Performance Car Insurance
-finding the best deal-

High-powered and modified vehicles are known for being difficult to insure, thanks in part to engine size and an increase in power the vehicle can generate.

When searching for cheap car insurance for your modified vehicle, bear in mind that the more work you do to your car, the more expensive it is likely to be to insure. Insurance companies will usually look at certain factors – both about the vehicle and the driver – when determining the cost of a policy, these can include:

• Age of the driver – age can make a big difference when it comes to finding an affordable policy for a performance car. Many companies will look at the risks of placing such a powerful car in the hands of a less experienced driver, which can lead to higher premiums. Steve Sweeney, head of motor insurance at Moneysupermarket.com advises: “Unfortunately when it comes to young drivers facing high car insurance premiums, the statistics speak for themselves.   According to the AA, one in five drivers is involved in a crash during their first year on the road; and male drivers under 21 are 10 times as likely to have a car accident than male drivers over the age of 35.”

• Experience – older drivers can usually get a better deal due to their previous driving experience, but you could also decrease your policy price by taking an advanced driving course to help improve your awareness and driving skills in a more powerful vehicle.

• Location – if you live in an area that has a high crime-rate, you're more likely to pay more for a premium due to an increased risk of theft of your vehicle – particularly if you've spent a lot of money on parts for, or external decoration of your chosen vehicle.

• How much power? – Modified engines and exhaust systems usually add a little more to your insurance policy, so it's best to think about how much it can potentially cost you in the future before committing to purchasing these parts.

• How secure is the vehicle? – Where you keep your vehicle when it's not being used can make a big difference to the cost of a policy. By storing your vehicle in a secure location – such as a garage – as well as purchasing additional security, such as steering locks and immobilizers, for your vehicle, you can help to lower the cost of your premium.

There are a range of specialised insurers for owners of performance cars, it's best to shop around in order to find the best deal. Comparison services such as Moneysupermarket can be a useful tool in helping to find a new policy because they do the searching for you, saving you time and money.