What is considered a sports car by insurers?
Normally it will be a two door car with a V4 (or bigger) engine. It will be lower to the ground than your average car and lighter in weight. A sports car will also be in a high insurance group. Groups start at 1, which covers a car like a Fiat Panda or a Vauxhall Corsa and go up to 50 which includes the BMWi8 and the Audi R8 Coupe. You’ll probably find that any sports car you buy, whether it’s a new model or an older type will go beyond group 12 and is more than likely to be over group 20.
Insurance companies work out a car’s group by calculating:
- Price when new (In case they have to pay you if the car is written off)
- Performance – Including the car’s top speed
- Price of parts and labour for repairs
- Availability of parts
- How easy the car is to steal, or how likely it is to be stolen
What is a high performance car?
A high performance car is one which has a lot of power and not much weight. They are built to be slick and fast with tight steering and capable of hugging curves. They are tuned for a better performance in speed, handling and breaking.
Why is sports car insurance so expensive?
There are many reasons why sports cars are more expensive to insure. The main reason is that statistically, sports cars, because of their high performance and speed, tend to be involved in more motor accidents than the average family car. Another reason is the higher risk theft or attempted theft. Sports cars are very attractive to thieves.
A sports car is also a magnet for people who take delight in damaging this type of vehicle. The final reason is the cost of repairs. Replacement parts on sports cars are often difficult to get hold of and very expensive. As it is your insurers who have to pay for the repairs to your car.
Will modifications make sports car insurance more expensive?
Yes, and no. When an insurer is quoting a price, they will take into consideration the original specification of the car. If you add new alloy wheels, change the music system or fit a body kit, you are changing the original specification and the insurance company will charge you more. Some changes however, might help you to lower your premium, especially if you are improving the car’s security system. It’s best to be honest with your insurance company and tell them about all