Insuring a high-performance sports car can be a costly affair – we look at how car insurance works for high-performance cars
Car insurance claims data shows that sports cars often result in more frequent insurance claims, meaning that a high-performance vehicle built for speed is far more likely to attract a higher insurance premium.
All cars are split out into 50 separate car insurance groups – the higher the car’s group number, the more likely it is to be an expensive to insure high-performance vehicle.
What affects the cost of car insurance?
The make and model of your car can have a big influence on car insurance premiums. For example, Porsche has 10 different models in car insurance group 50, while Mercedes-Benz has 22. Different versions of each model tend to sit within the same group.
The cost and nature of repairs is also taken into account when insurance groups are calculated. It pays to do some research before you buy – if parts are pricey and hard to come by or repairs are likely to be slow and complicated, it may be worth considering a different car.
You should also check to see if the car’s engine or other parts have been modified in any way as modifications can make insurance more expensive.
Car insurance for high-performance cars
In order to get cheaper cover, first think about increasing your car’s security – fitting a tracking device or immobiliser will help attract a discount on your policy, as will keeping the car in a safe place away from public roads. Some insurers refuse to insure high-performance cars unless it has the necessary security features.
If you can resist the temptation, try to limit how much you drive the car too – the fewer miles you do the lower the risk potential for your insurer.
Lastly, adding another driver to your policy can also help to bring down the price of insurance, especially if they’re experienced and have a clean, safe driving record.