Performance Car Insurance Needn’t Cost the Earth

High performance cars fall into a higher insurance group than standard models for a number of reasons. If you are planning on purchasing a car in this group, be prepared for some high performing insurance quotes. Most insurance companies quote the fact that, statistically, high performance cars will be more likely to be involved in accidents. Modifications can make them more difficult to handle, hence the resulting statistics, while repairs are often more costly to a high performance car.

When is a car a high performance or modified car?

To maximise your savings on performance car insurance do your research thoroughly before buying the car itself. Insurance companies may class a car as high performance simply because it has a powerful engine but modified cars and imported cars will fall into this category with many insurers. There is often a difference in the cost of insurance between sports cars and other high performance vehicles. Compare quotes from as many different insurers as possible and check out the price differences on various modifications.

Age and experience

Age obviously affects your insurance costs for any car insurance policy and the premiums will soar for younger drivers of performance vehicles. Whatever your age it is worth considering taking an advanced driving course; for new drivers the ‘Pass Plus’ course is accepted by many insurers as evidence of better driving skills and can reduce your premiums. If you are a young driver purchasing a high performance car, taking this course and an advanced driving course can have a significant effect on your insurance premiums. For older drivers looking to cut the cost of their car insurance, taking an advanced driving course can also be beneficial.

Occasional use?

There are also advantages to keeping your mileage low when it comes to insuring your performance car. If the car is not for everyday use, make this clear when you apply to insure it and estimate the mileage appropriately. For insurers, the knowledge that the car is only for hobby or occasional use reduces the risk of claims on the policy and they should lower the cost accordingly. As high performance cars can be a target for theft, ensuring the best security measures are in place will also reassure your insurer! Any car insurance policy will be cheaper if the car is locked away when not in use and has tracking devices and immobilisers fitted. In the case of performance car insurance this will make sense, not only protecting your investment, but lowering the insurance premium.

Research the market

Finally, research the market thoroughly. Specialist insurance firms cater to the high performance market. Finding an insurer that specialises in the type of car you intend to purchase, or already own, is ideal. These insurers will have an understanding of the model, the availability and cost of parts, the uses of the car and the risks. Performance car insurance is always going to be more expensive than standard insurance, but with some preparation and research it is possible to keep the costs down.

Getting Temporary Car Insurance for Permanent Drivers

By itself auto insurance is confusing enough for many people. Throwing in a wrinkle like temporary car insurance may be a bit much. But relax, temporary car insurance is quite specialized and really isn’t that scary.

As the name implies, temporary auto insurance is a policy designed to be in force for a short period of time and for a certain occasion. Terms for policies are usually measured in days or weeks. Temporary car insurance shouldn’t be confused with things like non-owned auto insurance, which is a full-term auto insurance policy that covers a driver instead of a vehicle.

Temporary Car Insurance for Rentals

Although there are other uses for it, the most common application of temporary car insurance is in a rental situation. Rental temporary auto insurance is not true car insurance as much as it is an agreement between you and the rental company for that company to reimburse you for damages. It’s an added charge to your rental and always presented as an upsell.

Many insurance companies will automatically cover you at least partially in a rental car as long as you stay in the United States or Canada. Temporary car insurance offered by the rental company may pick up the slack, or may be completely unnecessary.

If you plan to rent a car in the near future and are unsure of your coverage, consult with your insurance agent before renting. It could save you quite a bit in unnecessary rental car charges. If you do rent, plan on an extra $6 to $12 a day in rental charges – not cheap if you annualize that premium.

If you’re driving in any other country, however, you want to seriously consider taking the rental company’s temporary car insurance. Apart from Canada, most American auto insurance policies exclude international coverage in general and coverage in Mexico in particular. The chances are very good indeed your car insurance back home won’t be there when you get off that international flight. That rental auto insurance may be the only thing between you and an unfortunate international incident should you get in an accident.

Temporary Car Insurance in Mexico

Another common application of temporary car insurance involves driving south of the border, even if it’s your own car. Unlike in Canada, where your local auto insurance policy is valid and generally recognized by local authorities, legally driving in Mexico carries an entirely different set of requirements.

American insurance companies don’t do business in Mexico or sell Mexican auto insurance. You will have to strike out on your own to get the coverage you need.

Temporary Mexican car insurance may be available through your agent by way of an insurance brokerage, online, or through an agency based close to the border. When purchasing temporary auto insurance for use in Mexico – and especially when dealing with agents or firms you don’t know – be sure you’re actually getting Mexican auto insurance. Also be sure you’re not paying too much.

There are several reputable Mexican insurance companies to choose from including ACE Seguros, HDI Seguros, Grupo Nacional Provincial and others. Don’t be afraid to do some research on these companies as many have A. M. Best ratings for financial security just like their American counterparts. “Seguros,” incidentally, is Spanish for “insurance.”

Now that you have your Mexican insurance, you’re just about halfway done. You also need to get a Mexican tourist visa and a “Temporary Vehicle Importation Permit” for your automobile. Although this permit isn’t required in Baja California and parts of Sonora in the northwestern part of the country, don’t even think about driving without it elsewhere in Mexico. If you’re caught without one, your car will likely be confiscated and you might find yourself spending time behind Mexican jail bars.

The visa and permit are available at the customs port of entry at the border or at a Mexican consulate. An English-language online application for the permit is also available, which will help you save time at the border. All told the total investment for driving in Mexico will run you several hundred dollars, however much of that is a deposit on the permit. You’ll get the deposit back when you surrender the permit upon returning to the United States.

Do You Own an Imported Car? Import Car Insurance Might Be What You Need

Those import cars that are numerous on today’s highways have many differences from those vehicles that are manufactured in the United States. For instance, they usually have different types of engines and other mechanical aspects. However, the most notable difference is the insurance because import cars carry their own import car insurance. So is it simply because the car is an import that the insurance rate is higher? This is a reason however, there are aspects that go along with the import car theme. For example since the cars are imported that means that they have different safety and environmental standards than domestic vehicles. In addition, these cars are usually much more expensive than a domestic car so you are paying the price both at the lot and with your insurance. Lastly, not all insurance companies offer import car insurance since this is the case, the lack of competition pretty much means that these companies can charge you whatever they please because you are not going to be able to find coverage elsewhere.

What makes the import car insurance different from the average everyday car insurance policy that most people have? Well, import insurance covers just as much as the domestic car insurance policy. So you are covered during accidents, inclement weather and whatnot. However, the car insurance is geared towards that car more specifically. Look at it this way, domestic cars usually have a policy that fits every ones needs, no matter if they drive a Chevrolet or a Ford. However, with imported cars, the policy is catered specifically to that car. For example, if the car is going to be used for races and not driven on the street, then it will require a different kind of insurance than an import car that is merely for driving for pleasure.

Before you purchase and import any car, it is a good idea to check with the government to make sure that there are no restrictions on bringing that car into the country. Unknown to a lot of people, the government does have restrictions on what countries that they will allow cars to be imported from. In addition, once you know what type of car you will be getting, start searching for insurance now, as it may take you a while to find insurance that you agree with on the price. You can do this through an Internet search, which will probably be your best bet. However, do not think that your current insurance company will cover your car because there is no guarantee that they deal with imported cars because they may assume that they are more of a risk. No matter what though, you must be positive that you have the right coverage since it is required by law that every driver carry insurance on their car that is on the road for everyone’s safety.