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Owning a sports car is a car lover's dream.
Shopping
for sports car auto insurance can be the nightmare.
By making an effort to understand the assumptions insurance agencies
make about your machine, you will better position yourself to
negotiate favorable premiums by countering perceived negatives
with verifiable positives. Some of this assumptions will include:
• Sports cars are more susceptible to theft.
• They are more expensive to repair.
• The necessary parts are hard to find.
• Their composite bodies can be damaged easily.
• Their obsessed owners will want every scratch repaired.
• They are consistently operated at high rates of speed.
Admit that each of these assumptions carry
a degree of validity. Your goal is to be truthful, especially
if any modifications have been made. Failure to do so can void
your coverage in the event of a claim. However, counter each perceived
negative with positives like:
• Evidence that the vehicle is securely
stored in a monitored garage and is equipped with onboard anti-theft
devices, preferably with active GPS tracking.
• Establish the presence of a second car for commuting and daily
driving, thus lowering wear and tear on the sports car and mitigating
some of the risk of a collision or other accident.
• Show proof of a spotless driving record. This is especially
critical for drivers under age 30 who are automatically placed
in a higher risk category. (If you have tickets or other blemishes
on your record, consider taking a driving safety class before
you talk to your insurance man.)
Additionally, because you are driving a
more valuable machine, be conversant with insurance terminology
to avoid falling for a coverage option that sounds good, but does
not give you the degree of protection your high dollar drive requires.
You do not want to opt for a "stated value" policy.
Such coverage pays either the cost of the repair to the car or
the car's stated value, whichever is less.
What most drivers don't realize is that
the stated value is actually used to determine the premium level
only. The insurer does not have to use that amount in the event
of a settlement. "Agreed value" policies guarantee a
set amount determined at the time the policy was written. They
offer the best protection for owners of high-end vehicles. The
car’s value is not depreciated and a benefit equal to its real
value is guaranteed.
You may benefit from the fact that sports
cars are collectible and attain “classic” status fairly quickly.
A standard insurance company may not be your best option. Consider
talking to a specialty insurer like Hagerty, Grundy, or American
Collectors Insurance. They routinely cover unique cars and will
take into account the high probability that your car’s value will
actually appreciate over time. (Note that when you speak to a
representative from any of these agencies, advanced documentation
on your car’s history and performance may be required.)
Be realistic from the start. Your car will
be more expensive to insure that your neighbor’s Honda Accord.
You should not, however, be faced with astronomical premiums just
because you choose to have a special machine for your own driving
pleasure. Research the appropriate insurance instruments from
both your regular insurer and specialty companies. Be prepared
to provide documentation about your sports car, to negotiate,
and to comparison shop. Don’t jump on the first policy you offered.
Chances are good that you shopped lovingly for the sports car
itself. Do the same for the policy that will protect it.
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