If you have a need for speed, standard car insurance policies won’t cut it. Regular coverage is not enough to cover the speed, parts and repair costs of your sports cars and other high-powered vehicles. If you own a high-performance car, chances are you have invested endless time and money into making it the perfect car. Take the time to find the best protection for your investment.
Which cars need high-performance car insurance?
What does it mean to have a high-performance car? The speed, parts and model of the car will determine if you need coverage beyond your basic insurance. If your car has any of the following features, you’ll need to find additional coverage:
- A reprogrammed or chipped engine control unit (ECU).
- Wheel modifications that affect performance, such as custom sizes.
- Upgraded or sports car exhaust.
- Lowered, raised or otherwise modified suspension.
- Nonstandard brake pads or other brake modifications.
- Nonstandard supercharged engines, nitro or hydrogen fuel equipped engines or any other engine modifications.
- Racing harnesses, roll bars or roll cages.
- Modifications to the transmission.
- Custom fuel systems.
- Adjustments to the steering.
Many purely cosmetic or luxury modifications can be covered by a range of insurers, but you might need to find a specialist high-performance vehicle insurer to cover performance-enhancing modifications, or anything that affects your car’s handling. Naturally, modifications must be legal in order to get them insured and included in the car’s value.
What does high-performance insurance cover?
High-performance coverage provides a range of benefits that you’re often unable to find with standard policies.
- Car value. High-performance vehicles generally don’t lose value to depreciation like standard cars. Agreed value is available as an option with many policies, but it tends to be the default for high-performance driving-enthusiast policies.
- Salvage rights. If you total your vehicle, you can claim the salvage instead of letting the insurer take it and sell it as scrap as tends to happen with standard policies.
- Your choice of mechanic. You don’t have to hand your car off to the insurer’s mechanic, who might not have the skills to make the necessary repairs. You can choose your own mechanic and make sure the repairs are done right.
- Extra replacement benefits. Standard policies may not have the replacement benefits that you need. The length of time coverage is offered such as up to one or two years is typical in a standard policy. Performance car insurance policies can offer replacement terms of three or four years, including cover for on-road costs for the year following replacement or other benefits specific to your performance insurance providers.
- Modifications cover. Anytime you make improvements or modifications to your car, they can be recognized as part of the car’s value. Some standard insurers might refuse to cover performance-affecting modifications, but insurers for high-performance vehicles often will.
Compare high-performance car insurance
How to find the best high-performance car insurance
Your two main cover options are standard car insurance providers or specialists. The more cost-effective option will often depend on the model and driving ability of your car, coupled with how often you drive it.
Standard insurers. Many providers have policies for special vehicles, such as imports, classics or modified cars, as well as standard liability policies that might be enough for you. You might consider standard insurers for the following reasons:
- You have no performance-enhancing modifications on your car, only cosmetic or comfort ones.
- You don’t drive on race tracks, in competitions or in other events.
- You use the car for everyday use and can’t benefit from features like “laid-up discounts” and other collector-focused benefits.
- Your car is not a grey import.
Specialist insurers. These providers focus on high-performance cars that do more than simply get you to work. This coverage can allow you to race on tracks and will cover you for modifications done to your car. You might consider a specialist insurer for the following reasons:
- You intent to drive your car on a race track or drag way.
- Your car is unique or has been modified for speed.
- You want the security of high-performance cover to match your car.
Tips for insuring your high-performance vehicle
- Document. In the case of a claim, you want to be able to prove the value of your car through pictures or receipts of parts and labor for modifications. This will come in handy if you have to challenge a claim made by your insurance.
- Discounts. Look for discounts offered by insurance companies such as laid-up coverage, low milage and pay-as-you-go options. Some insurance companies offer discounts for insuring more than one car through them and bonuses for not making an claims.
- Safety features. Insurance companies are looking for the least amount of risk when determining coverage. By adding features such as car alarms, detection devices as well as restricting the age and number of drivers of your car, you can lower your risk.
Can I get high-performance car insurance if I’m under 25?
If you’re under 25, you can expect to pay more for car insurance regardless of how good a driver you are. This is particularly true if you’re driving a high-performance car. To help save money, it can be worth looking for ways to reduce your car insurance costs by restricting drivers, paying attention to your modifications and trying to pick up discounts.
It’s not always possible to get cheap, high-powered car insurance as a younger driver, but learning more about young driver car insurance can be a useful starting point before you compare policies.
Learn more about sports car insurance