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Most car owners have dreamt of owning a sports car during their driving life but the reality is that even if you can afford to buy one, often it is the maintenance which governs how long you can keep it. Something as special as an exotic or high performance sports car requires sports car insurance, a sector dedicated to these powerful machines.

Most sports car insurance policies will provide comprehensive insurance which covers damage to property, costs for legal representation, liability and of course medical expenses.

There are many factors involved in calculating the cost of sports car insurance for each individual driver as the risks will differ from person to person. Every car on the road has been given an insurance rating based on actuarial tables that have been calculated following certain guidelines which include how much power or bhp a car has against its weight and the cost of garage repairs and parts.

Although the driver’s previous record is taken into account when assessing the sports car insurance risk, so is his (or hers) insurance claims record plus a number of other factors. Safety records for the vehicle are also looked at in addition to the car’s ability to stop thieves and the location of where it will be parked on a regular basis. Even the drivers age, number of years driving, gender, profession and credit history can affect a sports car insurance premiums.

Speed, or rather inappropriate speed, is the cause of many driving accidents and since sports cars can go faster, insurance companies are keen to cover themselves by demanding higher sports car insurance premiums to sports car owners. Sports cars, high-performance vehicles and luxury cars also have the highest losses for vehicle damage. These cars are also the most likely to be caught up in a case of vehicle insurance fraud which is on the increase.

So from the driver’s perspective, the best way to get a competitive sports car insurance rate is to locate specialist insurance companies and do the research. Otherwise, saving money on sports car insurance works in much the same way as saving money on any form of insurance, be a good driver and keep a clean record. Although many sports car insurance specialists may, in order to keep premiums down, restrict the number of miles you can drive in the vehicle every year and can make other stipulations especially if you have a poor driving record or are below a certain age.

Some insurance companies go even further and make other recommendations before they will accept the risk, especially if the car is worth a great deal of money, up to and including a vehicle tracking system and an engine immobilizer. If you are buying your sports car from either a specialist or main dealer, you may find they have made arrangements to supply their own sports car insurance but be warned, they may refuse if you have a bad driving record.

Often, a good way forward is to try and find a broker who only deals with sports car insurance and is experienced at dealing with claims and legal aspects. Before you finally insure your sports car, make sure that haven’t been changes made to the engine and handling characteristics that could affect the outcome of your insurance application.

Filed under: Automotive