High Performance Car Insurance

We look at how high performance car insurance works

Revving up the engine on your own Aston Martin or Ferrari means high-octane thrills, even on a routine drive. But for all the excitement and head-turning aesthetics, the best performance car insurance can be costlier than you might expect. Buckle up for our guide to car insurance for performance cars.

Why do performance cars need insurance?

It’s a legal requirement to have car insurance if you’re driving any road-worthy vehicle, but of course, not all cars are created equal. Car insurance for expensive or ‘performance’ cars is usually more expensive than for regular vehicles. Why?

Higher speeds – Performance cars have a higher potential for speed and acceleration, so insurers may deem these vehicles to be more prone to serious accidents and collisions.
Risk of vandalism – High performance cars are viewed by many as status symbols, so insurers will take into account the risk of vandalism or theft.
Specialist parts – If your high performance car stops working, you might have to fork out for expensive replacement parts, which could be reflected in higher insurance premiums.

How does performance car insurance work?

Car insurance for high performance cars is designed to meet the specific requirements of cars that are higher value and are likely to cost more to repair or replace if the worst happens.

All cars fall into one of 50 car insurance groups that help to define the cost of insurance. The rating is worked out by looking at the car’s specifications, including:

The cost of the car when it was new
Performance factors like engine size, top speed and rate of acceleration
Safety and security features
Parts and repair costs

High performance cars are among the more expensive car categories to insure, but there are other factors that can determine the cost of performance car insurance cover, such as:

The age of you and any other drivers
Your home address
Details of your driving record
How many miles you drive.

What is considered a sports car for insurance purposes?

While there’s no standard definition to explain what a sports or performance car is, it’s clearly not a vehicle that’s designed just to take you from A to B. Sports cars have powerful engines, aerodynamic body shapes, smart suspension, sticky tyres and performance brakes. And the definition doesn’t just apply to high-end sports cars – it can include other categories such as luxury SUVs. While luxury brands such as Lamborghini or Porsche are well known sports car manufacturers, there are also high-performance versions of more standard cars like a Ford Focus RS.

For insurance purposes, some of the definitions of a sports car might include:

A small body shape and size, with a low centre of gravity.
A large engine, often meaning 1-litre-plus. A higher number of cylinders usually means more power.
High acceleration relative to weight, bearing in mind that modern cars often come with high-spec entertainment and thicker seats for comfort, which makes the vehicles heavier (and therefore slower) without extra power.

How much does performance car insurance cost?

There’s no simple answer as to how much high performance car insurance might cost. As we’ve covered, the quote you receive will invariably be higher than car insurance in general due to many unique factors, including the cost of finding bespoke repair parts, the heightened risk of vandalism and theft, and the fact that the higher speeds could lead to a greater risk of accidents.

However, when you’re looking at sports car insurance, you can help to keep the costs lower by:

Keeping your car in a locked garage
Making sure your high performance car is fitted with appropriate security and safety measures
Taking an advanced driving course with BSM (British School of Motoring) to make sure you are driving your car safely
Keeping your mileage low – though that might be too much to ask!

Things to consider when insuring a performance car

There are lots of factors you may wish to think about, and questions to raise with the insurer, before taking out sports car insurance. For example:

Does your insurer want you to use a specific repair garage or can you use your specialist garage of choice?
Does your policy have a mileage limit or restrictions on driving abroad?
Can you access a like-for-like replacement model if your performance car is out of action?
Do you have somewhere safe to store your car?
Will you take your vehicle on a track day? You might want to check with the insurer whether there are any restrictions around this.