Performance Car Insurance vs. Standard Car Insurance

Sophie Cloud
On May 26, 2016
https://www.safelyinsured.co.uk

If you own a powerful vehicle, or a sport model of a particular marque, it may be worth you researching a Performance Car Insurance policy as opposed to a standard car insurance policy. The reasoning for this is that a Performance Car Insurance policy can offer you numerous benefits which will ensure the correct level of cover is in place, for the true value of your car.

Firstly, it’s always a good idea to compare the different types of insurance cover you have available:

Standard Car Insurance

What is a ‘standard car’?

When referring to a car as a ‘standard car’, we are referring to one which has not been modified in any way. They are cars that usually carry a low insurance grouping, and they have not been enhanced in any way (in terms of both appearance and power) – they come as ‘standard’ from the manufacturer. Although, you may still get performance cars which come ‘standard’ from the manufacturer with a high-powered engine and a sleek design, but in terms of ‘standard car insurance’, these are not the cars we are referring to.

What is Standard Car Insurance?

Every vehicle is required to have insurance by law. Whether it is Third Party Only, Third Party Fire and Theft or Comprehensive cover, insurance is a legal requirement. The only exception is if the vehicle is declared SORN (off the road). Standard Car Insurance which comes in the form of one of the above three policy types will include an excess amount (as does a Performance Car Insurance policy also) and some policies will also include a compulsory excess in addition to a voluntary excess. If you were to opt for a Comprehensive policy, you would be covered for:

Loss and / or damage to your vehicle
Personal effects
Windscreen
Accidental damage
Medical expenses (with the option to add legal cover if not already included)

What a standard policy will not do is replace your vehicle’s specifics with a ‘like for like’ part if it is not a standard part of the car. They will replace the part with the manufacturer installed part instead. If you require the type of cover whereby you want the exact car part (or similar, if the car part is no longer produced) replaced in the event of an accident, you will need to look at taking out a Performance Car Insurance policy instead.

It is always advisable; however, that you check your policy documentation to see exactly what you are covered for, as policies may vary from insurer to insurer. For example, some policies will come with DOC (Drive Other Cars) cover, while others won’t.

Performance Car Insurance

What is a ‘performance car’?

When it comes to performance cars, we refer to these cars as the more ‘sporty’ of the bunch. The ones with more power and thus requiring a greater level of insurance cover to ensure their full value is both appreciated and paid out, if need be. They can also be more expensive to purchase, run and maintain. Generally they are the cars with a higher BHP, top speed, specification and value. They also include sport ranges of various Marques, for example: Audi S-Line, Mercedes AMG and Volkswagen R etc. These types of cars will also have a higher insurance group rating, putting them in the more expensive insurance price brackets. They can be referred to as ‘performance cars’ or ‘high-performance cars’.

What is Performance Car Insurance?

In a nutshell, a Performance Car Insurance policy provides you with a choice of options, allowing you to ensure every aspect of your vehicle is covered. This type of policy offers all the basics of a Standard Car Insurance policy but with a more extensive cover type.

Some of these policy options include:

‘Like for Like’ Modifications Cover – if any particular car parts need replacing due to an accident, the exact car part (or a similar car part, if the original is no longer produced) will be replaced, not a lower quality ‘factory standard’ version
Modified Vehicles Cover
Limited Mileage Discounts

Not only do you get the usual benefits as seen with a Standard Car Insurance policy, such as Comprehensive cover, windscreen cover and a dedicated claims service etc., but you also have the potential to get enhanced cover options and policy discounts, such as those mentioned above.

Here are some ideas of the types of cars we insure under ‘Performance Car Insurance’ policies…