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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What if I am a young driver?: In the UK, car insurance quotes are dependant upon several factors, these include age, gender and location. One of the overriding considerations is the age of the potential policy holder, the younger the driver the more expensive the policy in most circumstances.
What is Third party fire and theft Motor insurance?: Whilst technically your legal requirements for motor insurance are covered by a third party only policy they only protect the people with whom you share the roads, not yourself. The law requires that people who are involved in an accident that is not caused by themselves, be compensated. So, with third party insurance you may be protected against other people's claims against you, but not if you are responsible for the accident.
Why do some Motor insurers specialise in just lady drivers?: Every Motor Insurance company is different, each have specific market niches that they try and specialise in, some choose mature drivers, some lady drivers and some young drivers.
Am I insured to drive someone else's car?: Many motor insurance providers will allow their comprehensive policy holders to drive any other vehicle, as long as it is already insured by another driver. This means that you can drive your friend's car BUT it is likely that you will only be insured to third party level.
As a result of the accident, my car has been damaged - can I go ahead and get it repaired?: If you have taken out comprehensive car insurance cover and wish to claim under the policy, a specific claims procedure will be given to you when you contact the Claims Line to notify them of the accident. You should not repair your vehicle without the approval of your insurer.

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.