High Performance Motor Insurance

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Insurance for high performance sports motors is best found through specialist insurers who have policies designed to cater for the peculiarities of this type of motor: the complexity of the engineering; the high price of parts. Names of specialists can easily be found through motoring magazines and websites, but get word-of-mouth advice about it too if you can. If there’s a club for your type of motor in your area, that might be a good place to start.

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Pitfalls of insuring high performance motors.

But brace yourself: it could be a bumpy ride to finding the right deal. Compare quotes and look very carefully at what’s covered by the policy. Insuring high performance sports motors provides an excellent example of the pitfalls lurking in the world of motor insurance. Zoe and Richard, now both 27, offer their experience of some of the issues involved in taking out policies on high performance sports motors. In Zoe’s words:

‘Ever since watching Ferris Bueller’s day off I have always wanted to have a sports convertible. It was always a dream. Rich was living at home and had a bit of spare cash at hand. His dad had recently built his own kit-sports motor, a Merlin, and I think Rich was in awe of that. He took out a loan to buy a motor, a red MG. Not only were the loan repayments high, but he also had to pay an extortionate amount of money for his insurance premium... an under-25-year-old male with a red sports motor apparently equates to high risk liability.

‘Then we took out a mortgage and money was a lot tighter. We had to find a way to reduce the amount the motor was costing. We consulted our insurance advisor to see if he could reduce our premiums. One way was to get me to be the main driver... being 25 and a woman apparently made me a far superior driver! That saved Rich nearly £500 per year in insurance premiums, which made up for the fact that I essentially owned his motor for a year or so while he was still paying for it!’

But were the premiums worth it? All was not to run smoothly from now on for Rich and Zoe:

‘Rich finally made the last repayment on his motor last November and since then we have been able to really concentrate on saving for our house. But in December the motor spectacularly broke down. We found out that the head gasket had blown, causing oil to get into the cooling system, ruining the engine. We also found out that this was a known problem with this particular engine, but that MG won't accept responsibility for it (even though Landrover use the same type of engine and have accepted liability). So we’ve had to fork out much of the money we’d just started to save to get a new engine. It is still being fixed now, 2 months later.

‘We consulted our very expensive insurance policy to see if we could claim some money back. But we found that unless you get specific insurance out it doesn't cover you for mechanical faults. So that made me think, why are we paying such a huge premium? When you have the motor of your dreams, surely you are going to look after it better and be a safer driver (I'm still petrified of scratching it!) than if you own a motor which is basically expendable? In any case, I think if we keep the MG we might have to invest in mechanical failure insurance too... if we can afford it!

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