Insuring a high-performance car

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What Car? Staff
20 Aug 2012 10:17 | Last updated: 14 Jun 2018 0:3

Expect insurance premiums to go sky high if you plan to buy a performance car.

The added performance and expensive repair bills mean it's inevitable you'll have to pay more to insure it.

However, there are ways to keep the cost down, though. Here's how:

Keep modifications to a minimum
When looking for a performance car, it's important to note the difference between 'sports' performance cars and 'modified' performance cars. 'Modified' vehicles will often cost much more to insure.

Insurers believe that certain modifications, such as lowering the suspension, can have an adverse affect on the car and push up premiums accordingly.

It's also worth noting that kit cars, prestige cars or imported vehicles could also be classified as being performance vehicles by car insurance companies.

Research insurance groups
Performance cars will be in high insurance groups because top speed and acceleration times will be considered when the Motor Insurance Repair Research Centre also known as Thatcham carries out its classification tests.

However, you could make significant savings on your car insurance by comparing similar makes and models, and choosing one that's in a lower insurance group.

Look into the cost of repairs
Researching a vehicle online before you buy can help reveal if parts will be hard to find, and if repairs are likely to be expensive and time-consuming.

This will have an impact on the cost of your insurance cover, not to mention the general running costs of the vehicle.

Take an advanced driving course
Insurers look upon performance vehicles as being more difficult to drive and control because of their greater power and acceleration.

Therefore, it could be worth taking an advanced driving course, such as those offered by the Institute of Advanced Motorists. You can then request that an insurer takes this into consideration when working out your premium.

Make it secure
Performance vehicles tend to be attractive to thieves, so make sure your car has good-quality security equipment and is kept in a locked garage overnight.

It's also worth fitting an insurer-approved tracking device to your car because this can help to reduce your insurance premiums further still.

Use a specialist insurer
Arranging insurance through a broker with specialist knowledge of performance vehicles can also save you cash. Otherwise, you could end up paying more than necessary because the insurer has no internal data upon which to base your premium.

Limit your mileage
Sticking to a predetermined mileage can cut insurance costs. The fewer miles you agree to, the more money you should be able to save. The fewer miles you do, the lower the risk for your insurer.

Drive safely
Even though you'll have plenty of power under the bonnet, it's important to drive within the speed limits. If you are caught speeding, a conviction is likely to make insuring a performance car extremely expensive.

Having a conviction for driving while under the influence of alcohol will make it virtually impossible to get insurance for a performance vehicle. Recent MoneySupermarket research revealed that a drink-driving conviction could inflate your premium up to 85%.

Even if you could afford the increased cost, drivers with motoring convictions often find that insurers simply refuse to cover them at all particularly for performance vehicles.

This article has been researched and written by's car insurance partner, MoneySupermarket