Sports Car Insurance

Given that car insurance companies offer premiums based on the risk posed by you and your vehicle, it's no surprise that sports car insurance can be expensive.

High performance sports cars are capable or high speeds, and are comprised of expensive parts and materials which would be costly to replace in the event of an accident. Their high-value also makes them theoretically more attractive to thieves, combining to make a perfect storm of potential risk in the eyes of insurance companies.

Things to consider in a sports car insurance policy

If you are likely to be taking your sports car to a racing track in the future you will need to check if your sports car insurance policy covers you for it. If not, you should speak to the insurer to find out if the extra cover will increase your premium.

Specialist insurance companies may offer additional incentives, such as discounts if you are a member of a car owners' club. They may also offer an 'agreed valuation' on your car, giving you the peace of mind in knowing exactly what your vehicle is insured for.

Some classic sports car insurance providers may offer a limited mileage policy, offering a cheaper premium in exchange for a limit to how much you drive the vehicle.

Lowering the cost of insuring a sports car

As you are likely to be facing higher premiums for your high performance vehicle, you can limit any further increases by limiting the number of modifications you make to it.

Any modifications which enhance the performance of the vehicle or that increase its value are likely to have a detrimental effect on your premium and make it more difficult to find cheap sports car insurance quotes.

If you are yet to buy the sports car of your dreams, check which insurance group it belongs to first. All vehicles are assigned a car insurance group, from 1 to 50, with cars in the 50 band being the most expensive to insure.

Agreeing to a mileage limit could also be beneficial. If you are lucky enough to own a convertible car that you only drive during the summer months, for example, you should tell your insurer, as it may reduce the premium.

If you have any named drivers on the policy, try to limit them to drivers aged 25-years-old and older.

Opting for a higher voluntary excess may lower you premiums to a certain extent, but you should remember that the voluntary excess you agree to is not a hypothetical figure, so you should choose a sum you would actually be able to afford in the event of a claim.

Keeping your car parked in a secured location overnight and installing insurer-approved security devices like immobilisers, car alarms and steering wheel locks can also help to lower your sports car insurance premiums.