Aplus Legal Advice | 2022.08.31 22:27 | 704 views
Have you ever wondered why sports cars cost more to insure than other types of cars 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.
Have you ever wondered why sports cars cost more to insure than other types of cars 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 these purposes, insurance companies have groups ranging from one through to twenty. 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 be Group 20 driver!
Theft
Over two million car crimes happen in the UK each 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!
Accidents
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.
Under thirty?
Unless you have just won the Lottery, if you are under thirty 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 riskier to insure as well. Consequently, car insurance premiums for those 30 years of age or under, driving sports cars, is the highest of all types of car insurance available in the UK today.
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 these purposes, insurance companies have groups ranging from one through to twenty. 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 be Group 20 driver!
Theft
Over two million car crimes happen in the UK each 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!
Accidents
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.
Under thirty?
Unless you have just won the Lottery, if you are under thirty 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 riskier to insure as well. Consequently, car insurance premiums for those 30 years of age or under, driving sports cars, is the highest of all types of car insurance available in the UK today.
