There is no definitive definition of a high performance car. But if you own or are intending to buy one, you almost certainly have a pretty good idea of what makes one. Any motor insurer you approach for the cover you need is certainly going to distinguish a high performance car from one that is more run of the mill, and have discounts agreed for specialist performance car insurance.
Although there is no certain definition, there are listing of high performance cars – automotive service providers, DEKRA Expert UK, for example, publish a list of cars from Aston Martin to McLaren, and Maserati to Rolls Royce.
It’s in the very nature of the description, of course, that high performance cars are exceptional – they are different to other cars. It is a fundamental difference which puts many standard motor insurers in a certain amount of difficulty. Popular, common, mass produced cars are a known quantity – known in terms of their market value, the likely cost of repairs covered by any insurance claim, and the risks associated with such cars suffering loss or damage in accidents.
The largely unknown quantity of high performance cars as many regular motor insurers are concerned means that you may have difficulty finding suitable insurance cover at a competitive price for any make or model you may own.
GSI Insurance, on the other hand, have expertise and experience in arranging just such cover through those niche insurers qualified to meet the specialist needs of the high performance car owner.
So what does that high performance car insurance typically cover?
In the first place, it satisfies your legal obligation to have a minimum level of third party insurance – in order to guarantee claims that might be made by third parties who are injured or have their property damaged as a result of your driving.
But given the substantial value of a high performance car, third party cover is very rarely sufficient, so a comprehensive policy is typically required to provide protection against fire, theft, and any other form of accidental loss or damage.
The total sum insured for the car, of course, needs to be set at a level equivalent to the cost of its replacement in the event of a total loss.
Other aspects of cover might include:
- a calculation of your annual average mileage – a car with a higher mileage is going to be on the road longer and, therefore, exposed to greater risks than those it might face if you agree to a restricted mileage;
- the risks of theft and vandalism are considerably greater as far as a desirable high performance car is concerned – and whilst protection against such risks is commonly included in your insurance cover, you might enjoy more competitively priced premiums if you take additional security measures such as immobilisation devices and intruder alarms;
- high performance car insurance is almost certain to attract a higher than usual compulsory excess – just as with any other type of motor insurance, however, you may be able to reduce the cost of your annual insurance premium by agreeing to accept an additional voluntary excess.
High performance cars are exceptional vehicles, and as such are likely to require purpose deigned and individually tailored specialist insurance policies. Largely unavailable “off the shelf” you might instead want to consult a specialist insurance provider for performance car insurance.