The majority of insurers charge more to cover a high-performance car because there is a perceived greater risk of such a fast and powerful vehicle. In addition, high-performance vehicles tend to have numerous valuable parts and a potentially high cost of repair.
Because of the points above, it can be difficult to place insurance for a high-performance vehicle and that is often where specialist input can be needed. It is also important to make sure that you have the right level of cover as you would certainly not want to go onto a price comparison website and potentially find out that you are not covered when you have paid for your policy!
As a specialist high-risk broker, we have a wealth of experience in placing insurance for high-performance vehicles and very often succeed where others have failed. There are a couple of things you should be considering when looking for a high-performance vehicle policy:
What insurance group is my car?
Cars are split into 50 different insurance groups and the higher the car’s group number, the more expensive it is likely to be to insure.
It could be helpful to know this before acquiring your vehicle if you are stuck between choosing two models and need to consider all the factors.
Has my vehicle been modified in any way?
If your vehicle has had any modifications, you could find it more expensive or challenging to insure. Part of the reason for this is that your vehicle may be more attractive to thieves and therefore more of a target to theft.
In addition to this, a modified vehicle is likely to be more expensive to repair and if the modifications are performance enhancements then there could also be a higher risk of an accident.
What size of engine does your vehicle have?
It is a well-known fact that a larger engine tends to mean a higher insurance bill! This is simply because the larger the engine, the more power the vehicle has and the higher the potential risk of an accident.
Where will your vehicle be stored?
This is always a consideration when arranging car insurance, however with the increased cost of a performance vehicle, it is an important factor and premiums are very likely to be lower the more securely it is stored.