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Performance Car? Get Performance Insurance
It's a simple fact: when you drive a performance vehicle, you need performance insurance. Why? While standard insurance policies are great for mass-produced vehicles that are driven daily and have decades of accident stats and performance data to tell carriers how risky they are to drive, elite imports, performance-tuned vehicles, and restored antiques are not so easily assessed. Your car is unique, and your insurance should be also. After all, it's not just an automobile; it's also a valuable investment.
The best way to ensure that you have adequate insurance for your performance auto, then, is to contact a specialty insurer. Some of these companies are affiliated with mainstream carriers, while others are completely separate, autonomous institutions, but all are well-versed in the special needs associated with rare autos.
Specifically, the advantages of specialty insurance policies are:
- They are based on "agreed value" in which you and the insurer come to an agreement on the replacement cost of your vehicle, including any aftermarket modifications.
- They often have low or no deductibles, especially in the case of classic cars that aren't driven very often.
- Most of the time, they can be arranged to meet the "full coverage" clause required by automobile finance companies.
On the other hand, there are some disadvantages to performance vehicle coverage, as well:
- Appraisals are often required in order to determine value.
- Mileage and usage restrictions are quite common.
- There are limitations on who is insurable. Generally drivers must be experienced adults with pristine driving records.
Because of these limitations, before committing to a performance insurance policy, take some time to examine your driving habits. If your performance vehicle is the car you drive every day, you'll probably be better off with a standard policy, despite the expense.
As well, you'll want to research the insurance carrier you select. Car clubs and owners groups are an excellent way to get recommendations, but you should check out enthusiasts' magazines like Hemming's Motor News and Car and Driver for broker listings, also.
Finally, when you meet with an insurance agent, after all your research has been completed, be prepared. Walk in with an itemized list of every non-standard or performance part attached to your car, even if it's just an upgraded speaker system, and if there are engine modifications, be prepared to explain what they are, and what they do. If you have receipts, bring them with you.
Be prepared to pay higher premiums. Unless you are driving a classic / antique vehicle, you should expect that the insurance premium for your performance car will be about 20% more than what you'd pay for a more conventional luxury car (like a Lexus, or BMW), so don't be afraid to ask for discounts, based on age, career, club affiliation, or anything else.
Elite insurance, like elite cars, is unique. No two policies are exactly alike. If you do your homework up front, however, you will find performance car insurance at reasonable prices.
