Andy. 5* Trustpilot review, July 2020
We are experienced at the provision of specialist modified and high performance car insurance.
We understand that if you’re the owner of such a magnificent motor, to you it’s not simply a car. It’s a vehicle you most likely treasure and, as such, want to take greater care of it.
That’s why we’ll take the time to listen to you, to get to know your car, how you use it, how you keep it and how you drive it. We’ll understand if you tell us that it’s “something for the weekend”, a complement to your everyday car. Then we’ll find the most appropriate and best value policy available through our panel of specialist insurers.*
Our services and benefits can also include:
Car off the road? Click here for details of specialist SORN car insurance.
Additional cover options – Pick and choose your cover options to get the exact level of protection that you want, with an extensive range to protect you and your vehicle. Options include Breakdown & Accident Assistance, Motor Legal Protection, Excess Protection, Key Care and Road Halo licence defence.
DRIVING IN THE EU: From 01 January 2021, the rules have changed when it comes to riding or driving in the EU. This includes the Republic of Ireland and certain other countries. You will now need apply for a Green Card before you travel. For more details on the countries this applies to and how to get your Green Card, please click here.
* Please ask if you would like details of the panel of insurers we use to compare high performance car insurance quotes. ** The availability and size of discounts offered varies between insurers and policies and underwriting conditions will apply. Please ask for details of discounts when getting your high performance car insurance quote. *** Salvage retention rights subject to terms and conditions. Please ask for details.
Owners of high performance cars are a special breed. You love driving and you love your car. You want to take care of it – and for it to be taken care of.
Given your passion you’ll want to know what you’re doing when looking to compare high performance car insurance quotes. Not all policies are the same and some may be better suited to your specific needs than others.
Apart from anything else you’ll be aware that the power, capabilities and perhaps value of your car, mean you’re likely facing a higher than average premium.
It’s common sense.
So it’s going to cost more to cover than the rather more modest VW Golf, the UK’s most popular car model.
But what you don’t want to do is pay more than you need.
You also want to make sure your car is properly protected in case the worst happens and its stolen, damaged or written off.
When coming to your decision it’s useful to know what to look out for. These might be the factors that insurers look at when determining your premium. Or the different benefits that might be on offer from different insurers and policies. Or the things you might be able to do to help minimise your premium.#
There is no one specific definition of what makes a high performance car. We could be talking a standard spec car you can pick up from a dealer, through custom and kit cars and some imports.
We could be talking a factory fresh, pre-used or classic car.
We could be talking a grand tourer, a hot hatch (the point at which that humble Golf becomes something rather more special), a tarmac-hugging sport or a mile-chewing supersports car. For fans of American imports, we could be in the sphere of the V8 muscle car.
You’ll know, though, that acceleration, power and speed are going to be key here. They certainly going to be among factors that catch the eye of insurers.
Every car is designated an insurance group by Thatcham Research, the independent body that runs the Group Rating Panel.
The GRP determines which group a particular car should go in based on various factors.
These include things like security features, engine size and the cost of repair.
The group rating matters. In total there are 50 groups. Cars in group 1 are usually the cheapest to insure, those in group 50 the most expensive.
In Group 1 you might find, say, the Citroen C1, Fiat Panda or Nissan Micra. Reach the heady heights of Group 50 and you’re in the realms of that AMG GT, BMW 7 Series, Jaguar F Type Convertible or Porsche Cayenne Turbo.
You don’t need a trained eye to spot the difference in both capability and value.
So the higher the group rating of your car the higher your premium? Well yes and no. All things being equal yes. But important though it is, the group rating is just one of many factors an insurer will consider when calculating your high performance car insurance quote.
This list, which is not exhaustive will including your driving history, the address where and how your vehicle is parked or stored overnight, how you use it, how many miles you usually cover, your driving qualifications and your occupation.
That list also gives a pointer to how you might be able to cut your premium.
We’d add that it’s not so much cheap high performance car insurance you should be chasing.
What you should be after is the right, good value insurance for you and your precious motor. Insurance you’ll be able to count on should you need claim.
However, there are ways you may be able to cut the cost.
Some insurers offer discounts if you’ve passed a recognised advanced driving qualification. These include schemes run by AnyDriver, the Institute of Advanced Motorists, PassPlus and Royal Society for the Prevention of Accidents.
The size and availability of these discounts varies between insurers.
As a rule of thumb a high performance classic car is likely to be cheaper to insure than a modern day equivalent.
Classic cars tend to be the domain of enthusiasts who are more likely to do fewer miles and take great care of their pride and joy. Insurers approve of that kind of stuff!
Most insurers will treat a car that is over 30 or 35 years old as classic. Some might provide ‘modern classic’ car insurance for vehicles aged 15 years or more.
