Top Tips For Reducing Your Performance Car Insurance Premium
High-performance cars from the likes of Aston Martin, Ferrari, and Porsche are faster and more powerful than regular cars. With accidents more probable and replacement parts costing more for repairs, performance car insurance can often be costly. As specialist car insurance brokers, we’ve put together some of our top tips that can help with reducing premiums.
Not sure whether high performance car insurance is the right policy for your vehicle? Take a look at our guide to performance car insurance, then come back to check out the tips below.
*Please note, premiums will vary depending on your insurer. These are calculated with many factors in mind, lower rates cannot be guaranteed.
Find Out Your Insurance Group
All cars are placed in an insurance group depending on their make and model (among other factors). Due to the nature of high-performance cars, these tend to be in higher insurance groups.
To get the lowest possible premium, finding out your vehicles insurance group is a great place to start. If you haven’t purchased your high-performance car yet, this could affect your final decision.
Improve Security on Your Vehicle
Performance cars are frequently a target for thieves and vandals, which of course increases your premiums. Luckily, there are plenty of ways you can improve your vehicle’s security, such as:
- Getting a GPS tracker
- Installing a steering wheel lock
- Having an alarm system
- Installing a dashcam
- Installing parking sensors
- Parking in a secure place (for example in a garage or driveway)
Looking for some extra tips for luxury vehicle maintenance? Take a look at our guide for maintaining your high performance car.
Include Another Driver
If you’re of a younger age, adding another named driver to your performance car insurance policy can help bring the premiums down. This usually works best if the person is an older and more experienced driver. However, make sure the information you’re providing to the insurance company is always accurate and up-to-date. If you’re the main driver, you should always be listed as so on the policy.
Alternatively, if you’re a young driver looking to buy a high-performance car, opt for using a specialist car insurance broker. The younger you are, the higher you’re likely to pay, so a specialist car insurance broker will help find the most suitable and competitive rates. This is due to having connections with a wide range of insurers.
Build Your No-Claims Bonus
Every year that you go without claiming on your car insurance, your no-claims bonus increases. These bonuses vary between providers but can allow significant reductions to your future policies. Usually, no-claims bonuses can be carried from one car to another. So, if you already have a few years of no-claims behind you, this will help towards reducing your performance car insurance premium.
Lower Your Mileage
As with any kind of car insurance, a lower mileage will lead to reduced premiums. Moreover, many luxury vehicle owners will only use these cars for short journey’s. If you are driving fewer miles, this should help reduce overall costs on your performance car insurance.
Add Extra Vehicles
If you own more than one car (especially more than one high-performance car), make sure to explore your options for multi-car cover. Take a look at our Family Fleet Insurance to know more about what we can do for households with multiple high-end vehicles.
Use a Specialist Car Insurance Broker
One of the best ways to find great deals for your high-performance car insurance is to use a specialist car insurance broker. At Prestige Vehicle Car Insurance, we are experts in sourcing bespoke, luxury, sports, and high performance car insurance. What’s more, we’ve been doing so for over 45 years. We work with our list of trusted UK insurers to find the best rates for you, our priority.
To get a high performance car insurance quote today, fill out our online quote forms or contact us via email at quote@alan-thomas.co.uk. You can also give us a call at 01202 754900 to speak directly to an advisor.