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Sports Car Insurance

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Sports Car Insurance

Owning a sports car is more than simply owning a vehicle. It is a passion like none other. In many cases, owning a sports car is a dream come true. However, it is a great responsibility to keep such majestic vehicles, especially when it comes to insuring them.
Trying to get your sports car insured is a tricky subject, especially due to higher premiums and a higher perceived risk. In such a complex landscape of car insurance, it is necessary to get informed so you can have the best coverage at the least cost possible.
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Why should I insure my sports car?

If you wish to drive your vehicle on the road, you are legally required to have insurance for it. Driving without insurance is a legal offence that can potentially get you disqualified from driving. Moreover, ensuring a high-value vehicle is important for peace of mind, as a sports car can be highly expensive to repair if an accident occurs. Getting your sports car insured can save you from a lot of financial worries.

What is classified as a sports car by insurance providers?.

Insurance companies do not have a fixed classification when it comes to defining what makes a car a sports car. Sports cars can come in all kinds of sizes and features. Each provider, hence, has a personal criterion for deciding what is a sports car. Usually, these vehicles will be light, fast and smaller than standard vehicles. Sports cars are also lower to the ground and have very powerful engines. All of these features contribute to making a car a sports car and also influence how the insurance company classifies and prices them.
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Best Insurance for High-Performance Sports Cars

What type of cover can I get for my sports car?

The standard policy options for a sports car are the same as those for a standard vehicle. There are three main types of car insurance policies, offering different levels of coverage at distinct prices. Your options include:

Third-party only:

The third-party only insurance policy is the least amount of cover you can get. It is also the least amount of coverage you should have if you wish to drive your vehicle on the roads in the United Kingdom, legally. The third-party only cover will financially assist you if you damage someone else’s vehicle or cause bodily injuries to a third person. You cannot claim any charges or repair expenses related to your vehicle under this policy. Third-party only insurance is one of the cheapest car insurance options.

Third-party, fire, and theft:

A third-party, fire, and theft insurance policy offers slightly more coverage than a simple third-party only policy, but less than a fully comprehensive policy. If you get a third-party, fire, and theft policy, you will be financially covered for any damage to a third person or their vehicle, any damage caused by a fire incident, and theft.

Comprehensive:

It is the highest level of coverage you can get. In a fully comprehensive policy, you will be covered for any injury that a third person sustains in an accident, in addition to any damage to their vehicle. Moreover, you will also be covered for any damage to your vehicle in an accident, act of theft, fire, vandalism, or any bodily injury you sustain in an accident.

How can I get cheaper insurance for my sports car?

Sports cars are fun to drive, but they usually cost more to insure. The good news is that there are a few simple things you can do to lower the cost and still keep your car protected. Here’s how to save money on your sports car insurance without cutting corners.

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Improve Your Driving Skills:

Taking driving courses can show the insurance company that you are a skilled driver. These courses can help you drive better and will sometimes lead to a discounted premium. Such courses testify that you are serious about road safety.

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Drive Less When You Can:

The cost of your insurance is influenced by how much you drive your sports car. The less you drive, the less risk there is for you to get into an accident. Try to reduce the mileage on your sports car to make insurance cheaper for you.

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Build a No-Claims Bonus:

If you don't make any insurance claim, you may be eligible for a no-claim discount. Try to avoid making a claim for small repairs and drive safely. A no-claim record can testify that you are a safe driver, and you may enjoy cheaper premiums from that point.

4

Make Your Car More Secure:

Your insurance provider will assess the overall risk involved in insuring your vehicle. If you make your car secure by adding extra security, your insurer can offer you a cheaper premium as the risk of your vehicle being stolen drops significantly.

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Choose a Higher Excess:

The excess is the amount you agree to pay if you make a claim. If you choose a higher voluntary excess, your monthly or yearly premium might go down. Just make sure it’s an amount you can actually afford if you ever need to use it.

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Avoid Extra Modifications:

Adding extra modifications to your sports car may look tempting, but it will hurt your premium prices. Anything custom-added to your vehicle makes it more expensive to repair. Hence, avoiding modifications may help you get a cheaper premium.

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Shop Around for Better Deals:

Don't settle for the first quote. Various insurance providers will offer different prices for the same vehicle. Carefully assess the deal you are getting. Make sure that if you are paying less for a premium, it includes all the necessary coverage you desire.

Insure Your Dream Sports Car Safely

Is an annual payment plan more suitable for a sports car?

The type of insurance payment plan you choose also impacts the overall cost. Annual payment options usually come with a discount, but they require you to pay the whole lump sum amount at once. However, the monthly payment plan seems easier to manage but is a bit more expensive than the annual plan. So, you have to decide which payment option is more feasible for you and whether it’s easy for you to pay the whole advance amount at the start of the policy.
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UK Sports Car Insurance Policy Guide

Which car insurance group do sports cars fall into?

