Performance Car Insurance
Performance car insurance is a specialised market, and just because you are fortunate enough to own a high performance car, the insurance premiums don't have to be sky high. Most mainstream motor insurance companies look to do their business in the mainstream sector. This is because 'standard' vehicles and 'standard' customers offer the least risk and the least effort, ensuring that overheads are kept low and therefore profits are kept high. Due to this, many motorists looking for specialist cover are often disappointed with the mainstream offerings and many frequently just cannot find the right cover from the mainstream market. So, for those wanting to insure a performance car, specialist insurers are often the way to go. Find specialist bespoke cover for your special vehicle.
Drivers of performance vehicles certainly fall into the specialist category that find it difficult to get the right cover from the mainstream insurance market. Many of their requirements are simply not covered by the bulk of the market. Performance vehicles, by their nature, are usually expensive, often modified and always desirable to thieves. All characteristics that mainstream insurers do not like as these characteristics represent higher risk. High value performance cars and modified vehicles are usually more expensive to repair, representing a higher financial risk to insurers, and their appeal to thieves also puts them at higher risk of break-ins and theft.
It is often perceived that drivers of performance cars are also characterised to be of higher risk, as they are often considered to be more likely to drive faster and be less conscientious drivers on the road.
Dedicated performance car insurers will be able to offer the necessary coverage without breaking the bank. They can employ their specialist knowledge and industry insight to manage risk and therefore produce affordable coverage in a way that the mainstream cannot. Check out performance car insurance specialists.
When searching for performance car insurance you will usually find the sector broken down into distinct sectors. These are high-performance cars, modified cars, imports, kits and hot-hatches. By breaking down the categories, specialist performance car insurers can offer personalised cover that can keep premiums down, not to mention cover for particular classes that mainstream providers simply will not offer insurance for.
When taking out performance car insurance you must decide what level of cover to get. As vehicles in this specialist sector tend to be expensive and of high value to their owners, many specialist providers will only offer comprehensive cover. However, some can also provide third party and third party, fire and theft.
The basic level of cover is third party only. This is the minimum required by UK law and it is the cheapest because it exposes the insurance company to the lowest potential expense, as it only covers the cost of repairs for the other party's vehicle if the accident is your fault. Third party, fire and theft is slightly more expensive as it also covers your vehicle against the financial cost of fire or theft of your vehicle. Meanwhile, comprehensive insurance will pay for repairs to your own vehicle if the accident was your fault.
Once you have selected the level of cover you require it is worthwhile exploring the other benefits on offer from performance car insurance specialists. Performance car insurers can offer further premium reductions through applying their specialist understanding of the performance car sector. For example, many performance car drivers are enthusiasts who are members of driving clubs. Many performance car insurance providers offer extra discounts to club members. Furthermore, as performance vehicles are often only used for recreation, entering into low mileage insurance schemes can reduce premiums. Performance Car Premiums can also be discounted by adding additional security devises and by the owner undertaking officially recognised advanced driving training (i.e. Pass Plus, IAM & Max Driver).
Performance car insurance can also provide coverage for specialist events, such as track days and club meetings.
In conclusion, drivers of performance cars should check out specialist performance car insurance because it offers flexibility, personalised coverage, specialist discount opportunities and, in some cases, coverage when there is no alternative.