Car insurance is mandatory in most countries in order to operate it on public roads, and for most people, the main concern is paying less money for it. However, car insurance for high performance cars is naturally going to be exponentially higher in price. Insurance companies consider high performance vehicles a higher risk due to the potential to race with them, drive at higher speeds, and take more chances. They also take into account the stereotypical personality of someone who chooses to purchase a high performance vehicle, and statistics show that the owner of such a vehicle is more likely to show off and take risks with it.
Of course, it is not fair that automotive insurance companies stereotype, but it is perfectly legal and they have statistics to back up their claims. There have been organizations that have been lobbying on behalf of those drivers who are considered the “prey” of the insurance companies, to no avail. Unfortunately, the statistics speak louder than a few people with a dream. Male drivers, younger drivers, drivers with traffic violations on their records, and drivers of stereotypically higher risk vehicles pay higher car insurance. Frankly, this means that a younger male driver who drives a sports car pays the highest insurance premium possible, especially in the United States.
High Performance Car Insurance 101: The Basics
It is important to note that this is not simply a myth. Independent reports from a 2009 case study reported that the top four priciest car insurance premiums in the United States by average went to insure the Nissan GT-R, Dodge Viper, BMW M6, and Ford Shelby GT500 (a version of the Ford Mustang) respectively, all sports cars, and then numbers nine through sixteen in that top twenty list all went to sports cars, most of them foreign made, though most major automakers had at least one sports car on the list, minus the Mazarati, Ferrari, and other exotic cars, as there was not enough data for accurate reporting. You can always get quick car insurance estimates online to see how certain cars compare in price.
In the same reports, the cheaper car insurance went to the midsize SUVs, reasonable sized sedans, a Smart car, and one small pickup truck made by Mazda, similar to the Ford Ranger. High insurance prices very unfortunately create the sad reality of the situation, but sports car owners need not give up. There are many things that can be done to lower the premium for car insurance for high performance vehicles, mainly sports cars.
Finding Reasonable High Performance Car Insurance Quotes
To lower the price of car insurance for high performance vehicles, the best thing a driver can do is keep his or her traffic record clean. This means speeding tickets, automotive collisions, convictions for driving while intoxicated, and other risky behavior are not options. Despite the type of vehicle a person drives, if his or her traffic record is good, car insurance premiums will go down. Insurance companies have competition, so they will lower their prices to keep you as a client. With a good driving record, if the premium paid does not decrease, before switching insurance companies, drivers should always contact their insurance companies and complain. A little haggling can work miracles in any business, even in the insurance game.
Another great option to reduce high performance car insurance premiums is to make a good choice on a car to start with. A younger male driver, though this is the prime time to own a high performance vehicle, should probably choose wisely when picking out a car if there is worry that cost for car insurance might damage the budget. Save the high performance vehicle for an older age when the insurance companies might likely charge less for the same coverage or when cost is not as much of a concern. A male teenager is inevitably going to pay a very high premium for a high performance car, and a smaller, more reasonable vehicle would reduce costs slightly (see the article “Cheap Car Insurance for Young Adults” for more information pertaining to young drivers).
As with any important purchase, there is much value in price shopping. This means calling every insurance company possible that can legally offer car insurance for the applicable area and vehicle. In the digital age, most insurance companies offer accurate quotes online. Take advantage of this, as it is a valuable asset to expedite and automate the process further. It is unlikely that insurance companies will not honor the quote given online as their systems usually contain the same algorithm they use to calculate insurance in the first place, so it is reliable and easy.
How To Get Cheaper Rates on High Performance Car Insurance
In addition to price shopping, it is also a good idea to call a local insurance dealer with each brand and try to talk a quote down. The chances are limited that anything can be done, but with any product or service, there is flexibility and a limited judgment call on the part of the insurance adjustor. Some insurance companies also run specials or cut deals. For instance, some companies that offer a variety of insurance products will offer a discount for purchasing more than one type of insurance. Add life insurance, health insurance, home insurance, and/or the like, and savings may come. If done properly, one can walk out with a great deal and a few dollars saved. This does, however, require talking to an actual person in lieu of website browsing, but can be very worth it overall.
One More High Performance Auto Insurance Tip: Have A Good Credit
A few lesser known tips include maintaining a higher credit rating, as the likelihood of a timely payment does factor in the decision on a premium. Drivers can also lower their insurance premium by adding safety features and accessories proven to reduce personal injury. These two extra lesser known tips are very good for creating or maintaining a low insurance premium, especially when some of the other, more important factors, are not intact.
The safety feature additions could mean a little cash spent up front, but would pay for themselves multiple times over throughout the ownership of the car, and possibly add a bit of resale value to the car in case of the possibility of selling the car in the future. When it comes to high performance vehicles, you will probably want to make sure you have a comprehensive policy. There is simply too much too be lost and the extra money spent towards insurance will be well worth it if anything major happens to your car.