Young drivers with performance cars often have a hard time finding car insurance. They often face high premiums because of the high performance capabilities, potential for accidents, and young drivers are seen as higher-risk drivers. While difficult, it’s not impossible to find affordable insurance.
As an independent insurance broker, I occasionally have clients with high performance cars and are young drivers. For a variety of reasons, these clients often face higher premiums, which can make finding affordable coverage difficult. In this article, we’ll discuss factors to consider when choosing insurance for your performance vehicle, the options available, and tips for reducing the cost of your premium. Let’s get started!
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The Best Car Insurance Companies For Young Drivers With Fast Cars
Let’s face it, high-performance cars are fun to drive but expensive to insure! I’ve been an insurance agent for years and have seen my fair share of young drivers insuring vehicles that are meant for driving fast and having fun!
Here’s a list of companies to help you get a quote for your vehicle that is affordable:
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Geico
Geico originally started as a company to insure government employees. Now they are known for their ability to help most people with car insurance, including young drivers with fast cars. Call their number at 1-800-207-7847 to get a quote today.
Travelers
Travelers is the oldest and one of the largest insurance companies in the United States. They are often represented by independent agents across the nation. The best way to contact Travelers is to call a local independent agent in your area.
Type into Google: “travelers insurance rep” near me
Liberty Mutual
They have funny commercials for a reason. Liberty Mutual caters to higher-risk drivers with competitive rates and great customer service. Call them today at 1-800-295-2723.
Factors To Consider When Choosing Insurance For A Performance Car
As an insurance professional, I am often asked what my clients should consider before purchasing insurance for their performance car. When choosing insurance for a performance car, there are several factors to consider in order to get the best coverage for your needs and budget.
Some of the key factors to consider include:
- Type Of Coverage: It is important to choose an insurance policy that provides sufficient coverage for your performance car. You may want to consider a policy with higher liability limits if your performance car has a high value.
- Cost: The cost of an insurance policy is an important factor to consider, especially if you are on a tight budget. Be sure to compare the premiums, deductibles, and other costs.
- Reputation Of The Insurance Provider: Choose a reputable and financially stable insurance provider. Research the provider’s ratings, customer reviews, and financial stability.
- Customer Service: Look for an insurance provider that offers excellent customer service and is responsive to your needs. What options do they have for reaching the provider, such as phone, email, or online chat?
Options For Insuring A Performance Car For A Young Driver
As an insurance professional, I understand that finding insurance for a performance car as a young driver can be difficult, but don’t worry There are several options available for insuring a performance car for a young driver. These options include:
- Traditional Auto Insurance: Traditional auto insurance is the most common type of car insurance and is available from a wide range of insurance companies. These policies typically provide coverage for damages to your vehicle and injuries sustained in an accident and liability coverage for damages or injuries you may cause to others.
- Specialty Insurance: Specialty insurance is designed specifically for high-performance or exotic vehicles and may offer more comprehensive coverage than traditional auto insurance. These policies may also include additional features, such as coverage for car shows and road races.
- Pay-As-You-Drive Insurance: Pay-as-you-drive insurance, also known as usage-based insurance, charges premiums based on the number of miles you drive and other factors, such as your driving habits. This type of insurance can be a good option for young drivers who don’t drive often or who have good driving records.
Tips For Reducing The Cost Of Insurance For A Performance Car
As an insurance broker, I understand the importance of having affordable coverage. To reduce the cost of your insurance, some tips I recommend are:
- Increase The Policy Deductible: Increasing the deductible on your insurance policy can lower your premiums, but it also means that you will have to pay more out of pocket in the event of a claim. Consider increasing the deductible if you have a good driving record and are willing to take on more financial risk.
- Reduce Coverage On Older Vehicles: If you have an older performance car that is not worth as much as a newer model, you may be able to reduce the amount of coverage you have on the vehicle and lower your premiums. However, remember that this option may not be suitable if you still owe money on the car or if the car has a high value.
- Take Advantage Of Discounts: Many insurance companies offer discounts for young drivers with good grades, a safe driving record, and other factors. Be sure to ask about any discounts that may be available and take advantage of them to reduce your premiums.
- Compare Insurance Quotes: Shopping around and comparing insurance quotes from different companies can help you find the best deal. Use online comparison tools or work with a broker to get quotes from multiple providers and compare the costs and coverage options.
Conclusion
Finding insurance for a high-performing car as a young driver can be difficult, and as an insurance professional, I understand the importance of finding affordable coverage. Be sure to compare options, follow the tips, consider the factors outlined in this article when choosing your insurance. In doing so, you can make informed decisions about your insurance, and make sure you get the best insurance for your performance car, at an affordable price.
