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Everything You Need to Know About Insuring Your Sports Car

You’ve finally snagged the sleek, lightning fast sports car of your adolescent dreams, the one that tears up the road, turns heads at traffic lights, and looks great parked in your driveway. Whether it’s a midlife crisis splurge you’ll mostly park at the office or the only vehicle to suit your dangerous, glamorous lifestyle; a revamped classic car or an eBay hand-me-down or a 2019 model fresh from the lot and still smelling new, your sports car will need protection. Alarm systems, tarpaulins, regular waxing and maintenance, and above all, a good insurance policy.

Unfortunately, the insurance premiums on an attention-grabbing, high-powered sports cars can be equally attention-grabbing. Sports car generally fall into higher-numbered car insurance groups, meaning insurers find them riskier to cover and will levy higher premiums for the privilege. And when you likely shelled out a good chunk of change for the vehicle—and are making frequent trips to the petrol station to feed its high-octane engine—high insurance premiums can hit your wallet hard. Maybe a zippy red two-seater is too impractical and expensive for real life, your wife’s/accountant’s voice in your head says.

Fortunately, you can minimise the cost of insurance with savvy shopping and a few tricks, making protecting a car worthy of Bond nearly fit into the budget of a middle manager from Didcot. But first it helps to understand why premiums for sports cars are so expensive.

Why is it More Expensive to Insure a Sports Car?

When it comes to sports cars, insurance companies can seem like killjoys, or maybe overly concerned parents. Underwriters seemingly see an aerodynamic design, a spoiler, a low centre of gravity, and bright paint and make assumptions about a car and its driver, hiking up premiums. We know you don’t necessarily push your supercharged V8 engine to the max on motorways, blowing past speed limits and commuters, and we know you don’t necessarily drive like a stunt driver because you have a vehicle worthy of Top Gear.

Although it can seem like it, insurers aren’t making snap judgments about your lifestyle when assigning your dream car into group 50. Unfortunately, they’re carefully weighing the risk of your vehicle being involved in a crash or stolen, and factoring in the cost and difficulty of repairing its parts or of replacing the vehicle entirely.

There are three reasons sports cars are so comparatively expensive to insure.

  1. High performance engines allow sports cars to reach higher speeds in faster times, increasing the likelihood, and severity, of crashes. Sports cars are designed for precision handling at those speed, but that doesn’t mean you, the driver, are. And when your ride can reach 180mph (and look great doing it), it might be tricky not to try once—or at least that’s what your insurer fears. And the data backs them up: cars with super-powered engines that can reach high speeds are more likely to be involved in insurance claims.
  2. Flashy cars are more likely to attract the attention of thieves and vandals, increasing the likelihood that you’ll be making a claim: for the replacement of the car if it’s snatched from the street or for that key scratch your green-eyed neighbour left on the bonnet.
  3. Sports cars are carefully calibrated machines, assembled of lots of expensive, hard to source parts. Additionally, only specialised dealers may be able to handle repairs that would baffle your local garage. All these push up the costs of repairing the vehicle, and thus the premiums your insurer will charge.

How to Reduce Your Quotes for Insurance for a Sports Car

  1. Resist making modifications: Modifications like shiny alloy wheels and spoilers may make your car even more eye-catching, but you might be attracting the wrong kind of attention: of thieves and consequently, of the underwriters at your auto insurance provider.
  2. Install a security system: Immobilisers and alarm systems can reduce the likelihood your car will be (successfully) stolen and can trim your premiums. And, to be honest, you’ll want to take as many precautions with your baby as possible.
  3. Park it in a garage: We know it looks great on the street and in your driveway and is driving all the neighbours into fits of envy and romance, but your insurance premiums will tumble if you inconspicuously store your sports car in the garage. And you won’t have to be constantly watching the skies, waiting for thieves and windstorms.
  4. If you only drive it occasionally, tell your insurer: If you only take your sports car out for Sunday drives and weddings, tell your insurer your mileage will be limited and your premiums will fall. Don’t mislead them though, because notching tens of thousands of miles on your ‘special occasions’ car could invalidate any claim you make for it.
  5. Compare: The more quotes you get for your four-wheeled beauty, the better deal you’ll find for its coverage. Use a car insurance comparison site to go for 0 to 60 quotes in a matter of seconds.

© Ellie Madison 2018