Getting a sports car today is easy but often potential buyers are scared of the possible costs in running a high performance car, insurance being one particular area.
Just like the cars themselves, sports car insurance is a specialist area of car insurance that deals entirely with high performance cars. Owing to the nature of high performance vehicles, sports car insurance is usually agreed only as a comprehensive policy covering almost any eventuality including damage to property, injury, medical costs, liability and legal costs. Every car owner's sports car insurance premium is determined separately, partially using their past driving record, for obvious reasons.
Every car on the road has been given an insurance rating using 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.
A sports car insurance policy has other factors that are considered and although the driver's record is one of them, so is the number of times he (or she) has claimed on their insurance policy in the past. Insurance providers will also investigate other areas regarding the car itself for instance, the driver's address, the time it takes for a car thief to break into it and how effective it is in a collision. Even how old the driver is, his driving experience, the driver's sex, kind of job and credit history can affect the sports car insurance premium. Of course, because so many accidents happen with cars traveling at dangerous speeds, sports car insurance agencies charge sports car owners more than a family car owner who is less likely to drive in the same manner as his counterpart.
An obvious consideration in sports car insurance premium costs is the fact that sports cars can accelerate very quickly plus travel at high speeds and with so many accidents being caused by excessive speed, insurance providers are keen to ensure high performance car drivers pay for the privilege. 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 car insurance fraud which is on the rise. Insurance fraud is also on the increase and usually results in more expensive insurance costs.
Armed with these facts, a driver wishing to get a good sports car insurance premium must first look into the subject and search for a reputable specialist insurance agent. The best way to get cheaper sports car insurance is to shop around and research information from insurance agencies who are specialists in this area.
Otherwise, saving money on sports car insurance works similarly to saving money on other forms of insurance, be a good driver and keep a clean record.
Some sports car insurance companies limit the number of miles that can be driven in any single year to reduce the yearly cost or if you are only an occasional driver you can specify a low mileage to lower the cost of the premium. If the car is worth a lot, the insurance agency may even stipulate that an engine immobilizer is fitted and possibly even a vehicle tracking device.
If you are buying your sports car from either a specialist or main dealer, you might find they have made arrangements to supply their own sports car insurance but be prepared, they may refuse if you have a less than credible driving record. If you are fortunate, your search may lead you to a sports car insurance agent who would be able to find cheap auto insurance for you and might have insurance claims and experience in legal matters for when things turn sour.
One important factor to take not is that if there have been any engine or handling changes to you vehicle, many insurance companies will probably decline your insurance application.
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