Specialist Insurance Policies
There is a huge selection of cars on the market for consumers today so it would seems only natural that their be a wider selection of insurance policies which are tailored to meet the requirements of both driver and vehicle.
Sports and Performance Cars
The more powerful your car the more of a risk insurers see it of being in an accident as it can achieve higher speeds and accelerations. Some insurance’s however may not ever be able to provide you with a quote for example your unlikely to have much luck getting a quote for a 1000bhp Bugatti Veyron from a standard insurer.
By choosing a specialist insurer, which now often feature on comparison websites, you can get a quote for the cars that standard insurers may be reluctant to insure and which more than likely will be the cheapest out their due to their expertise and knowledge of these high performance vehicles.
Modified and Kit Cars
Specialist insurers are usually able to provide more suitable insurance for modified and kit cars that is also likely to be cheaper than policies offered by standard providers.
Modifying a car often involves increasing its performance as well as adding on extras like alloy wheels and stereo equipment which brings with it the same increased risks preserved by insurers for sports and performance cars.
A lot of love, passion and money will have gone into building a kit car so you won’t want an excessively expensive car insurance quote to dampen your enthusiasm. A specialist insurer will have the experience in the kit car market and will therefore be able tailor a policy to ensure everything that you need to be covered is. This can even extend as far as covering part being delivered to you against theft and damage which is known as an “all parts covered” policy.
There are a few car insurance companies that offer a specialist policy if you are will to place a tracking device inside your vehicle. These can save you up to 10% on their initial quote if you are classed as a safe driver, the two companies that offer this are:
Co-operative car insurance
There is a new specialist car insurance policy from the Co-Operative where they will install a GPS tracking device into your car which will track how fast you drive and how safely you drive. It monitors how fast you accelerate and how hard you break as well as also be able to tell how safely you take the corners and of course it will monitor what time of the day or night you go out driving in your car.
This is only a good option if your a safe driver because it can reduce your insurance by around 10% but if you happen to be a bit of a boy racer type then you should probably stay clear as it could also increase you insurance premiums by 15%.
Cover Box is another company that offers a similar product but instead of tracking the speed and the way you drive it tracks how many miles you do, it’s very much like a pay as you way of insurance so the less miles you do the less you pay. As well as the number of miles you rack up it will also monitor where you park your vehicle over night, so they know if you have kept it where you said you would keep it and the time of day/night you drive, both of which could affect your premiums.
If your a new driver and under the age of 25 it can be hard to get an insurance quote thats not going to break the bank, sometimes if you have the money it might be worth you buying a brand new car on finance. From time to time some car manufacturers and garages offer free insurance for a year or two if you buy a new car. If you get it on finance the monthly payments can actually work out cheaper then the insurance would have been if you were paying monthly.
i-kube are a company that specialise in providing cheaper insurance to younger drivers who are faced with astronomical premiums by having an i-kube box installed in their car and agreeing to not to drive between the hours of 11pm and 5am.
The not driving between 11pm and 5am rule is down to it being statistically more likely for a young driver to have an accident during this period. Avoiding driving this accident prove time means that insuring you is less of a risk to i-kube who are then able to offer you a discount on your premium. Your are still able to drive during 11pm and 5am without voiding your insurance however you are charged £100 every time you do this.
The i-kube box itself is small, about the size of your hand. The device costs £249 to be installed and monitored which is added on top of your quote. It’s quick and simple to install and is usually placed behind the dashboard of your car.