Why do some Motor insurance specialise in High Performance Motor Insurance?

When you are thinking of buying a high performance car, what you may not have thought about is how much your insurance premiums would be when you come to insure the vehicle. Car insurance for high performance cars such as Ferrari’s, Porsche, TVR and Noble’s can prove to be very expensive, especially if you are young or have driving convictions. Premiums can be as high as £10,000 especially if the replacement cost of the car is above £100,000. It is imperative that you get lots of quotes for your insurance BEFORE you actually buy the car, if you can’t afford to insure the car consider a slightly cheaper or slower vehicle.

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What are the principles Motor Insurance is built upon?: During the process of applying for motor insurance you will be asked for many details ranging from personal details to location and security based questions. As with all insurance you are well advised to answer any and all questions as honestly as possible in order to ensure any claims are fully met by your insurance company in the event of an accident.
How do I make a claim on a Motor Insurance policy?: You should also take the time to familiarise yourself with the claims procedures at each new motor insurance company you use. Each company has a slightly different claims procedure, it is imperative that you understand both what is covered and how you should approach making a claim against your policy.
How can I lower my Motor insurance premiums?: Many factors influence the premiums of your Motor insurance policy. Your insurer will have asked you many questions whilst producing your quote - some of which will affect your premium and some will not. To name a few of the important variables, the vehicle you drive, your gender and your age are all important to the insurer whilst they calculate your quote. Below we have discussed several of these key variables that are within the policyholder's control.
Why do some Motor insurers specialise in just lady drivers?: Every Motor Insurance company is different, each have specific market niches that they try and specialise in, some choose mature drivers, some lady drivers and some young drivers.
How your premium is calculated: The main factors influencing the cost of your insurance policy are:

High performance insurance is a specific market niche with many insurance companies and brokers actively choosing to specialise in it. Traditionally more standard methods of arranging insurance tend to be used to arrange high performance insurance as the number of sales is lower than in larger market niches, but the value of each sale is much greater. As a result many of the best high performance car insurance providers still do not have full online capabilities and you may need to contact several by phone.

High performance Motors are generally driven faster than other types of vehicle, for obvious reasons. As a result the accidents involving them are usually worse causing a greater cost of repair to the insurer. They are also more likely to be driven where other Motors aren't around, this allows the driver of the vehicle to use the vehicles full capabilities and this in turn results in more single vehicle accidents than usual. Therefore, third party liabilities are lower than average with high performance Motors.

The insurer will ask you to outline your driving experience when you apply for high performance motor insurance. Once you pass 25 in the standard Motor insurance market, your premiums start to reduce. High performance insurance, however, looks for people under the age of 30 rather than the standard 25 years. Your high performance driving experience is also very important for lowering your premiums. Older drivers will provide a reduced risk to insurers and also tend to buy these vehicles for different reasons. No claims bonuses are also a must as they will greatly reduce your insurance premiums.