Your car insurance premium is calculated with reference to a wide variety of variables. One of these is the object to be insured – the car that you drive! In this section we would like to reflect on car insurance for those who are fortunate to drive vehicles betters described as sports cars. We would like to focus on these vehicles, why they are regarded as expensive to ensure and why it is needed to consider a specialized, tailor made car insurance product!
Which cars are regarded as sports cars?
There is no specific definition of which car would be regarded as a sports car. Sometimes rare or collectable cars are also perceived as sports cars. There is no minimum speed that the vehicle must be able to achieve or engine size for the vehicle. There are however a few factors that might guide us to establish whether a vehicle is a sports car.
- These cars are also described as high performance cars.
- They are usually considered as sports cars because of the horsepower, stock and aftermarket modifications (i.e. turbo or superchargers), etc.
- Most of these cars are two door cars and is equipped with a manual transmission.
- They are also often referred to as a prestige sports car or a “hot hatch”.
- They are nearly always expensive vehicles, able to drive at high speeds and not part of any mass production manufacturing process.
Why is car insurance for sports cars more expensive?
You do not have to be a rocket scientist to predict that the car insurance premiums for sports cars will be expensive. We would like to provide a few of the reasons why we should expect insurance premiums to be much more expensive than the average vehicles on the roads.
- Sports cars are more expensive to replace when stolen or written off.
- They are much more expensive to maintain and to repair.
- There is a shortage of proper mechanics and body shops specializing in sports cars.
- Vehicle parts are also more expensive than those required to repair vehicles in mass production models.
- The car insurance premium will reflect the risks of driving a sports car.
- The insurance companies will assume that since the car has a high top speed, the driver will push it to its limit.
- Drivers are often perceived as higher risk drivers likely to pursue the adrenaline rush.
- These vehicles tend to be driven by the more extrovert personalities, driven faster and at higher risk.
- Not only are there more crashes, but the crashes and the consequences tend to be more severe.
- These vehicles are highly sought after and often damaged by vandals jealous of the vehicle owners.
- Most car insurers do not have flexible products for these types of vehicles.
For many sports car owners the car insurance premiums will remain a costly necessity. This is something they cannot go without – but also something to have a significant impact on their finances. Many car insurers do not offer tailor made products for these vehicles or recognize special factors that could reduce these premiums. It will remain important for sports cars to consider with caution the insurance offerings and pay close attention to finding the best cover for their needs!
We will consider in a next blog post some important advice for the owners of sports cars in their search for car insurance!
We have included several rather detailed posts on finding cheaper car insurance quotes. It is however also important to add a quick and easy to remember summary of these posts!
Youngsters today will struggle to understand how it was possible for their parents to do research and analysis without the internet. I remember how, as a student reading law in the late eighties and early nineties, I spent many hours in the library making notes and thousands of photocopies. We wrote down info from many resources, cross –referenced and double checked – a process similar to comparing