Sunday, 18 March 2012

High Performance Car Insurance

It is sleek, fast and ohhh sooo sporty. It is everything you have dreamed of since your dad handed you your first set of keys…so, you have finally purchased the car of your dreams. Congratulations!  But now you have to deal with the daily issues of owning such a wonderful car – like getting the right high performance insurance coverage.

High performance vehicles deserve more than premium gasoline and care; they deserve premium insurance coverage as well.  And, if you have financed that new car, then your lender will insist that you take out a high performance insurance policy to cover their investment.  And that, dear sports car owner can be expensive – very, very expensive.

Why the added cost for insurance for high performance vehicles? The answer is simple: they cost more to fix.  But having a high performance vehicle is not the only thing that can jack up your insurance costs.  How fast the car can go, its safety features and upgrades and your own driving habits will all be considered when rating your policy.  Here are some of the main things to consider when choosing that dream car:

The Speed of the Vehicle

How fast a high performance vehicle can go can have a tremendous impact on your insurance rates.  Statistics how those faster running cars are in more accidents and since higher speeds cause more damage, the cost of repairs can be quite pricey.  Unfortunately, those statistics will ultimately raise the cost of insuring this type of vehicle.

The Availability of Parts

Is it hard to find replacement parts for your vehicle? If so, plan on spending more for insurance. Why? Because if that car is involved in an accident and you make a claim, it is up to your insurance company to pay to find those hard-to-get parts and that search can be costly.

The Extras on Your Car

All of those bells and whistles are nice on any car – but especially a high performance car. Unfortunately they too can cost you in the long run when it comes to insuring that vehicle. The reason is simply this: the more extras that can get broken (and need fixing or replacement) due to an accident will cost you when it comes to setting a price for your insurance coverage.

Ways to Save Money on High Performance Vehicle Insurance

Of course, some high performance vehicles can also save you money on insurance under the right conditions. Here are a few ways to cut back on those high priced premiums:
  • Drive your car on special occasions only.  Keeping the mileage low can save you big bucks on insurance. After all, you can not get into an accident if you are not on the road much. That does not mean you can not every drive your new car. Just keep your driving to less than 10,000 miles per year.
  • Have a high quality security system installed in your car. This will keep theft at bay and can qualify you for a discount on your insurance.
  • Avoid traffic violations.  Having a car that can reach top speeds may be nice, but if you are constantly getting speeding tickets, you will pay the price in higher insurance rates.  Plus, add on an accident or two and you could easily find yourself making the equivalent of that car payment in monthly insurance costs.  Obey all traffic rules and keep your record clean for the best rates.
When shopping for high performance car insurance, be sure to check all available carriers and policies for the one that best meets your needs and expectations. Look carefully at any policy you are considering to make sure the discount price you are offered truly gives you the level of coverage that you need.  Many cut rate policies cut corners when it comes to replacement values, deductibles and even some overages at all.

While you are at it, check to see what the company’s customer service and claims policies look like. Paying or high end service should also mean getting high end treatment.  Failing to offer a complete package may mean that a cheaper policy simply is not worth the money spent. Going for the gold standard instead may end up being a much better deal in the end.

Most importantly, be sure to shop around for your new high performance vehicle insurance.  Not every carrier nor every policy is equal, so choose yours carefully to ensure that you get the overage and service that you deserve for years to come.