Many car owners have dreamt of buying a sports car during their lifetime but the reality is that even if you have the money to get one, often it is the maintenance which dictates how long you can afford to keep it.
Just like the cars themselves, sports car insurance is a specialist area of auto insurance that deals solely with high performance vehicles. Owing to the nature of high performance vehicles, sports car insurance is usually agreed only as a comprehensive policy covering almost any eventuality including property damage, injury, medical costs, liability and legal costs. By analyzing how sports car insurance is calculated it proves that many factors are involved in the final cost to the driver
Each car on the road has been given an insurance rating using actuarial tables that have been calculated following certain guidelines which include how much power or bhp a car has against its weight and the cost of garage repairs and parts.
A sports car insurance policy has other factors that are taken into consideration and although the driver's record is one of them, so is the number of times he (or she) has claimed on their insurance policy in the past. Insurance agencies will also look into other areas concerning the car itself for instance, the driver's address, the time it takes for a car thief to break into it and how vulnerable it is in a collision. Even how old the driver is, how long he has been driving, the driver's gender, kind of job and credit history can affect the sports car insurance premium. Of course, because so many collisions happen with cars traveling at reckless speeds, sports car insurance providers charge sports car owners more than a family car driver who is less likely to drive in the same manner as his counterpart.
An obvious consideration in sports car insurance premium costs is the fact that sports cars can accelerate very quickly plus travel at high speeds and with so many accidents being caused by excessive speed, insurance agencies are eager to ensure high performance car drivers pay for the privilege. Sports cars, high-performance vehicles and luxury cars also have the highest losses for vehicle damage. These cars are also the most likely to be caught up in a case of car insurance fraud which is on the rise. Insurance fraud is also on the increase and usually results in more expensive insurance premiums.
Being mindful of these factors, a driver who wishes to get a good sports car insurance premium must first look into the subject and search for a credible specialized insurance broker. The most optimal way to get competitive sports car insurance is to scout around and study information from insurance providers who are specialists in this area.
The surest long term method of lowering the amount of money spent on your sports car insurance is to be a good driver and not make any policy claims.
Another method employed by many sports car insurance agencies is to place a limit on how many miles the car can be driven in a year; alternatively, you can set a figure yourself providing it doesn't conflict with theirs, which should help reduce your annual insurance outlay. If the car is of very high value, the insurance provider may even request that an engine immobilizer is fitted and possibly even a car tracking system.
If you are buying your sports car from either a specialist or main manufacturer, you may find they have made arrangements to supply their own sports car insurance but be prepared, they may turn you down if you have a lousy insurance claim record. If you are lucky, your hunt may bring you to a sports car insurance broker who would be able to find cheap auto insurance for you and may have insurance claims and legal experience for when things turn sour.
Before you finally insure your sports car, make sure that there haven't been modifications made to the engine and handling characteristics that could affect the outcome of your insurance application.
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