Cars are classified in groups ranging from 1 to 50. Cars in group 1 are the cheapest to insure, and the cars in group 50 are the most expensive to insure.
Sports cars are usually placed into higher insurance rating groups. Riskier cars to insure are placed in higher groups, and sports cars, being more powerful and costing more to repair, are placed there. Moreover, a sports car is also more likely to get stolen. The groups are decided based on risk factors as well as the cost involved with their repairs.
Factors that impact the car insurance group rating include:
  • The likelihood of a car being stolen
  • The top speed of your sports car
  • The specifications of your vehicles
  • The repair/replacement cost of your car’s parts

As sports cars are usually expensive, they will fall into higher groups. So, expect to pay a little higher for sports car insurance as they are perceived as high-risk vehicles by insurers.

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What extras can I add to my sports car insurance?

When buying car insurance, you can opt for extra cover options provided to you by your insurer. Such extras can provide a better peace of mind as they allow coverage for what is usually not covered in any standard policy.

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Legal Protection:

If you’re in a crash that wasn’t your fault and you want to claim money from the other driver, legal cover can help. It usually pays for legal advice and court costs. It may also cover things your basic insurance doesn’t—like your lost income or medical bills.
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Breakdown cover:

Breakdown cover helps if your car breaks down. You can get help at the roadside, at home, or anywhere in the country. Some plans also offer a hire car or an overnight stay if repairs take time. If you’re driving abroad, European cover is available too. Check what’s included and compare costs before adding it to your policy.

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Driving Abroad:

Basic car insurance usually gives you minimum cover when driving in Europe. But if you want full protection while on a road trip, you can add extra cover for driving abroad. Check the rules for each country before you travel.
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Excess Insurance:

When you make a claim, there’s usually an amount you have to pay yourself—that’s called the “excess.” This extra can cover that cost, so you get it back later. It’s a handy way to avoid unexpected expenses.
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Courtesy Car:

If your car is in the shop after an accident, this extra gives you another car to use in the meantime. However, the replacement is usually a small car. If you want a car similar to your own, you’ll need to pay extra for that.
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Personal Accident Cover:

Personal accident cover will financially assist you if you are injured in an accident. This cover can be useful when you are injured due to personal negligence and no one else is to blame. The assistance can help you pay for your medical bills.
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Windscreen Cover:

This helps pay for repairs if your windscreen gets chipped or cracked. If the damage is bad, it might cover a full replacement. Sometimes this is included in your insurance, but not always.
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Protected No-Claims Discount:

If you’ve built up a no-claims discount over time, you probably don’t want to lose it. This add-on lets you make a claim without losing your discount, even if the accident wasn’t your fault.
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Named Driver Cover:

This allows you to add someone else to your policy, like a family member or friend. It means they’re also insured to drive your car now and then. They’ll get the same level of cover as you.

What do I need to get a quote online?

Getting a quote online for your sports car insurance is an effective way of ensuring that you are getting the best deal. To get a quote online, you need to have a few basic pieces of information:

About you:

You will be asked about your personal details. Things like your age, occupation, and where you live can help online websites get a better idea of your lifestyle, so they can give an accurate quote.

Your driving history:

You will be asked how long you have had your license. If you have had any recent accidents, claims, or points on your license, it is a good idea to mention those as well, as this will help you get a quote that matches your driving record.

Details about your car:

You will be asked about your car registration number so the exact model and specifications of your vehicle can be checked. If your car has been modified in any way, you will have to make that clear while getting a quote. Another factor that you will be asked for is where you usually keep your car throughout the day.

Your mileage:

It is necessary that you estimate how many miles you will be driving in a typical year. You will also be asked if you use your private car to go to work or if you drive during rush hours. This will help you understand the risk involved in insuring your vehicle.

Type of cover:

You can choose the type of insurance that suits you best. Fully comprehensive covers the most, including your own car. Third party is the most basic, covering damage to others. There’s also third-party, fire, and theft, which adds protection in case your car is stolen or catches fire.

Frequently Asked Questions

Can young drivers get sports car insurance?

If you’re young, getting cheap insurance for a sports car can be tough. Younger drivers are seen as higher risk, so even basic insurance costs more. It might be smarter to start with a cheaper, safer car. That way, you can build up your no-claims bonus and save money before switching to a sports car later.

Why is sports car insurance expensive?

Sports car insurance costs more because these cars are fast, so there’s a bigger chance of accidents. They also get stolen more often. And if they break, the parts can be pricey and harder to find.

Is insurance expensive for older sports cars?

It depends on the car. Some older sports cars can cost more to insure because they lack modern safety features. But in some cases, like with classic cars, insurance can be cheaper since they’re usually driven less.

What is a high-performance car?

A high-performance car is typically built for speed, power, and a smooth drive. A sports car usually fits the description of a high-performance car. However, a few other vehicles can be called high-performance cars as well.

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