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Inside this Article
Performance and
Classic Car Owners Insurance
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Performance cars are
popular amongst those with a bit more cash to spend on
their vehicles.
With powerful engines, strong chassis and comfortable
interiors – as well as all the latest gadgetry in
the dashboard – these cars usually fall into the
class of ‘big boys toys’
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Performance cars
Most cars are given an
insurance group ranking based on the level of
risk involved with each car type and group (often
based on likely repair costs).
Generally,
high-powered performance cars will be in the highest
group (up to '20'), whereas a small car will be lower
ranked and in theory should receive cheaper car
insurance.
However, if you want
to own or drive a high-performance car then consider
waiting until you are 30+. If you are under 30 and
male driving a sports car, then your premiums
typically be very high. There are also many car
insurance companies that particularly target
performance car drivers.
Companies can request
specific data on whether your car is kit built,
classic, prestige, imported, modified, or simply has a
powerful engine. Providing specifics can help to
reduce costs.
Classic
cars
For drivers of classic
cars the car insurance market is looking up
with an increasing number of companies offering
specific classic car insurance deals.
These polices could
take into account your age, whether your car is
standard build, the age of the car, and of course the
number of miles you plan to travel during the year
(normally no more than 7,500 miles). It can also be an
added advantage to use the classic vehicle as a second
car on an insurance policy. Some policies are
taken on an 'agreed value basis' – meaning the
company must agree with your value of the car when you
take out the policy – or the insurer may offer a
classic car valuation.
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