High Cost Sports Car Insurance Explained

by Kimberly S. Young

You might be wondering why insuring your favorite sports car is more expensive in comparison to other cars, in spite of the fact that your sports car is cheaper than the other one. The section below shall answer your queries.

Car Insurance Group Categories

Insurance companies normally adopt a comprehensive ‘grouping system’ to categorize cars, which indicates the cost of insuring a particular model of the car. These groups band the cars in different groups which range from 1 to 20. While Group 20 is considered to be the most expensive car insurance group, Group 1 is regarded as the least expensive one. There are many factors which determine this grouping system; but these factors are not revealed in the car insurance quotes. As far as grouping of the car you purchased is concerned, your Fiat Panda may fall into Group 1 whereas your sports car may be grouped as Group 15. You may be regarded as a Group 20 driver if you go for purchasing a Porsche 911, a performance sports car.

Theft

As far as crimes related to cars in UK is concerned, about 2 million car crimes occur in each year. You may be surprised to note that the most favorite cars of these criminals are sports cars! Beware! Possibilities of your car being stolen increase with the rating of your sports car, which means that your soft-top convertible sports car falls in a highly vulnerable category! This indicates that even if you live in a remote countryside area, chances of your car being stolen are very high. You are driving an exceptionally elevated risk car! Coupled with the high risk, you have to bear with a high premium too, since the premium amount is directly proportional to the risk involved.

Accidents

The data compiled by the insurance companies reveal that if you drive a sports car, your chances of meeting with an accident are more in comparison to your driving a normal category car. That is not all! They even have research data which reveal that such accidents and injuries are prone to be more serious! Blame it on the database or not; the insurance companies charge you more premium if you drive a sports car as it falls under high accident prone category.

Under 30?

You are in more danger, if you are below 30 years. You, as a car driver, are more risky to insure too if you are below 30. On top of that, when you drive a sports car, you fall into an extremely risky group, which again increases the premium amount.

Read more on how to find the best insurance company for you and your  needs.

Furthermore there are other ways to save later on, look up the cheapest gas prices online.


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Can You Drive with a Family Member’s Car Insurance?

by Lauren J. Christie

Today, many families share a vehicle. Sometimes, you might find yourself in a position where you have to drive a vehicle that someone else owns and has their own auto insurance policy on. Do you know if you are covered by that family member’s car insurance policy? This is a question that many people ask, and most people assume the answer to is yes. However, it is important that you verify that coverage with the insurance policy first. While most insurance companies say their insurance covers the car rather than the driver of the vehicle, there are some important exclusions that you should make note of so that you can approach the situation with an educated mind. Here are some of the most common situations and exclusions that you should know about.

Most Drivers Covered

While not all insurance policies follow this line of thought, many of them offer automatic coverage for anyone over a certain age in your household. This can include anyone that visits and drives your vehicle while they are around. Make sure to ask about this when you are getting free auto insurance quotes. At the same time, most young drivers are automatically excluded from this, as they often require special, high risk insurance policies. Basically, what this means, is that your spouse, sister or brother, mother or father, or other adults can drive your vehicle and be covered under your insurance policy, while teenagers in or out of your home will not be. Keep in mind that if someone is a regular driver of a vehicle, they usually have to be added physically to the policy, otherwise the insurance company may fight any claims that the person is involved with.

When To Add A Family Member

Knowing when to add a family member to your policy can be a difficult thing to understand. Generally, if someone is going to be driving your vehicle on a regular basis, they need to be added to the family member’s insurance policy to drive the car. At the same time, if someone is just driving it once or on a rare occasion, then you probably don’t need to really add them and incur the added costs. Still, it is vital that you check with your insurance policy to make sure of this so that there are no surprises when they get into an accident and put the safety of your vehicle at risk. In some cases, the insurance company will not pay a claim if there is a question of if the person driving at the time should have been added to the policy or not. When in doubt, always contact the company or look over your documentation to see just what the rules and requirements are.

Be Safe, Not Sorry

Regardless of what you drive, or who you allow to drive your vehicle, it is always important to know if your insurance will cover certain things that you will run into along the way like a family member driving your car. There are lots of situations that occur that we do not plan for. That is the purpose of having insurance. Remember to contact your company to find out what the details are and if someone else can drive your vehicle without being added to the insurance policy. In the end, this simple research can save you a lot of money, time, and heartache.

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