Should High Performance Mean High Prices?

Just because you drive a high performance car, doesn't mean that you should be forced to pay sky high prices for your car insurance. Shopping around for the best deal could save you time and money – remember time is money so start saving.

Shop around:

A study by Mintel finds only 23% of drivers are staying with their existing car insurance provider - down from 31% who stayed put eight years ago. This is because people are starting to see that comparing quotes could be the best option, as opposed to sticking with their existing provider.

77% of drivers shop around before buying car insurance and 45% take up to three quotes to best compare the market. High performance car insurance can cost anywhere up to about £10,000 a year, so shopping around can save you a small fortune.

Other ways to save money and reduce your premium are by improving the security of your car, by making sure your vehicle is locked away in a garage when not in use. Also you should consider investing in an immobiliser or tracking device, it may seem a pricey idea but it will be worth it in the long run. Another good way to bring down the cost is to reduce your annual mileage - the less you drive, the less likely you are to have an accident or your car to suffer from wear and tear. Lastly, you may be tempted to test out your high performance car, but it is important that you stay within the speed limit - any driving convictions will hike up your premium.

With so many comparison websites advertised these days it can be difficult to know which the best car insurance comparison site is. However, there are a number of specialist performance car insurance companies that offer competitive rates with sports car insurance policies that cater specifically for sports and high performance cars. A total of 49% of motorists buy car insurance directly from an insurer, two-fifths use a broker or comparison websites.

Due to the higher risks and value of a claim involving a high performance car, it's no wonder that competitive performance car insurance policies can be difficult to find. The cost of repairs and how attractive a high performance car can be to thieves simply adds to the performance car insurance premium. It is crucial to find a specialist performance car insurance company who are set up for this risk.

Factors to take into consideration:

There are a few issues to be aware of when looking for high performance car insurance, such as younger male drivers attract a much higher premium on performance cars, as they are more likely statistically to have an accident.

The older and more experienced the driver, the more competitive the quote will be. This is a basic car insurance fact which is amplified with a performance car insurance policy.

By keeping your car in the garage or other secure location while not in use will be a huge factor on the performance car insurance premium as the theft risk is reduced.

12% of customers who received a motor insurance quote in 2009 saved over £205.80 - so shop around and see what you can save.