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Performance and Classic Car Owners Insurance

Performance cars

Most cars are given an insurance group ranking based on the level of risk involved with each car type and group (often based on likely repair costs). Generally, high-powered performance cars will be in the highest group (up to '20'), whereas a small car will be lower ranked and in theory should receive cheaper car insurance. However, if you want to own or drive a high-performance car then consider waiting until you are 30+. If you are under 30 and male driving a sports car, then your premiums typically be very high. There are also many car insurance companies that particularly target performance car drivers. Companies can request specific data on whether your car is kit built, classic, prestige, imported, modified, or simply has a powerful engine. Providing specifics can help to reduce costs.

Classic cars

For drivers of classic cars the car insurance market is looking up with an increasing number of companies offering specific classic car insurance deals.

These polices could take into account your age, whether your car is standard build, the age of the car, and of course the number of miles you plan to travel during the year (normally no more than 7,500 miles). It can also be an added advantage to use the classic vehicle as a second car on an insurance policy. Some policies are taken on an 'agreed value basis' – meaning the company must agree with your value of the car when you take out the policy – or the insurer may offer a classic car valuation.

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