Performance Vehicles and Car Insurance in 2023 – News Block

High Performance Vehicles and Car Insurance: What You Need to Know in 2023 High-performance vehicles, known for their superior speed and handling, are often a symbol of luxury and power. These automobiles, which include sports cars and supercars, are often equipped with high-powered engines and sophisticated driving technologies. While exciting to drive, owning a high-performance vehicle presents unique challenges, particularly when it comes to insurance.

Performance Vehicles and Auto Insurance: What You Need to Know in 2023

Understanding Performance Vehicle Modifications

Modifications to a high-performance vehicle can significantly alter the car’s value, performance and safety features, factors that directly influence the insurance premium.

From performance-enhancing upgrades like turbochargers and engine swaps to cosmetic changes like custom paint jobs, each modification can potentially increase your insurance rates. Some modifications, particularly those related to security enhancements, may be viewed positively by insurance providers, but in general, you should expect your premium to increase.

It is crucial to inform your insurer of any changes to make sure they are included in your coverage. Failure to disclose this information could result in cancellation of the policy or denial of claims.

The link between performance vehicles and insurance rates

Owning a performance vehicle typically translates to higher insurance rates. Insurance companies calculate risk based on several factors, with the type of vehicle being an important one. High performance cars are statistically more likely to be involved in accidents due to their high speed and are attractive targets for theft. Plus, they are often more expensive to repair or replace, which drives up insurance rates.

Sometimes owners of performance vehicles may find themselves classified as high-risk drivers due to a combination of factors, such as their driving history, age, or the nature of the vehicle. High-risk auto insurance is a category of insurance intended for drivers who pose a higher risk to insurers.

If you’re considered a high-risk driver, finding affordable coverage can be challenging, but not impossible. Several insurance providers specialize in high risk coverage. It is also beneficial to improve your driving habits, maintain a clean driving record, and consider driving a less risky vehicle to ultimately move out of the high risk category and enjoy lower insurance rates.

The Role of Credit Score in Performance Auto Insurance

Your credit score, a reflection of your creditworthiness based on your financial history, can significantly affect your auto insurance premium, including High Performance Vehicle insurance. Insurers use credit-based insurance scores to predict the likelihood of filing a claim. Those with good credit scores often receive lower premiums.

While this practice is standard in most states, some states have restrictions or do not allow credit scores to influence insurance rates. It pays to understand how your credit score can affect your insurance premium, especially for performance vehicles.

Insurance Companies Specialized in High Performance Vehicles

While many conventional insurance providers cover performance vehicles, some companies specialize in this area. They understand the unique needs and risks associated with auto insurance.

  1. Hagerty: Known for insuring classic and collector cars, Hagerty offers performance auto policies, including Agreed Value coverage, which ensures you get the full insured value of the car if it is totaled.
  2. Grundy around the world: Grundy specializes in collector car insurance, including coverage for high performance vehicles. They offer agreed value coverage, unlimited mileage for hobby use, and coverage for parts.
  3. Chubb: Chubb offers a Masterpiece policy for valuable vehicles and collectibles, including performance cars. Offers agreed value coverage and choice of auto body repair shop.

Tips for insuring your performance vehicle

Insuring a performance vehicle can be expensive, but understanding how to navigate the process can help manage the expense.

Shopping around: Getting quotes from multiple insurance companies is essential to ensure you get the best deal.

Consider Specialized Insurance Companies: As mentioned above, some insurance companies specialize in insuring high-performance vehicles. They could offer more competitive rates and better coverage options for these types of cars.

Increase your deductible: If you can afford a higher out-of-pocket cost in the event of an accident, increasing your deductible may lower your premium.

Keep a clean driving record: Drivers with clean records are more likely to get better insurance rates, even when insuring high-performance vehicles.

Security measures: Equipping your vehicle with security features, such as an alarm system or tracking device, can sometimes lower your insurance cost.

Limited use: If your high-performance car isn’t your daily driver, some insurance companies offer limited-use policies, which may be more affordable.

Discounts on training and experience

Insurance providers often take driver experience and training into account when calculating insurance premiums, especially for high-performance vehicles. Completing a recognized advanced driving course could lower your insurance rates.

Courses that improve defensive driving skills or teach advanced driving techniques can be particularly beneficial. Insurers appreciate such initiatives, as they demonstrate a driver’s commitment to the safe operation of their high-performance vehicle.

High Performance Vehicle Policy Packages

Insurance companies often offer discounts to customers who purchase multiple policies. This practice, known as bundling, can result in significant savings. If you own more than one vehicle, including your performance car, it may be beneficial to insure all of them under the same provider. The same applies to combining your auto insurance with home or life insurance policies.

frequent questions

  1. Why are insurance rates higher for performance vehicles? High-performance vehicles are statistically more likely to be involved in accidents due to their high speed, are often stolen, and are more expensive to repair or replace, all factors that result in higher insurance rates.
  2. Can I reduce the cost of insuring my performance vehicle? Yes, several strategies can help lower the cost, including finding the best insurance quote, maintaining a clean driving record, installing safety features in your vehicle, and considering limited-use policies if you don’t use your performance car all of the time. the days. .
  3. Are there insurance companies that specialize in high performance vehicles? Yes, some insurance companies, such as Hagerty, Grundy Worldwide, and Chubb, specialize in insuring performance vehicles. They can offer more competitive rates and better coverage options for these types of cars.
  4. Do all performance vehicles have the same insurance rates? No, insurance rates can vary greatly based on factors such as the make, model, year, value and safety features of the vehicle, as well as the driver’s history and location.


Owning a high-performance vehicle is an exciting experience, but it comes with its share of responsibilities, one of which is getting the right auto insurance. It’s important to understand why the insurance rates for these cars are higher and what you can do to manage the cost. With research, careful comparison, and a few strategic steps, securing your dream car doesn’t have to break the bank.

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