Performance cars and insurance

A high performance car is a car with an engine that is larger and more powerful than an ordinary car. Generally if your car deviates from the norm, then it will attract higher insurance premiums – and performance cars are no exception.

Insurance companies know that statistically people who own high performance cars make more claims. This is because, with a more powerful engine at their disposal, they have a tendency to drive faster and so are involved in more accidents. Also, if the driver of a performance car needs replacement parts for their vehicle then this will also cost the insurance company more money, because spare parts for performance cars are always more expensive than ordinary cars.

Car insurance companies classify all cars by placing them into categories. But each company has it’s own categorisation, which is part of the reason why car insurance quotes for high performance cars often vary hugely.

A lot of insurance companies will treat a high performance car driver like a young driver, and penalise them with high premiums. But, many insurers specialise in premiums for particular groups of drivers, which means they often offer them lower premiums, or extras that are appropriate to them.

If you’re simply thinking about buying a performance car then the best idea is to get a few insurance quotes to give you an idea of how much the premium will cost you for that particular car. But, if you’re already a performance car owner then you can search for those specialist insurers that should give you a better deal than non specialist ones.

Also, aside from your make of car, there are other factors that affect your insurance premium and so there are usually various ways to reduce your car insurance even if you do have a performance car. For example, by not having additional drivers, you could save hundreds of pounds.