In 2015, 5.6% of all auto sales in North Carolina were for luxury and exotic vehicles.
Let’s be honest. Most people don’t love searching, assessing, or paying for insurance.
However, if you’re in the market for a high-performance car or you need better coverage for your luxury vehicle, performance insurance is something you simply cannot go without.
Performance car insurance may seem complicated, but we’re here to demystify the process (so you can spend more time on the road, of course!).
Let’s get into it!
Performance Car Insurance: What to Know
It Typically Costs More
We’ll get the bad news out of the way first. Driving a fancy and expensive car typically means higher insurance premiums for you.
This is because performance vehicles inherently come with more risk (like driving at faster speeds), which can increase the chance of an accident.
Auto repairs, on average, will also typically cost more, because parts tend to be more specific and of higher-quality than, say, an ordinary run-of-the-mill sedan.
Also, people typically just like shiny objects. Unfortunately, this means your shiny car is more prone to theft, vandalism, and breaking in. This increases insurance costs to protect you from having to pay more out of pocket for these unfortunate crimes.
Regardless, brace yourself for higher rates. Think of it as the opportunity cost of getting to drive a car you absolutely love.
There Are Cost-Cutting Measures You Can Take
Yes, performance car insurance does cost more than ordinary auto insurance. However, there are plenty of proactive measures you can take to drive down some of the excess cost.
- Having a secondary “daily driver” car
- Reducing overall mileage
- Installing a car alarm
- Avoiding speeding or risky driving
Remember, as with owning any car, defensive driving is one of the best ways to ensure valuable coverage without paying unnecessarily high rates.
On both the financial and safety side of things, it goes without saying that, under no circumstances, should you engage in texting behind the wheel or drunk driving.
Depending on the care you drive, consider becoming a member of your car owner’s club. They may offer insurance discounts.
These Factors Can Affect Your Rates
Similar to other insurance premiums, it’s important to understand that there are several factors that are taken into consideration when creating a quote.
In addition to the car itself and your driving history, the following may also be used for or against you in your performance car insurance rates
- Marital status
- Credit score
- Geographical location
- Other household cars
- Insurance bundling
Be sure to double-check with your agent to determine the best rates possible! After all, it is their job to assure your satisfaction within this process.
The decision to purchase a luxury, performance or exotic car is an exciting one. We promise that insurance doesn’t have to be the hassle you think it needs to be.
We offer comprehensive insurance packages for all kinds of vehicles, homes, business, and living expenses, and we guarantee utmost customer satisfaction. Contact us for your insurance needs today!