No,
it doesn’t need to be so long as you speak to the right people. Insuring
sports cars has always been a niche market, so it more often than not pays to do
your homework and contact the specialist companies rather than the general
insurers. If you have a classic sports car in mind, there are a specialist
companies for these vehicles too.
How
can I reduce the premium for my sports car?
Many
marques have owners clubs that have successfully negotiated discounted rates
with car insurance companies. In addition, some car insurance companies give
discounts to customers simply for being a member of an owners club.
If
you have an everyday car, it should be possible to reduce your sports car
premium by limiting the annual mileage.
I
only take my sports car out in the summer, should I cancel my insurance during
the winter when it’s garaged?
No,
as you wouldn’t then be covered for theft or fire. Contact your insurance
company, they should be able to scale back your premium if you only intend
driving your sports car for six months of the year.
Any
other ways I could cut the cost of sports car insurance?
Limit
who is allowed to drive to named drivers over 25. You may also be able to obtain
a further discount by upgrading the car’s security. The majority of insurers
want Thatcham Category 1 or Category 2 security devices fitted. Sometimes they
may also request installing an approved vehicle tracking device as well.
If
I need to uprate my sports car security will I still be covered by insurance
meantime?
No,
very few, if any, car insurance companies would be willing to extend theft cover
until the necessary security measures had been installed and they had received
confirmation from the installer. Once the certificate is received the theft
cover is backdated to the installation date shown.
Where
can I find a Thatcham approved security alarm installer?
Your
insurance company should be able to provide you with full details of installers
in your area.
I’ve
taken a big hit in depreciation with my sports car, why hasn’t my premium gone
down too?
The
market value of your sports car may have reduced dramatically, but the parts and
labour costs involved in repairing it have remained the same. Another reason why
your premium isn’t reflecting the depreciation is because sports car insurance
premiums are closely tied to the level of costs in settling claims. Sports cars
and other high performance vehicles are always going to be more expensive to
repair than conventional cars so will consequently incur heavier insurance
premiums.
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