Typically, one of the major financial concerns about owning and driving a high performance car is the cost of insurance.
As one of the main running costs in keeping your high performance vehicle on the road, it might help to look at some money saving suggestions:
- insuring a car – whether high performance or not – is all about risk;
- saving money on the cost of insurance, therefore, is generally a question of convincing your motor insurer that the risks are well within bounds;
- the choice of vehicle, therefore, is not only a question of its performance, but also the likely cost to the insurer – in terms of repairs and replacement of parts – in the event of a claim;
- risk is also going to be calculated by your insurer on the basis of the annual mileage you intend to drive – the longer the vehicle is on the road, your insurer argues, the greater the risk of an accident happening and your needing to make a costly claim;
- there are specialist brokers of insurance for high performance cars – such as those of us here at GSI Insurance – with expertise and experience in the ways in which particular insurers calculate the risks and perils your specific vehicle presents;
- the keener our knowledge of these types of calculations, the better we might be able to advise you on suitable insurers – and those offering the most competitive prices;
- if you need your cover to be tailored to meet particular needs, then at GSI Insurance, this is something we can help with;
- other ways of reducing your high performance car insurance costs are probably already familiar to anyone who has ever arranged motor insurance;
- limiting your mileage may attract lower premiums (basically, the less you drive, the less likely you are to need to make a claim);
- your driving record, for instance, carries a lot of weight with any prospective insurer and the cleaner your history, the more money you are likely to save on the cost of insurance premiums;
- although there is not a lot you may do to wipe clean your past driving record, it is within your grasp to minimise the risk of further accidents or motoring convictions by driving carefully and responsibly – so saving yourself some money by building up and maintaining a healthy no claims discount;
- high performance vehicles, in particular, are likely to attract a high compulsory excess – and not just for younger drivers – but you might still want to consider shouldering more of the risks by agreeing to a further voluntary excess in return for a reduction of your premiums;
- keeping your vehicle on a drive or in a garage may be more cost-effective, insurance wise, compared to keeping it on the roadside.
Running a high performance motor car is likely to bring plenty of enjoyment, fun and thrills – unfortunately, high running costs are also likely to follow in that wake.
Typically, one of the most significant elements of that cost – as with any vehicle – is likely to be the annual performance car insurance costs.
The tips and suggestions presented here offer a brief review of some of the ways of reducing your insurance premiums and so help you to cut some of those costs.
Finally, if you have any questions or need any assistance with your high performance car insurance quote, please feel free to contact us on 0800 612 9376.