Specialist Car Insurance

Classic car insurance

There is no fixed definition of a classic car though, for the purposes of tax, HMRC consider a classic vehicle to be one that is over 20 years old and worth £15,000 or more.

Fortunately, the criterion set by car insurance companies is often a lot less stringent and many insurers will define a classic car as one that is simply over 20 years old.

And if you drive a classic car then it may be worth taking out specialist car insurance as some insurers will offer lower priced premiums for limited mileage policies and members of classic car owners' clubs.

Imported car insurance

Imported cars such as Japanese or American cars are frequently viewed as a higher risk to insurance companies as they often have powerful engines and their non-EU specification means that they can be costly to repair.

Because of this, many insurers will not be prepared to insure imported vehicles and so it may be necessary to take out specialist car insurance. But the main difference between imported cars and EU spec cars is that the steering wheel is on the left as opposed to the right and so it may be worth comparing prices from standard insurance companies that offer 'left hand drive insurance'.

But it may well work out cheaper to take out specialist imported car insurance as companies that provide this service will have knowledge of the type of vehicle you are insuring, a suitable claims history and may also be able to offer discounts.

Kit car insurance

Building a kit car can be both costly and time consuming so the last thing that a kit car enthusiast wants to spend their money on is expensive car insurance.

So it is worthwhile comparing the prices offered by specialist car insurance companies in order to get the most competitive rate.

In addition, some insurers offer cover for parts whilst in transit and some protect against damage or theft during the construction process. An 'all parts covered' policy will ensure you are covered if parts get damaged or go missing.

Modified car insurance

Modified cars generally offer better performance and demand a higher value than non-modified cars. But, because of this, many insurers will see modified cars as a higher risk and will increase premium prices accordingly.

Car insurance companies will see alloy wheels as a way of making your car more attractive to thieves and will consider a more powerful engine as an increased crash risk due to a quicker rate of acceleration and greater top speed.

There are a number of ways to reduce the cost your car insurance, such as fitting a tracking device and keeping the car in a locked garage overnight, but a good place to start is by using moneysupermarket.com to compare the cost of modified car insurance.

You may also find that getting a policy from a modified car insurance specialist could save you money.

Performance car insurance

As with modified cars, high performance cars are seen as a greater crash risk by insurers due to their more powerful engines and so are generally placed in the higher car insurance groups.

Car insurance companies will also argue that modifications such as lowered suspension can have an adverse affect on handling and so increases the risk of crashing. In addition, high performance cars are statistically more likely to be involved in accidents and generally cost more to repair due to their higher priced cars.

But, because of their specialist knowledge of performance vehicles, it is often the case that, when comparing car insurance prices, policies offered by performance car insurance specialists are often cheaper than those offered by standard insurers.

Sports car insurance

Car insurance companies base their policy prices on the risks posed by you and your vehicle and so sports cars are at the higher end of the insurance scale.

A combination of expensive component parts that are costly to replace in the event of an accident and a high specification that is attractive to thieves means that sports car insurance premium prices are often very high.

But there are a number of money saving tips that can help to keep down the cost of your car insurance. For example, agreeing to limit the number of miles you drive can make your premium cheaper as can not having any drivers aged below 25 on your policy.

It may also be worthwhile taking out your car insurance with a specialist sports car insurance company as these tend to be more knowledgeable about the type of vehicle you drive and can sometimes offer a better deal. 

Car insurance for women drivers

It is now generally acknowledged that women benefit from lower priced car insurance premiums as statistics show that female drivers tend to make fewer and less expensive claims than male drivers.

That is why an industry has been built around women's car insurance with several companies dedicated to providing cover solely for female drivers.

Combining female car insurance with some other money saving tips, such as fitting an approved alarm and immobiliser and minimising optional extras, means that female drivers can make great savings on the cost of their car insurance.

And, although they can't take out specialist car insurance for women drivers, men can also benefit from the competitive rates offered to women. For instance, if you share a car with a female, being registered as a named driver on a female car insurance policy may be more cost effective than being the main policy holder.

Car insurance for young drivers

When it comes to increased car insurance costs then young drivers tend to feel the pinch more than most. This is because young drivers account for a disproportionate amount of accidents on UK roads and so are generally viewed by insurers as the highest risk demographic.

So, with money saving in mind, it may be a good idea for young drivers to take a Pass Plus course as many insurers will look upon this favourably when calculating premium prices. New drivers should also try to stick to cars that fall into one of the lower insurance groups, such as those with smaller engine sizes and with no modifications.

And, although not as commonplace as other specialist car insurance companies, there are a number of insurers that offer policies specifically tailored to the needs of young drivers that should be considered when comparing car insurance prices.