Import car insurance

Import car insurance – A quick guide

No question, an imported car is a real head-turner. Not only that, but there’s something special about driving around in a car that’s unique. Dare we say it can even make you feel a bit ‘God-like’?

The thing that will deflate the ego a little, though, is the cost. Because due to its unique character, an imported car can prove to be extremely expensive and difficult to insure in a lot of cases. In fact, if your imported car is a ‘grey import’ (as opposed to a ‘parallel import’), you could be struggling to find insurance for it in the first place, certainly where a mainstream lender is concerned.

Why imported cars are more expensive to insure?

The reason imported cars are so expensive to insure is that standard insurance companies are unsure about how much the parts will cost to replace. Not only that, but they’re not even convinced it will be possible to get hold of those parts in the first place. As a result, insurance companies have little to compare many imported cars with.

This is especially the case if your imported car just happens to be a super-duper Japanese number, for instance, or even an enviable vintage US Mustang.

It could also be the case that the particular model of imported car you have hasn’t been EU-approved (‘grey import’). This is particularly true where cars with a left-hand drive are concerned. A ‘parallel import,’ on the other hand, does pass EU car regulations and will have similar specifications to UK cars.

Another reason imported cars are so expensive to insure is that they look so good. And not just to you. Not surprisingly, it wouldn’t be the first time a stunning high-performance import car was stolen to order. Insurance companies are aware of this, of course, and will factor it into the cost of your import car insurance.

Types

Once it’s established that your imported car complies with UK regulations, you can insure it as you would any standard car here under the same broad insurance categories:

Third-Party – Will pay out for another driver’s repairs and compensation in the event you caused the accident. Won’t cover your own cost of repairs.

Third-Party Fire & Theft – Covers legal and compensation costs, as well as repairs to other driver’s vehicles (but not your own). It will also pay out if your car goes on fire or is stolen.

Fully Comprehensive – The most thorough form of car insurance, this covers you in the event your car requires repairs or even needs to be replaced, as well as damage to other vehicles and their drivers and/or passengers. It also pays out for court costs and compensation.

Tips on getting cheap import car insurance

• Always shop around. In the case of a ‘grey import’, this is especially important since you’ll be looking at specialist insurers and prices really will vary markedly.
• Get in touch with other owners of specialist import cars and ask them where they insure their vehicles (chances are they’ll already have done the price research).
• When not in use, make sure your imported car is as secure as possible. This means keeping it in a locked garage overnight rather than at the side of the road.
• Fitting a special tracker system, immobiliser, and alarm system will also make the insurance company happier.
• The older you are and the more experienced a driver on the road, the less expensive your insurance premiums should work out.
• It’s never a mistake, as far as an insurance company is concerned, to take an Advanced Driving Test. Quite the contrary; you may well see a reduction in insurance costs.
• The fewer motoring penalty points you have, the more reasonable your insurance will work out.
• Keeping to an annual low mileage because you only drive the car on special occasions, – such as holidays and bank weekends – also cuts back on insurance costs, you’ll find.
• Joining an Owners Club cuts back on your insurance costs, too.

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