Imported car insurance

More motorists these days are importing cars from overseas. They are often not only cheaper but also built to a higher specification than UK models. The growing popularity of car imports, particularly from Japan, has made the process easier. But imported car insurance deals can be tricky to find, especially at a competitive price - and that makes it all the more important to shop around for the best deal.

How much does imported car insurance cost?

The average motor insurance policy now costs £892 a year, but owners of imported cars should expect to pay above the average for their policy. Insurers often charge more to cover imported cars because it is usually harder and more expensive to source parts and carry out repairs in the event of a claim. An import might not be built to European standards, for example, or it might be a left hand drive car. The high spec on some imported cars can also increase the statistical likelihood of an accident.

What is a grey import?

The cost of import car insurance is largely determined by your car's import category. So-called 'grey' imports are built for non-EU countries and so do not meet European standards. Japanese cars fall into this category. Some insurers will refuse offer grey or Japanese import car insurance; others will bump up the premiums. Japanese imports must undergo testing under the Single Vehicle Approval scheme before they are legal to drive on UK roads and your insurer will usually ask a number of detailed questions about your grey import before it will quote a premium.

What if I have imported my car from Europe?

So-called parallel imports are more straightforward because they are bought from another EU country and so must adhere to the same minimum standards as the UK. Insurers are generally more willing to insure parallel imports and the cost of cover is not usually as high.

How can I cut the cost of import car insurance?

There are five money saving tips to take heed of before starting your imported car insurance search:

• If your imported car is modified, it will be both more difficult and more costly to insure. Some insurers won't make any distinction between a left-hand and a right-hand drive vehicle in their quotes, as long there are no additional modifications to the vehicle. However, some modifications will be viewed positively by insurers, with most insurers offering cheaper premiums if you have fitted an approved security device such as an alarm or immobiliser.
• Steer clear of high performance or sporty cars, as they are almost always more costly to insure. 
• You can save up to 5% on your premium if you keep your car locked in a garage overnight.
• If you are willing to pay a higher excess, you will usually be rewarded with a lower premium. 
• Motorists who build up a no claims discount will pay less for their car insurance, so always take care on the roads.
  
  These tips can be applied to specialist insurers; a number of whom will offer tailor made imported car insurance polices. However, you should always search the market for the best deal, as with standard car insurance. The MoneySupermarket.com website can help you find insurance, compare quotes - and save money. The average car insurance customer saves £339 a year by using our comparison service.