Insurance is an often overlooked, but essential part of owning a sports car. Not just for your car, but what if you cause damage to another car or, heaven forbid, another person?
Insurance will not only pay for repairs or replacement if your sports car after an accident or theft, but a good policy will also cover you for any damage or injury that you may accidentally cause.
Simply put, you cannot afford not to have it. If you can’t afford the insurance, you can’t afford the sports car.
However, we all know that insurance for sports cars is more expensive that for a normal boring car. There are a number of reasons for this, all based on the increased risk to the insurance company:
- Sports cars tend to attract younger and less experienced drivers, who may be more inclined to take risks when driving;
- Sports cars are more often a target for thieves, both joy riders and the more serious kind;
- Sports cars tend to cost more to purchase, and replacement parts are more expensive, than regular cars. This is especially true of the more exotic imported sports cars.
So, what can you do?
Luckily, there are several factors working in our favour. Insurance companies are now realising that the driver is the most risky part of the insurance contract, so maintaining a good driving record is important. That means no driving offenses as well as no accidents.
Competition is increasing in the insurance sector, so premiums are becoming more competitive. It pays to shop around. At renewal time, don’t just accept the renewal offered by your existing company, you may be able to get a better deal by switching, or sometimes, your existing company will offer you a discount to keep your business, if they think that you are going to switch. Recently, my insurance company put my annual premium up by over $200 when the renewal came. A quick internet search found another company offering the same coverage, for less than my old premium. $300 saved in half an hour.
Most insurance companies now offer quick quotes online or over the phone, so getting a few competing quotes to insure your sports car shouldn’t take more than an hour or so, but it could save you a packet.
One important thing – take the time to understand exactly what is covered and what isn’t. It’s no good taking the bargain basement insurance premium, only to discover that you’re not covered properly. Because, believe me, the insurance company will do everything they can to avoid paying – after all, they bet you that they wouldn’t have to pay, and they are out to make a profit after all.
So, don’t pay for the stuff you don’t need, but make sure that the cover is appropriate for where you live, and for where you drive your sports car.