

To save on premium costs, see our detailed guide on How to Reduce the Costs of Your Car Insurance.

Age Matters

Younger drivers who want to drive more powerful vehicles will find it more difficult to get a decently-priced high-performance car insurance quote.

Depending on the type of driver you are can help to reduce your premiums in the future. By ensuring that you drive carefully and accumulate some No Claims Discount over many years, you can help to reduce your premium price.

Older drivers are usually seen as more trustworthy drivers, remember though that offences such as speeding can also add to the cost of your premium if you’re not careful. So while you might have more power at your pedals, be careful how you use it for it might end up costing you more on insurance in future.

ALSO SEE: Young Drivers – Reducing Your Premiums

Reduced Use For Lower Prices

If you intend to only use the vehicle for track days or occasional trips, speak with your insurance broker about the possibility of setting up what is known as an approved mileage limit on your policy.

An approved mileage limit essentially allows you to set a maximum mileage for the year, and providing you don’t exceed this limit you could find yourself saving on your premiums as a result. Every broker is different when it comes to offering this feature, so it can be worth double checking not just with your current broker but with others when it comes to your renewal.

Don’t Overly Modify!

High-performance cars are usually very powerful vehicles, designed for increased horsepower and handling to boot. Some enthusiasts like to make modifications to their cars – including body kits, tuning kits and new alloy wheels.

You will have to declare all modifications to your vehicle to your insurance company as you apply them, and applying too many aesthetic extras to your car could have an effect on your insurance policy, so bear this in mind if you’re thinking of adding to your already powerful vehicle.

Be Wary Of Being Tech Savvy

Be wary when buying gadgets for your vehicle as well, as electronic devices such as sat navs and stereo systems are usually a prime and easy target for thieves, so be sure to bear this in mind if you’re thinking of adding them to your vehicle.

However, some gadgets may also help you to reduce the cost of your premiums, especially when it comes to alarms, security devices or even parking sensors. By showing that you’ve taken steps to increase the safety of yourself and other road users you could stand a chance at reducing your premiums.

Watch Where You Park It

Locations can affect the price of your insurance premium, particularly when it comes to storing the car at night, and keeping it covered could be the best way of saving yourself some money.

Those kept on roads outside at night could be seen as being at a higher risk of theft, whereas those stored in secure parking spaces or secured compound, such as private parking at apartment complexes are seen as being of a lower risk.

If you commute using the vehicle every day and your workplace has a secure car park you may find yourself with further savings as your vehicle would be well protected during daylight hours.

Be Part Of A Club

It can be worth hooking up with fellow enthusiasts by finding a car club for your vehicle type in your local area. Not only could you chew the fat over your vehicles and pick up hints and tips for better performance, but some may even offer the chance to reduce your high-performance car insurance premiums.

High-performance cars may be expensive to buy, but by ensuring that you drive safely and are sensible with your ownership, you can help reduce your insurance premiums.