Things to consider for your performance car insurance…
An important factor to consider when taking out an insurance for performance car policy is whether the insurers will insist on you using their chosen garage repairer in the event of an accident, or whether you get to choose your preferred specialist repair centre. This could well affect your warranty, depending on where your vehicle was purchased. You may also wish to make sure that any parts that could need replacing in the event of an accident repair are specific to your car’s make or model and not a generic ‘off the shelf’ version.
You may also wish to consider a guaranteed value policy, as opposed to market value, which is common for high value vehicles. In the event of a total loss, this type of policy would pay out a pre-arranged sum that was agreed at the inception of the policy. This is likely to require a valuation certificate from an independent expert to confirm the vehicles value for insurance purposes.
Particularly for cheap performance car insurance, it is common for insurers to request photographs of the vehicle (exterior, interior and engine etc.). Keeping copies of receipts from any modifications or repairs can be used to support evidence of your vehicle’s value.
With the increase in ‘steal to order’ thefts, performance cars need to have adequate security in place. An alarm or tracker type security device is a consideration and may also have the benefit of lowering insurance premiums. Ensuring your vehicle is kept in a garage or secure building overnight is also an option.
Establishing the true value of a performance car can be tricky! If it’s a rare vehicle and parts are difficult to source/or overly expensive, the cost of repair or replacing with good quality parts can be extremely high. All modifications, including alternative replacement parts (where original parts were not available), should be disclosed. When advising us of the value of your vehicle, it is worth considering obtaining an agreed valuation, rather than relying on unpredictable market price.
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