Reducing Insurance Costs for Luxury Vehicles
There’s nothing like revving up the engine of a sleek and powerful sports car, but unfortunately motorists must be willing to pay the price for this luxury. Driving a speedy, expensive car can push a driver over into the “high risk” category in the eyes of insurers, and pay a higher premium price as a result. Fast cars are statistically not only more likely to be involved in an accident, but they are also more prone to theft due to a high price tag. Furthermore, luxury cars are often constructed from specialty materials like carbon fibre or aluminium and contain high-end technology that can be difficult and expensive to repair. However, because insurance prices can vary considerably it’s well worth shopping around and utilising the following tips to reduce insurance costs.
Choose your Car Wisely
Luxury vehicles or sports cars will be more expensive to insure than your run-of-the-mill Ford Fiesta. However, premiums can vary widely between luxury cars according to their rate of theft, safety rating, and other statistics. As you compare Audi A6 or Nissan GTR prices at carsales.com.au, keep insurance costs in mind as well as the sticker price. Get rate quotes from your provider before making a final decision.
Raise your Deductible
Insurance companies will give you lower rates if you’re willing to choose a higher deductible. This is because a higher deductible will allow them to pay less should you make a claim. If you don’t have the cash to pay a high deductible now, you could start saving and then raise it down the road.
Take Additional Driving Courses
Your experience and skill as a driver is taken into consideration by insurance companies to calculate your overall risk of becoming involved in an accident. Even if you have a perfect driving record, it may behove you to take an additional defensive driving course to lower bills. There are accident prevention courses and driver training programs offered by driving schools, which can give motorists a special certification to reduce premium rates. For those with a less than perfect driving record, it’s well worth taking these courses no matter what type of car you drive.
Reduce the Risk of Theft
Another way to lessen your perceived risk is to install anti-theft devices on your car. These could include steering wheel locks, alarm systems, and vehicle tracking systems. Some models will already come equipped with anti-theft or security systems. For example, if you look at the latest Subaru BRZ deals at Carsales you may see that ignition-locking devices are included. You can also reduce the chance of theft by storing your vehicle in a locked garage overnight rather than parking it on the street. This not only reduces your premium, but helps protect your investment.
Pay for Minor Damages Out of Pocket
If you’re involved in a minor fender bender, it may be more economical to simply pay for the repairs out of pocket. Your insurer could raise your rates considerably even for a simple traffic violation, which could increase your premium by 20% or more. If the damage is slight, it could save you money to simply pay for it yourself.
Ultimately, one of the best ways to find an affordable policy is simply to shop around. Insurance companies each use their own formula to calculate risk, and many have policies specifically for owners of sports or luxury vehicles. It’s worth comparing options carefully to find the most affordable option to meet your specific needs.