Insuring A Performance Car -a guide brought to you by Moneysupermarket.
Spoiler. Big exhaust. Turbo. Induction Kit. If you’ve just read that list and thought “I’ve got those on my car”, then you’re probably what your insurance company classes as a ‘performance car driver’. Now, nice as your car probably is to drive, that insurance premium isn’t quite as much fun, is it? Well, this short guide will hopefully go some way to alleviating your pain, as we look at a few ways of saving money on insuring your Scooby, Porsche, Evo or whatever it is that you drive…
There’s a number of things you can do to keep those premiums cheap, while staying on the right side of the law as well – don’t pretend you haven’t been tempted – and many of them don’t require you to change your driving too much. For example, many providers offer special performance car policies, and if the car isn’t your everyday runaround you can save a shedload by mentioning that fact. There are also providers who only insure performance vehicles, and believe it or not some people swear by the companies in the back of motoring magazines like Fast Car or Max Power.
Also consider the fact that Insurance companies have two separate definitions of what a performance car. On the one hand are vehicles like Porsches and Ferraris; sports cars that leave the factory ready to tear the roads up, and modified vehicles. As a rule, insurance companies aren’t keen on covering modified cars, as not only do they statistically have more accidents, they are also considered more likely to be stolen – a modified Impreza is more likely to be stolen than just about any other vehicle.
If you are determined to tune and tweak your car however, you should put some thought into what work you’re going to do and how it is likely to affect your premiums. For example, lowering the suspension on your car could potentially increase your premiums, as many providers will argue that doing so will negatively affect the vehicle’s handling – if in doubt, speak to your insurer.
There is one way to pay nothing for your insurance, of course: Not paying for any. However, if you need an explanation as to why that’s not a good idea, you shouldn’t have a driving licence. As well as being responsible for the full cost of any damage you might cause in an accident, you also run the risk of being jailed for driving without car insurance, something that will only serve to make your life more difficult.
Of course, there’s a few things you can do yourself to shrink your premiums. Consider taking a pass plus or other recognised advanced driver’s course, as these can slash the cost of your cover. The fewer miles you do the better, as well: keeping your distance per year down can have a huge effect on your premium costs, as can keeping that licence clean and your current insurance policy claim free.
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