Sports Car Insurance, Racing Car Insurance

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Performance car insurance is an expensive auto insurance policy for high performance vehicles. Sports cars are usually involved in races and speeding. So, such cars are more accident prone than others. In addition, the claims statistics of high performance cars are high, so is the cost of repairs. Due to these reasons, insurance companies estimate a higher value on performance car insurance.

The rate of performance car insurance is influenced by factors such as use of the car, the driving history of the policy holder, any modifications made to the car, and the make and type of the engine.

The ideal time to buy sports car insurance would be after reaching about 30 years of age. Driving experience and a no-claims history would lessen the premium of the performance car insurance.

Tips to Reduce Performance Car Insurance Premium

Here are some useful tips to help save thousands of dollars on the performance car insurance premium:

  • Buy the policy only from an established insurer with expertise in performance car insurance. Consider the credit worthiness and claims repayment history of the insurance company.
  • For those who plan to drive only a limited distance in the sports car, opt for limited mileage performance car insurance. However, this requires an estimate of the distance covered annually.
  • For modified cars, disclose all the modifications clearly on the insurance application. It helps the insurance company to cover these modifications under the policy.
  • To get a huge discount on the policy price, it helps to be a member of the performance car owner’s club. Consider joining the club before buying the policy.
  • Park the sports car inside a garage to reduce the threat of theft and vandalism.
  • Install a quality security system and alarm.
  • Young drivers can take a short term driving course from an affiliated driving school. This would have a positive impact on the policy premium.
  • Comparing performance car insurance quotes from several insurers would also help to buy cheaper policy. With good maintenance and clean driving history, it is possible to pay less for performance car insurance.

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