You can read more about the ins and outs in our classic car insurance quotes guide.
Indeed some may require you to take particular security precautions such as fitting after-market alarms, immobilisers and tracker devices. Here you should be looking at Thatcham tested and certificated devices.
Overnight parking on the street is unlikely to be viewed as favourably as stowing your prized motor on a gated drive or in a locked garage.
A quick word about keyless entry and ignition systems. In recent years the press has reported a surge in thefts of keyless cars with “relay attack” a favoured theft method. This is where thieves intercept the signal between car and fob to gain access, using technology that can be bought easily and cheaply online.
Some, but not all, manufacturers have already addressed this vulnerability. Newer versions of the technology may include more secure wireless systems or be programmed so that fobs are deactivated when not in use.
Thatcham, the independent motor security research body, has expressed its concern about keyless entry thefts and relay attacks in particular. In response it has introduced a new rating system. Whilst recognising the closure of keyless system vulnerabilities by some manufacturers, in 2019 Thatcham still rated a number of cars as “poor” because of their susceptibility to relay attack.
The organisation has produced an excellent guide to this issue. This details how the technology works, how it can be breached and what is being done about it. It also provides advice on how you can protect your motor if it is vulnerable and details of the latest car test results.
Here we are talking about your policy excess. This is the amount that you will need pay towards the cost of any claim you make. If you’re willing to commit to a higher excess many insurers will lower your quoted premium. This will of course vary upon the insurer as each has their own rules and scales.
Limited mileage policies are another way of reducing your premium. To qualify you’ll typically need keep your annual miles to 3,000 or below.
Not all policies are the same. The benefits (as well as limits and exclusions) they offer can vary. It’s important to keep an eye out for things which might appeal in light of your own particular circumstances.
Many high performance car enthusiasts customise their cars, tweaking looks, performance or both.
A standard car insurance policy may not be geared up to cover such modifications. However, as long as they are street legal, they should not be a problem for most high performance car insurance policies.
Not all policies offer new-for-old cover for those mods though. This could be important to you, especially if you’re looking to restore your car to its former glory following a claim. If it is, ask when getting your high performance car insurance quote.
Again, standard car insurance policies may struggle with left hand drive and imported cars. One issue is that they may not be as easy to repair as UK specified cars. Parts may need be imported and may be more expensive.
The kind of import is also a factor. A so-called ‘parallel import’ is relatively straightforward in that it will have been produced in the EU safety standards and, whilst being left hand drive, meet UK safety standards. Certainly in the short term this should not be affected by the departure of the UK from the European Union (at the time of writing the status of Brexit remained unclear).
A ‘grey’ import will more clearly fall under the remit of specialist insurance. These are vehicles imported from outside the EU. In the high performance arena we might be talking an American muscle car or one of the many mighty Japanese sports models. The availability and cost of parts, together with performance capabilities will be key.
Simply put, specialist policies and the underwriting teams behind them, tend to be better geared up for covering such non-standard risks.
If you’re an enthusiast your enthusiasm is likely not restricted to your own car. Some policies will allow you to further indulge your passion by covering you behind the wheel of fellow enthusiasts’ motors. As ever, it will be important to read and respect the terms of cover.
If you’re car is non-standard, customised or have a particular worth due to its age or rarity, then agreed value might be of interest.
As the name implies, this provides cover to a value agreed between you and your insurer when you take out your policy.
You will be required to supply evidence to help with calculating that value. Insurers will ask you to submit recent photographs of both your car’s exterior and interior to help assess its condition. Sometimes they might ask for an independent valuation and details of repair or restoration bills.
That effort brings a return in reassurance. You’ll know that should your pride and joy be damaged beyond economic repair, or be stolen and not recovered, you’ll receive the value agreed in settlement (less, of course, the excess applicable).
One thing to bear in mind is that the value of your car can change. It’s important then to make sure you regularly review the agreed value.
The good news is that it shouldn’t cost you to get your car valued. At Principal, in association with our specialist underwriting partners, we offer a free agreed value assessment service.
If you own a combination of cars, motorcycles, motorhomes or vans then it’s worth checking out multi-vehicle insurance.
It can prove less hassle for starters. Once all your policies have been integrated you’ll benefit from a single renewal date and one set of documents. Your ‘bulk buying’ can also cut the overall cost of cover (compared to taking out separate policies).
You can read more about the benefits of multi-vehicle insurance arranged by Principal by clicking here.
If you have any questions or concerns about securing high performance car insurance it’s important you raise them before you take out a policy. For example, it’s no use only discovering when you come to claim that your high value car is underinsured.
Our specialist car team will be happy to discuss your specific circumstances and advise you in the best and most appropriate policy available through our panel of insurers. For a personal consultation please call 0330 024 0093.
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