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High
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High
Risk Insurance |
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There
are many auto enthusiasts who often dream
of owning their very own high performance
vehicle such as a Ferrari or Porsche.
Seeing autos such as these glamorised by
celebrities, and also the many televised
features about them (such as in the UK
television programme “Top Gear”),
makes people forget about some of the
disadvantages of owning a high-performance
auto. The biggest con associated with high
performance autos is the insurance costs,
which can amount to thousands each year,
regardless of the extremely high outlay
which is likely to have been made to purchase
the vehicle.
Specialist Area
The
high performance vehicle market is a specialist
insurance area i.e. only companies that
specialise in insuring high performance
vehicles should be approached. Premiums
are usually higher for high performance
vehicles, but accidents involving these
vehicles are usually single vehicle accidents,
so the insurer does not owe many third
party liabilities. This can prove to be
the “saving grace” of a specialist
insurer of high performance vehicles.
The
growth of the internet in recent years
has seen an explosion in the number of
insurance companies who all cater for
“standard” motor insurance
needs. These companies are in constant
competition, and it can be difficult for
them to establish a firm foot-hold in
the market. This has resulted in many
insurance companies turning to niche markets,
such as insurance specially for high performance
autos, insurance for young drivers or insurance
for female drivers.
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Costs
The
main reason for recommending insurance
companies that specialise in insuring
high performance autos is the vagaries
of high performance autos. For instance,
to replace the windscreen in a typical
family auto will generally cost a fraction
of the cost of replacing a windscreen
for a Ferrari. The specialist insurers
will have contacts with specialist Ferrari
repairers, allowing you to keep peace
of mind in the knowledge that the well-being
of your auto is in the best hands. |
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Considerations
When
applying for a deal for a high performance
vehicle, your age will come into account,
and significant premium discounts are
generally only applicable if the driver
is aged 30 years or more (in contrast
to 25 years for a “standard”
auto). Your previous experience of driving
these autos will also affect your premiums,
as will any no-claims bonus that you may
be entitled to. |
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