Automotive insurance is a legal requirement for driving on public roads in the UK, and it normally isn’t something people give too much thought to. Most ‘vanilla’ car insurance providers cover more or less the same things, at more or less the same price, which is fine for most standard consumer vehicles.
When it comes to high-performance vehicles, sports cars, and supercars, however, the right car insurance becomes more than simply a box ticking exercise. Sports cars are more expensive to insure than regular vehicles because of their higher speed, precision parts, and bigger risk of theft, so it pays to look around for the right insurance policy to suit your vehicle and driving style.
Benefits of performance car insurance
The benefits of a fully comprehensive specialist car insurance policy are extensive for high-value car owners, and can reduce your long-term cost of ownership significantly, as well as providing greater confidence and peace of mind. Let’s look at the six main benefits:
1) Vehicle damage cover
Vehicle damage cover pays for the cost of damage to your car from accidents, vandalism, bumps from other drivers. For performance vehicles, the cost of replacing tyres or repairing scratches damaged during an accident can be high even when excess is taken into account.
2) Fire and theft cover
Prestige vehicles are targets for thieves and manufacturers know this, which is why performance cars have some of the best safeguards against theft of any vehicle class. This doesn’t stop criminals from trying, however, and a precious car can easily suffer thousands of pounds of damage from a bungled attempt at theft. Fire and theft cover safeguards your investment against actual and attempted theft, and also from fire – which includes arson and damage incurred in accidental garage fires.
3) Third-party cover
Specialist third-party cover pays for your legal liability to other drivers and members of the public resulting from damage or injury. Performance cars are generally safe vehicles, but they are powerful and capable of high-speeds, and are considered, perhaps unfairly, at high risk of causing accidents. Your policy should ensure all your damage and court fees are covered, even if you choose to contest liability for an incident.
4) Audio/visual equipment cover
This aspect of performance car insurance covers the advanced audio, visual, and computerised equipment that frequently comes with luxury cars, covering loss from damage or theft. As many audio-visual components are difficult and expensive to replace in some vehicles, this is an essential insurance cover to have.
5) Foreign travel cover
If you intend to take your car outside the UK, foreign travel cover provides coverage in compliance with EU and other third-party insurance laws. Some policies may also protect your car against damage in transit to a foreign country by third party – e.g. by container ship or ferry. Check the details of your policy with your broker before purchase.
6) Specialist cover
Owners who use their vehicle for track-based or off-road sports will need specialist cover to mitigate the risk associated with these activities, which many standard insurance schemes will not cover. Speak to a specialist insurance broker if you intend to do track days, so you get the level of cover appropriate to your lifestyle.
At ManningUK, we work with specialist insurance providers across the UK to provide tailored automotive insurance policies to owners of high value, performance, and sports vehicles. For a free quotation or to find out more, please get in touch today.