Kamis, 28 Januari 2010
Why Sports Cars Cost More To Insure
Have you ever wondered why sports cars cost more to insure than other types of car – even when the purchase price of the sports car is less expensive? If so, the following are the main reasons why this is the case.
Car Insurance Group Categories
While many of the factors that determine the make-up of car insurance quotes are not known, what is known is that insurance companies ‘group’ certain types of cars into categories. For this purposes, insurance companies have groups ranging from 1 through to 20. Group 1 is the least expensive type of car to insure. Group 20 is the most expensive type of car to insure. So, if you buy a Fiat Panda, you’ll be classed a Group 1 car driver. Buy a sports car, any sports car, and you are looking at being classed a Group 15 and above driver. Buy a performance sports car, such as a Porsche 911, and you’ll definitely be Group 20 driver!
Over 2 million car crimes happen in the UK each and every year. Aside from popular model cars, such a Ford, the biggest car crime category is sports cars! Have a soft-top convertible sports car, and the chances of it being stolen are red hot! So, even if you live out in the countryside with no one else around for miles, you will still be seen as driving an extremely high risk car when it comes to car theft. With increased risk, comes an increased premium!
Insurance companies are not charities – they’re in the business to make money. As such, they keep vast amounts of data and part of that data tells them that if you drive a sports car there is an increased risk you’ll be in an accident and that the accident will be more serious (and costly) than if you were driving a regular car. As such, the premium charge is going to be higher.
Unless you have just won the Lottery, if you are under 30 there are no appealing factors when it comes to insuring a sports car. Not only do the insurance company see the car you drive as being a high risk car to insure, but you as the driver are far more risky to insure as well. Consequently, car insurance premiums for those 30 years of age or under, driving sports cars, is probably the highest of all types of car insurance available in the UK today.