The Cost Of Insuring A High-Performance Car
High-performance cars are thrilling to drive, and many people love to drive them due to the heavy horsepower they have. There aren’t many people who would say no to taking a Porsche out for a spin. Although driving the car may be oodles of fun and owning it might make you feel cool – your happy face will drop when the auto insurance bill arrives your way. They typically cost a great lot more to insure than an average mass produced car.
Factors that affect the insurance premium
When an insurance company is insuring a high-performance car, they take several different factors into account:
● When a car has more power, it means there is more risk. When you factor in the risk, auto insurance costs can rocket.
● If you were to be involved in an accident when driving a high-performance car and your vehicle needed repairs, the car parts are likely to cost a lot more. Some of the parts may even be hard to come by, as they are not mass-produced.
● High-performance cars are at a much greater risk of being stolen than a regular car. Auto insurance to cover theft of these types of vehicles can be extremely pricey.
● Where you live will also be taken into consideration. If you reside in an area where car accidents are high, you will have to pay more money. If you live in an area where car accidents are rare, you will pay less. You will also pay more for auto insurance if the crime rate is high in your area.
● Some high-performance cars lack safety features, and this is especially prevalent in the older vehicles. Safety features help to lower auto insurance premiums so if your car has none or very few, expect your auto insurance to be even more expensive.
● Insurance companies may consider you as less of a risk if the vehicle is your second car. If you drive up to 4,00 miles every year, your premiums will be lower, if you drive it more than 4,00 mile per year, you will be considered more of a risk.
How to reduce auto insurance on a high-performance car
● Don’t use the high-performance car as your everyday car – use it as a second car. The fewer miles you drive in your sports car, the less your auto insurance will cost.
● When people own high-performance vehicles, they find it hard not to speed. Although all that horsepower seems like a waste if you don’t get to use it, control yourself. Driving over the speed limit can result in accidents or speeding tickets. If either of these events were to happen, the auto insurance on your sports car would inflate.
● Install some safety features – a car alarm, airbags, etc. – the more safety features your vehicle has, the more discount you will get off your insurance. By installing a car alarm, it also reduces the risk of your sports car being stolen.
Most expensive cars to insure
The style and horsepower of a high performance car can alter auto insurance premiums. Below are some of the most expensive cars to insure, including their average annual premium:
● Porsche 911 Carrera GT3 RS – Av annual premium $3,212
● Audi RS7 Quattro Prestige – Av annual premium $3,229
● BMW M6 Gran Coupe – Av annual premium $3,309
● Nissan GT-R Nismo – Av annual premium $3,476
● Porsche Panamera S Executive – Av annual premium $3,484
● Mercedes S600 BI-T – Av annual premium $3,539
● Mercedes SL65 AMG – Av annual premium $3,797
● Dodge GT Viper – Av annual premium $4,048