Performance Car Insurance

Whether you already own a high performance vehicle, or are merely planning to buy one in the future, you need to be aware that you'll be paying more than the average driver for your insurance. The good news is, if you're a savvy insurance shopper, paying "more than the average driver" still won't break the bank. Here's some information to prepare you for purchasing performance car insurance.

Understand Perceived Risk

Insurance rates are based on perceived risk, and insurance carriers expect that performance and muscle cars will be driven at high speeds or on dangerous roads, if not both – after all, performance tuning is supposed to make those things possible – because both of these driving trends tend to lead to automobile accidents, performance cars are generally placed in the most expensive categories for insurance. Modifications to a vehicle also increase perceived risk, because modifications make cars unique, and the farther a given vehicle is from the standard tables of tests and measures, the less able insurance analysts are to predict how it, and the people within it, will fare in a crash. As well, it's important to understand that the parts for a performance car, whether original or aftermarket, also affect your insurance rates. Performance tuned parts are more expensive because they're often harder to obtain, and aftermarket parts are often untested in specific cars.

Saving Money

Once you understand why performance car insurance is more expensive than standard coverage, you can apply some money saving techniques. Here are a few:

• Mileage Matters: If you can resist the urge to drive your speedster every day, you can earn low auto insurance rates with a low-mileage discount from a standard insurance company, or qualify for a collector car policy (some have limits as high as 10,000 miles/year.)
• Security Saves: If you go with an insurance carrier that specializes in exotic and performance vehicles, storing your car in a locked garage won't just help reduce your premium, it will be a requirement, but you can also lower your rates a bit by making sure that company-approved security devices, like LoJack and engine immobilizers are installed in the vehicle itself.
• Safety Counts: Maintaining a clean driving record is always important, but when you drive a car built for speed it's even more so. Not only can speeding tickets affect what you pay for insurance, many specialty insurers require that your record be completely clean.
• Go Clubbing: One advantage you have when it comes to owning a performance vehicle is that there's likely to be an owners club, and whenever there's a club or organization, discounts often follow. Specialty insurers often offer discounts to members of auto clubs and enthusiasts organizations.

Driving a finely tuned, elite vehicle is exhilarating and fun, but paying to insure it can diminish the experience. Be a savvy insurance shopper, and save money on performance car insurance.