Car Insurance For A High-Performance Car
Caeva O'Callaghan | October 1st, 2020
Do I Need Special Car Insurance For A High-Performance Car?
If you’re shopping around for the car of your dreams, it’s important to take the cost of car insurance into account. But do you need specialist insurance for a high-performance car?
No. You don’t need ‘special’ car insurance – you just need to insure it, and that may cost more than it would for a ‘normal’ car.
However, there are insurance companies who specialise in high performance or very expensive cars. This is why it is always a good idea to go to a broker – like us – to get a full analysis of the market. It’s the best way to get a fair price for your car insurance.
Read on to find out answers to questions like:
- Does having a high-performance car mean I pay more for car insurance?
- If I modify my car, do I have to tell my insurer?
- Are low-performance cars cheaper to insure?
If you have a high-performance car, you should be able to get a quote from all the normal providers. However, the price you pay may vary from company to company.
High-performance cars cost more to insure
The fact is, some cars are cheaper to insure than others. The price of your monthly premium depends on a number of factors, including make and model of the vehicle.
The engine size of the vehicle is one of the biggest factors when it comes to determining car insurance premiums. As you may imagine, this means cars with larger engines are more expensive to insure. Sometimes the difference between a 1.9 and a 1.6 can be over €1,000.
This may seem unfair, but it’s backed up by statistics. The higher the engine size, the more likely you are to have an accident, especially as a new driver. Small cars with a smaller engine size will be cheaper to insure. They’re easier to control on the road, and generally cheaper to repair or replace.
Unfortunately, this is the price you pay if you’re a high-performance car enthusiast. Low-performance cars are more common – they’re easier to find parts for. Plus, you’re more likely to find a nearby garage who can fix any problems. But cars which are more powerful usually mean they’re also higher maintenance.
Modifying your car
Making modifications to your car is an option if you don’t want to upgrade the whole model. Alternatively, you might enjoy the process, and do some of the modifications yourself. Some modifications impact your car insurance price more than others.
As another example, you might want to change your wheels to alloy. These can look nicer, and it might cost a little money to install. This modification will make no difference to your premium – though always good to advise us and have it on record.
Your engine, however, is a very high impact modification. When you enter the realm of performance-centred modifications, this is when insurance gets more expensive. If you changed your engine to a larger one, that would dramatically reduce the number of insurance companies willing to quote for your car. As a natural consequence, this means the price would increase.
Reducing the cost of your car insurance
There’s only one way to definitively reduce the cost of your car insurance if you’re worried about your high-performance model: trade it in for a less powerful vehicle.
Smaller cars are more common, their parts are easily sourced, and most garages can accommodate repairs. So, if you can, go for the smallest and least powerful car you need if all you want to do is get from A to B.
If you’re still in the research stage of purchasing a high-performance car, and haven’t yet got one, there are still some choices you can make to shave off some pennies. For instance, certain assumptions will come into play when entering your make and model for a car insurance quote.
For example, let’s compare a high-performance engine inside a VW Golf versus a larger, classic car with exactly the same engine size and horsepower. They can both be considered “high performance”.
However, your insurance company will assume you’re a boy racer type if you state you have a high-performance VW Golf. If you have a high-performance Jaguar estate, on the other hand, they might assume you’re more responsible with it and therefore a lower risk. This, however unfair it may sound, will affect your premium.
If you are looking for high-performance car insurance call us today.
If you are thinking of buying a high-performance vehicle, call us and we can research the market to find a competitive car insurance quote for you. You can talk to our insurance experts Mon-Fri between 8.30am and 5.30pm on 0818 224433 or 042 9359051.
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