Become a Member Read the Newsletter

The real reason why fast cars are expensive to insure

The real reason why fast cars are expensive to insure

With technological advancements, fast cars, whose title is given due to their acceleration and horsepower – not top speed, are slowly becoming more and more frequent among the average drivers. On the other hand, insurance premiums also become more and more expensive each year. In fact, it is estimated that millions of people in the US live in areas where car insurance is so expensive as to be unaffordable.

However, it is not just fast cars that are becoming too expensive to insure. In fact, a recent study shows that car insurance premiums will rise even more in 2017 in England, not just for fast cars, but for every car in general. And the reason behind it is more than just what type of car you will be driving, although, the type of car you are driving is also a factor, and in more ways than you might have thought. In fact, there are many factors and small tidbits that can influence the insurance premium you will be offered by the company, and a lot of them are based on assumptions about your driving, rather than your actual driving skills.

Speeding tickets from the past

speeding ticket

So, you speeded a little on a pedestrian street, there was no one around, but you still got a ticket. Or, you ignored a red light on an empty street and got a ticket in the mail as a result. The means don’t really matter here, but the result does.

Depending on the location where you were ticketed for speeding, you will get 17-19% increase in your insurance premium, even if you are driving a minivan or a Jeep, cars that are considered cheaper compared to fast cars. Moreover, if you had been in a car accident before, chances are your insurance premium will increase even more.

Your profession or unemployment

When car insurance companies first take your information, they ask for your profession because, as we said above, they want to make a correct assessment of how, when, where, and for long you will be driving your car. Good luck if you are unemployed at the moment when you get your car insurance because you will get an even higher priced premium then.

However, some professions get a higher premium price compared to others. For example, if you work in healthcare, catering, construction, and some others, you will get a higher premium price compared to other professions. Also, it is better to say that you are a housewife or a homemaker instead of unemployed for the same reasons. A study raised the possibility that lower income might actually rate a higher premium insurance price, although it has yet to be confirmed. But, do keep in mind when you get your car insurance premium that a small difference can mean a lot for the price.

Car modifications and other details

car modifications

Car modifications vary from car to car, and you might think an upgrade will be a good thing, and they usually are. On the other hand, a simple paint job can mean a higher insurance premium, compared to the price you would get otherwise.

Small details like your mileage can get you an increased premium as well, so you should be careful and input the correct mileage, lest you get a higher price. Having a low credit score in addition to having a fast car can increase the insurance price. Being single and unmarried, living alone compared to living with roommates or family, owning your house or apartment instead of renting can get you different prices for car insurance.

The area you live and work in and the type of car you own

Faster cars, sports cars, and cars with a lot of horse power are more expensive to insure. That is a fact. When a car can go really fast, it means a higher risk of accidents, and then there is the added fact that sports car parts cost more. The result is that faster cars that cost more to repair are more expensive to insure.

But, even if your car is not as fast, even if you’re driving a fuel efficient car that does not have sports car level horsepower, you might get a higher insurance price if you live in a bustling city. Bustling cities get a lot of traffic accidents and even cars that don’t go as fast get a higher insurance price compared to less urbanized areas.

So, what can you do to get a cheaper insurance price?

The best thing you can do is to check the insurance market. Just because one insurance company offered you an expensive insurance premium, it doesn’t mean that every company will do so. Each insurance company takes in different factors about you, the place you live, and your employment status and profession, and each of them will give you a different fee. If you do this, you might find a cheaper sports car insurance fee. There are services that you can use to determine what your car insurance price should be, and you should check more than and see the difference between the prices. That way, you will know which insurance company is giving you the best and most realistic price.

Also, adding another person as a driver might also get you a lower price. You can name your spouse or parent as another driver, and it can be really useful when getting insurance for your children’s’ cars as well.

Another option is to look for a pay-as-you-go insurance. Instead of paying the full premium price for an entire year, you might be able to pay your insurance each month, depending on how much you drive your car. While each insurance company that offers this type of insurance will have different offers, the general offers of insurance include a flat monthly fee, and then, you pay by the hour, which is measured by a black box or another object in your car which will record your driving hours. At the end of the month, the hours are added to the flat monthly fee. The pay-as-you-go insurance fee is highly popular among young people who live in urban cities and only use their cars on the weekend. When you commute via public transport to work or live walking distance from your workplace, pay-as-you-go might be the cheapest way of insuring your car.

Calendar

Sun Mon Tue Wed Thu Fri Sat
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Touring

Motorsport

Club

 
Calendar

Upcoming Events

HQRR Section Meeting

Motorsport - HQ


Clubrooms

Wed Feb 19, 2014


Historic Racing Register

Motorsport - Historic


Percy Wein Smith Room Clubrooms

Wed Feb 19, 2014


Competition Meeting

Motorsport - Circuit


Clubrooms- Percy Wien-Smith Room

Thu Feb 20, 2014


Veteran / Vintage Meeting

Touring - Veteran/Vintage


Clubrooms- Reg Sparks Room

Fri Feb 21, 2014





SCCSA Sponsors Bar

Home | Site Map | Disclaimer | Privacy Policy | Contact us | Admin | © Sporting Car Club of South Australia 2012