Having a performance car means better acceleration, speed, brake power, and overall functionality. But these above-average specifications come with a hefty price tag, and the maintenance of these cars isn’t cheap either.
In this case, it’s natural for people to look for ways to cut down on car-related expenses. Fortunately, the insurance premium is an area where that’s possible. You can get discounts, opt for mileage-based insurance, and more.
So, without further ado, let’s explore 8 ways to keep insurance premiums low on performance vehicles.
8 Ways To Keep Insurance Premiums Low On Performance Vehicles
- Compare Insurance Policies
The most obvious way to reduce insurance costs is to look around for the cheapest quotes possible. There are many different car insurance companies out there, and each may offer a different quote for your specific performance car.
So, before you finalize anything, inquire about policy details from at least three companies and choose the one with the lowest premium. We recommend checking out with NRMA Insurance first.
- Get Mileage-Based Insurance
Mileage-based insurance is ideal for people who use their performance cars less often. It offers you a discount if your annual covered miles are lower than average.
Alternatively, you can choose usage-based insurance. In this type, you are offered a discount based on the quality of your driving.
The insurance company will attach a tracking device or app to your vehicle, which will enable it to monitor your driving quality for a set timeframe. If you drive safely during this time, you will get a discount on your car insurance policy.
- Seek Car Discounts
There are many discounts available at car insurance companies. For example, if your car is less than 3 years old, it will be considered new and might be given a 10 to 15% discount. This is a great way to lower insurance premiums for performance cars.
Some other car discount types include:
- Vehicle-Safety Discount: Cars with advanced safety features like anti-lock brakes get a discount because they are less prone to damage.
- Multiple Cars Discount: If you have more than one performance vehicle and you get them insured from the same company, you may get a discount of up to 25%.
- Student Discount: Full-time students between 16 years and 25 years can get a handsome discount from companies if they maintain good grades (B at minimum).
Keep in mind that not all car insurance companies offer these discounts, but it’s always a good idea to ask around.
- Maintain A Good Credit Record
A credit score is a measure of how trustworthy a person is for credit (loans). It is rated between 300 and 850, and the higher your credit score is, the more eligible you are for credits.
For car insurance companies, a good credit score represents the person is less likely to file for an insurance claim. This makes them a better prospect, and companies will offer them good insurance premium rates.
- Go For Group Insurance
If there are friends and family who also have performance vehicles, then you can opt for group insurance. Many auto insurance companies offer huge discounts when multiple people get their car insurance together.
You can also create a group with your work colleagues, employees, and community members. Some companies may offer discounts even if everyone doesn’t have a performance vehicle.
- Pay In Advance
This may not sound like a way to keep insurance premiums low. But, when you pay the complete insurance amount in advance, many companies will agree to give you a small discount.
It will also save you from the monthly trouble of payments. Another way to get a discount is to reduce the number of your monthly installments. For example, if you pay the insurance amount in 3 installments instead of 12, the company might offer you a concession.
- Get Higher Deductibles
A deductible is the amount you must pay out of your pocket before your insurance policy kicks in. Although a higher deductible means you will have to take on more of the damage costs, you can use it to lower insurance premiums.
- Agree To Park In The Garage
Last but not the least, an easy way to save on insurance premiums is to agree that you will always park your performance car in the garage. This ensures your car is safe from robbery and accidents.
Since there will be less chances of damage, you will be less of a liability to the insurance company and may be able to save on your insurance premiums.
Final Words
All in all, keeping insurance premiums low on performance vehicles is not too difficult. You can convince companies to offer you lower rates if you’ve got a good credit score, are a good driver, or even a good student. Just make sure to ask!
