High performance cars fall into a higher insurance group than standard models for a number of reasons. If you are planning on purchasing a car in this group, be prepared for some high performing insurance quotes. Most insurance companies quote the fact that, statistically, high performance cars will be more likely to be involved in accidents. Modifications can make them more difficult to handle, hence the resulting statistics, while repairs are often more costly to a high performance car.

When is a car a high performance or modified car?

To maximise your savings on performance car insurance do your research thoroughly before buying the car itself. Insurance companies may class a car as high performance simply because it has a powerful engine but modified cars and imported cars will fall into this category with many insurers. There is often a difference in the cost of insurance between sports cars and other high performance vehicles. Compare quotes from as many different insurers as possible and check out the price differences on various modifications.

Age and experience

Age obviously affects your insurance costs for any car insurance policy and the premiums will soar for younger drivers of performance vehicles. Whatever your age it is worth considering taking an advanced driving course; for new drivers the ‘Pass Plus’ course is accepted by many insurers as evidence of better driving skills and can reduce your premiums. If you are a young driver purchasing a high performance car, taking this course and an advanced driving course can have a significant effect on your insurance premiums. For older drivers looking to cut the cost of their car insurance, taking an advanced driving course can also be beneficial.

Occasional use?

There are also advantages to keeping your mileage low when it comes to insuring your performance car. If the car is not for everyday use, make this clear when you apply to insure it and estimate the mileage appropriately. For insurers, the knowledge that the car is only for hobby or occasional use reduces the risk of claims on the policy and they should lower the cost accordingly. As high performance cars can be a target for theft, ensuring the best security measures are in place will also reassure your insurer! Any car insurance policy will be cheaper if the car is locked away when not in use and has tracking devices and immobilisers fitted. In the case of performance car insurance this will make sense, not only protecting your investment, but lowering the insurance premium.

Research the market

Finally, research the market thoroughly. Specialist insurance firms cater to the high performance market. Finding an insurer that specialises in the type of car you intend to purchase, or already own, is ideal. These insurers will have an understanding of the model, the availability and cost of parts, the uses of the car and the risks. Performance car insurance is always going to be more expensive than standard insurance, but with some preparation and research it is possible to keep the costs down.

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