Sports Car Insurance
Sometimes owning “a car” is not enough and thoughts about better and more expensive cars pop in your mind. Who wouldn’t like to drive a sports car or an off-road vehicle? The only problems are the higher prices and our low budget. But, after years of savings when you’re finally able to afford the car of your dreams there’s still one small detail you need to think about: car insurance. As insignificant as it may seem, these is an expensive detail because sports car insurance is not for low budgets.
The higher premiums available are the result of the higher repair costs of such a car and the fact that these are cars specially manufactured to be driven at high speeds that increase the risk of an accident. More accidents mean more repairs and more repairs are the key to expensive bills that an insurance company needs to compensate for in a way or another. The solution offered unfortunately means higher monthly payments for sports car owners. In addition to this, these vehicles are more likely to be driven for more miles than usual, because once you drive such a car you can never stop.
The only solution you are left with is represented by the best deal you can find on the market. The process of finding it will require some patience, but in the end the result of your comparison shopping will be worth the effort. A way to reduce the premium for your sports car insurance is by raising the deductible’s value. A high deductible will mean a lower monthly payment, but you expose yourself to the risk of having to pay significant amounts out of your pocket in case of an accident.
No matter if we are talking about sports car insurance, the same types of coverage apply. You will still be required by law to purchase personal and property liability insurance. The amounts vary depending on your residence state, but this insurance will make a difference if you are ever involved in an accident that hurts other people or damages public or private property. Keep in mind that this type of coverage won’t cover your medical bills or the damages of your personal car. Also wise to include in your policy when you own a sports car is collision and comprehensive insurance. That’s how you cover the repairs needed by your car no matter the situation (a collision, a theft, a natural phenomenon) and it’s a must-have if your car is financed. Other types of insurance you should take into consideration are the Personal Injury coverage and the uninsured/underinsured motorist insurance.
To avoid having to pay even more money for your sports car insurance, you should avoid making any alterations that are meant to increase the car’s performances. In addition, you should try to find out (before purchasing a certain sports car) to which auto insurance group it belongs. There are 50 such groups which have associated numbers from 1 to 50 and as the numbers grow, the insurance cost also grows. Another option is to consider limiting the number of miles you drive a year, because that’s a way to make yourself eligible for discounts.
Sports cars are also more likely to be stolen, so by proving you always store the car in a secured location during the night and you have installed all kinds of approved alarm systems, you will reduce the insurance cost. Avoid buying a policy in the name of a driver that isn’t at least 25 years old, because student and teenage drivers are already considered high risk drivers.
Post tags: Tags: automotive articles, sports car insurance