Why do some Motor insurance specialise in High Performance Motor Insurance?

When you are thinking of buying a high performance car, what you may not have thought about is how much your insurance premiums would be when you come to insure the vehicle. Car insurance for high performance cars such as Ferrari’s, Porsche, TVR and Noble’s can prove to be very expensive, especially if you are young or have driving convictions. Premiums can be as high as £10,000 especially if the replacement cost of the car is above £100,000. It is imperative that you get lots of quotes for your insurance BEFORE you actually buy the car, if you can’t afford to insure the car consider a slightly cheaper or slower vehicle.

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How do I claim if the accident involves a third party?: In insurance terminology, a third party is defined as anyone else involved in an accident who is not the policy holder. Under UK law you are required at all times to have a minimum of act only third party insurance, but in reality most insurers only offer full third party insurance. This insurance will ONLY protect any damage done to third parties involved in an accident, not to your own vehicle. There is also the question of personal compensation, usually this is also covered by a third party policy, if in doubt check your policy documents.
How do I find the cheapest motor insurance premiums?: In order to get the best possible quote for your Motor insurance you should compare and contrast quotes provided by many different insurers. You'll find the difference between quotes can be enormous with a potential 50% difference between the most expensive and the cheapest quote.
Who do I contact if I have a complaint against a finance house?: First you must address your original contact you dealt with, ask them for their job title and then request that the provide you with the name of the person who handles complaints. Traditionally, finance houses are required by the FSA to have a complaints procedure, and you should ask for details of this.
Excess: What is an excess? An excess is the amount you have to pay if you make a claim on a car insurance policy.
How your premium is calculated: The main factors influencing the cost of your insurance policy are:

High performance insurance is a specific market niche with many insurance companies and brokers actively choosing to specialise in it. Traditionally more standard methods of arranging insurance tend to be used to arrange high performance insurance as the number of sales is lower than in larger market niches, but the value of each sale is much greater. As a result many of the best high performance car insurance providers still do not have full online capabilities and you may need to contact several by phone.

High performance Motors are generally driven faster than other types of vehicle, for obvious reasons. As a result the accidents involving them are usually worse causing a greater cost of repair to the insurer. They are also more likely to be driven where other Motors aren't around, this allows the driver of the vehicle to use the vehicles full capabilities and this in turn results in more single vehicle accidents than usual. Therefore, third party liabilities are lower than average with high performance Motors.

The insurer will ask you to outline your driving experience when you apply for high performance motor insurance. Once you pass 25 in the standard Motor insurance market, your premiums start to reduce. High performance insurance, however, looks for people under the age of 30 rather than the standard 25 years. Your high performance driving experience is also very important for lowering your premiums. Older drivers will provide a reduced risk to insurers and also tend to buy these vehicles for different reasons. No claims bonuses are also a must as they will greatly reduce your insurance premiums.