Many specialist insurers provide bespoke policies for many areas of vehicle insurance that are specifically designed for less ordinary situations, whether it be due to the client or the vehicle itself.
Bespoke insurance can include cover for classic or modified cars, young or convicted drivers, female drivers, high performance vehicles and even for particular models such as Mini’s and Volkswagen.
High performance and sports cars in particular require bespoke insurance policies for various reasons. Firstly the value of the actual vehicles tend to be higher than average due to them being technically advanced, powerful and from high end manufacturers such as Lamborghini, Ferrari and Porsche for example. Similarly they may be high performance and modified vehicles such as the Japanese Nissan GTR imports from the late 1990’s. Other specialist car insurance that falls into the performance car bracket includes the following:
It is not simply the general high value that these vehicles possess, but also they tend to be highly desirable too. Because of this, performance cars are a target among thieves and vandals and by being highly desirable, most insurers providing high performance car insurance state that the vehicle must be left in a garage or driveway over night and have a recommended minimum level of security installed. The security may include but is not limited to advanced alarm systems, vehicle GPS tracking, immobilizers and steering or wheel locks.
In addition to a performance cars desirability, the actual high performance of the vehicle is too considered high risk on the road. Performance cars have very quick acceleration and top speeds which are often difficult to control if the driver is inexperienced. Even with an experienced driver controlling a performance or sports car, in difficult driving conditions the vehicle may be more difficult to handle than a ‘standard’ vehicle. Some performance car insurance companies will reward the client with lower premiums if particular and specialist advanced driving courses are taken. These are designed especially for these types of vehicles and help the driver understand exactly how they behave and how to apply that knowledge to every day driving. Often the insurance company will specify which particular advanced course they would like driver to participate in.
All of the points above result in an overall high risk bracket for the client in the eyes of the insurance company and therefore the premium price will reflect this. Most general car insurance companies will not quote a policy for a performance car unless the driver is at a certain age or has had experience with them. Some do not cover performance cars at all.
Related posts: