Protecting your valuable performance vehicle with a suitable car insurance policy tailored to meet your unique needs is one of the most crucial parts of owning such a car. Because of this, doing your due diligence and comparing offers on the market should be one of the first steps you take.
You can compare quotes from leading insurers online to help you find the best possible policy to match your needs and budget. Get started today with a no-obligation quote to safeguard your performance car with the insurance it deserves.
What is classified as a performance car?
In Australia, a performance car is typically classified as a vehicle that offers high levels of power, speed and acceleration. These cars are often designed and engineered with performance-oriented features, such as powerful engines, advanced suspension systems and aerodynamic enhancements.
Performance car models may include sports cars, luxury sports sedans, high-performance coupes and certain vehicles which have been optimised for speed and performance through legal vehicle modifications. Popular examples of high-performance vehicles are those manufactured by brands such as Lamborghini and Ferrari.
How can I purchase car insurance for my performance vehicle?
When it comes to insuring a high-performance vehicle, owners typically have two options:
Standard policy and insurer
Many insurers will offer protection for your sports car in the form of a standard car insurance policy. These are no different from the policies available for any other vehicle in Australia, so it’s important to consider whether this policy can offer the cover you’re looking for.
Specialised policy and insurer
An alternative to standard insurance is to go with a luxury or performance vehicle specialist. These specialised policies are designed to cater more closely to the unique needs of performance car owners, considering factors such as modifications, higher values and performance-related coverage. However, because of the specific nature of these policies, they may come with higher premiums than what you might pay on a standard policy.
It's essential to research and compare your options to help you determine which one suits your requirements and provides the desired level of coverage for your performance or supercar.
What can high-performance car insurance cover?
What your car insurance policy covers will depend on the type of policy you buy and your insurer’s terms and conditions. Taking out a standard insurance policy will offer you the coverage outlined above, along with potential optional extras such as roadside assistance, hire car cover and no excess windscreen damage cover (which are most common with comprehensive policies).
However, there are other areas which are more commonly offered as part of specialist policies. These may include:
- Agreed value cover: performance car insurance often provides agreed value cover, which means you agree an amount with your insurer to be paid in the event of a write-off or theft. This ensures you receive a higher payout based on the agreed value of your vehicle, accounting for its unique features and modifications.
- Cover for modifications: sports cars often undergo modifications to enhance their performance, such as engine upgrades, suspension modifications or cosmetic enhancements. Performance car insurance may provide coverage for these modifications, provided they satisfy their terms and conditions.
- Salvage rights: in the unfortunate event of a write-off, your insurance company may grant you salvage rights. This means you have the option to retain the remains of your vehicle after the insurance settlement and potentially utilise parts on future supercars.
- Choice of repairer: performance car enthusiasts often have specific preferences when it comes to repairs and maintenance. Your performance car insurance policy may allow you to choose your preferred repairer, ensuring the vehicle receives specialised care and expertise you can trust.
- Importation of vehicles or parts: you may also be covered for the import of parts necessary to upgrade your performance vehicle, though these will be capped at a certain limit as outlined in your policy documents.
Top tips for saving money on your performance car insurance
-
Compare quotes
Take the time to compare quotes from multiple insurance providers. Different insurers may offer varying rates and discounts for performance car coverage.
-
Increase security measures
Insurance providers may offer discounts for security features such as alarm and stability systems, as they may lower your chances of theft or damage.
-
Choose a higher excess
By increasing your excess, you'll lower your insurance premium. Ensure you choose an amount you can comfortably afford in case of an accident.
-
Maintain a good driving record
Your driving history plays a significant role in determining your premiums. Most insurers offer no-claim bonuses, which could score you a discount on your policy.
