Have you ever wondered why insurance for sports cars is more expensive than for other cars, even if the former is cheaper to buy? If so, the following are the main reasons why this is the case.
The 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. So car insurance companies have 20 categories for vehicles. Group 1 involves those cars that are least expensive to insure. Group 20 is the most expensive type of car to insure. If you own a Fiat Panda, then you’ll be classified as 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. If you buy a performance sports car, like a Porsche 911, then it’ll surely be in Group 20!
Robbing
Be aware that there can be more than 2 million car crimes in a year in the UK. Most of the time, it’s the popular model car and sports cars that are stolen. Have a soft-top convertible sports car, and the chances of it being stolen are red hot! And even if you live in an isolated area, your car would still be considered at high risk of car theft. With increased risk, comes an increased premium.
Accidents
Keep in mind that insurance companies are businesses that need to make money. According to the data that car insurance companies keep, sports cars would have an increased risk should there be an accident, and therefore more serious. As such, the premium charge is going to be higher.
Below 30 years of age?
It’s not so ideal to insure a sports car when you’re still under 30 years of age. 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.
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