Saturday, March 3, 2012

Insuring a High-Speed Vehicle

Sports cars are built for performance. They're generally small, with sleek lines and fine details. They're built for driving, often with only two doors, and sometimes with only two seats. They are not passenger vehicles, where the focus is on the ride. Instead, they are designed to be fierce, fabulous, and most importantly fast.

Unfortunately, all those features - the very things that cause our sports coupe cravings in the first place - are the same factors that contribute to a higher cost of insurance. Actuaries and estimators look at our spiffy little speed demons and see oversized engines, non-existent crumple zones, and a dearth of safety features. Sure, some sports cars have front air bags, but since many of these cars are also convertibles, side-curtain airbags are a rarity. Even worse, the average sports car driver is more likely to engage in daring - even reckless - driving behavior, taking hairpin turns at top speeds because they can.

The good news is that it's still possible to reduce the cost of insuring a sports car. A few tips for obtaining the cheapest auto insurance available are:

Shop Online: Studies have shown that people who purchase their auto insurance online save up to 25% more than those who buy their policies the old fashioned way. Remember, also, to get multiple quotes and compare them line-by-line before committing to any one company.

Take a Defensive Driving Class: Not only will a hands-on defensive driving class help you learn to drive your sports car in a safer manner, it will also earn you a discount on your insurance. Most insurers discount policies up to 3% for up to three years, and when that three-year term expires, drivers can take another class and re-instate their discount.

Consider a Multi-Car Policy: You can save money on your auto insurance by bundling the coverage for your sports car with the coverage for any other cars in your family - even if one of those cars is a minivan, SUV or sedan. Most insurers will discount the less expensive car, but it's still cheaper to have two cars on one policy than maintain separate coverage. If you own a home, you can maximize your savings by also bundling your home insurance with your auto policy.

These are just three of the ways that the cost of insuring a high-speed vehicle can be reduced, but there are many others. The best advice when shopping for coverage is to ask the agent directly, "Are there any other discounts that apply to me?"