What is performance car insurance?
In the UK, cars are classified into insurance groups (The Group Rating System, administered by Thatcham’s on behalf of the Association of British Insurers (ABI). Rating groups are simply numbered 1 – 50, with 1 being the lowest risk, 50 highest.
Performance cars typically fit into the higher categories. There are a number of factors contributing to this:
- More powerful engines that reach high speeds very quickly means that performance cars are statistically more likely to be involved in an accident.
- Performance cars are more likely to be targeted by thieves and vandals, which again means a greater likelihood of a claim being made with the insurer.
- Replacement parts are more expensive and skilled labour may be required, making repairs likely to be more costly.
How to save money on high performance car insurance
For all the reasons already highlighted, taking out a regular car insurance policy is likely to mean a costly premium. But a specialist performance car insurance policy can save some money because it reflects a number of other considerations:
- Performance car owners are likely to be real enthusiasts – which in turn means they probably take extra care with their car.
- It may be that you have a ‘regular’ car for day to day, and the performance car only comes out at the weekend – meaning its used less, and annual mileage is lower.
- Many performance car owners take additional security precautions – performance cars are typically kept locked up in an alarmed garage overnight.
- Are you a member of a motoring club, association, or even an online forum? If not, it might make sense to join one, as this can actually reduce your premium in some cases.
- It could be that, as a performance car enthusiast, you have taken additional or advanced driver training, which is likely to mean you’re a skilled driver who is less likely to have an accident.
Performance car insurance can also include protection for a range of other situations – for example track day cover.
Classic performance car cover
If you drive a ‘classic’ performance car, you may be able to take advantage of specialist cover that could reduce costs. For the purposes of insurance, any performance car over 15 years old may be considered a ‘classic’. Speak with one of our advisors to find out more.