We have discussed in some detail the nature of sports car insurance and why this is a niche market. It is also important to assist our sports car insurance in their quest for affordable car insurance. We have specifically chosen the wording “affordable” as sports car insurance should never be regarded as cheap – but rather less expensive or more affordable than the norm to be expected!
The premiums for car insurance are in the simplest of terms to be calculated with reference to the costs of replacing or repairing vehicle loss or damage! As sports cars are always expensive – we would expect expensive premiums. All should however not be doom and gloom – there is an opportunity for the financially vigilant sports car owner to find a car insurance premium that is affordable!
The sports car owner would not be able to reduce the value of his vehicle and the costs of replacing that vehicle -but there are other suggestions he should consider. We would like to recommend a focus on the following:
The driver of the sports car
The driver is often perceived to be a risky driver with a need for speed. This is especially true if the applicant is a young inexperienced driver. Premiums could be reduced if proven to the car insurer that:
- The driver is more mature and an experienced driver
- The driver has a clean/good accident record with limited traffic violations – Insurance companies offer lower rates to safe drivers.
Sports car insurance premiums could be reduced if:
- The driver has attended advanced driving courses and is able to present the certificates of these courses.
- The driver has no intention to use the car for racing purposes but rather acquired with the purpose to collect and less often to drive long distances.
The sports car
It is important to address those concerns that there might be of expensive repair and replacement in the event of vehicle damage and loss. The vehicle owner should communicate the following:
- That there is an agreement in place with a reputable vehicle repair mechanic, body shop etc to attend to any damage.
- That much attention has been given to safe parking in closed garages with strong security.
- That the vehicle has security features such as car alarm, detachable stereo and steering wheel lock.
- That the vehicle has safety features such as safety airbags, antilock and stability traction controls
The Process of finding affordable sports car insurance
There is no need to duplicate all the information on finding cheaper car insurance. We would however like to briefly refer to a few basic suggestions discussed elsewhere on this blog:
- Shop around the internet for insurance rates – There might be many specialist suppliers of insurance which cater to this section of the market
- Compare the different deals and offers car insurance companies are offering.
- Sports vehicle owners should try to always make sure that they give the most accurate and correct information when applying for better rates.
- Sports car owners need to update their policies and their information on a regular basis.
The best advice to finding affordable sports car insurance is something rather simple – communicate and consult!! You are not alone – there are many other sports car owners in need of insurance for their sports cars and who have walked this path before you. Ask the dealers and other sport car owners with whom they insure their vehicles and why. Ask them for feedback, their consumer experience and of any pitfalls you should be aware of!!