Sports Car Insurance
Find out what type of motoring insurance you should get for you sports car in Thailand.
What Is Sports Car Insurance?
In Thailand, sports car insurance is similar to any other type of car insurance. It has, however, been supplemented with specialist coverage to meet the needs of sports cars. It protects supercars such as Porsche, Ferrari, Mazaratties, and many others. Because you will need more coverages if you are involved in an accident in Thailand, you can expect to pay higher premiums for the same policies as standard car insurance. Insurers recognise that the cost of repairs will be higher than regular cars, which is why most insurers will classify your supercar as a special model.
The cost of your premium will be determined by the uniqueness of your model and the year it was manufactured.
Key Points
- Higher insurance rates for having a sports car because of the higher risks while driving.
- Sports car insurance cost more due to these factors: soft roof damage, malicious damage, and additional personal accident.
- Costly parts, greater horsepower, secondhand car, safety features, and high risk of theft are the common factors that affect the sports car insurance premium rates.
Why Is Sports Car Insurance More Expensive?
Insurance for sports cars is usually more expensive because they fall into higher insurance groups, and insurance companies view these vehicles as posing a greater risk and requiring more maintenance. We’ll look at some of the reasons why sports car insurance is more expensive in the section below.
The Coverage
One of the reasons for the high cost of sports car insurance is that it includes specialised coverage. Sports car insurance has a slightly different coverage than standard car insurance, but it still falls into the same category. It ensures that your sports car is properly protected and that its specific requirements are met.
Here’s the list of sports car insurance coverage:
- Modifications – If you’ve made some modifications to your vehicle, as long as you’ve declared them, the cost should be covered in your policy.
- International travel – If you plan to drive your car on vacation to another country, you will still need the necessary coverage.
- Soft roof damage – Soft-top convertible are prone to disasters and very expensive to fix.
- Malicious damage – You will be covered for repairs if anyone steals or try to steal your sports car and causes damage.
- Additional personal accident – If the policy includes personal accident, you will be covered should you get into an accident and need medical attention.
Sports cars insurance offer more but the premium rates are much higher.
Other Factors Affecting Your Sports Car Insurance Rates
Several considerations are taken into account by insurance companies, one of which is increased horsepower will lead to higher insurance premiums. Other considerations may include:
Costly Repairs – If you’re in an accident, repairing the components would almost certainly cost more than getting parts for a mass-produced car, especially since they’re usually in short supply.
More power means more risk – The average driver has little to no chance of safely transitioning from a 150 horsepower vehicle to one with 400 or more horsepower.
Safety features – On most sports cars, particularly older ones, advanced safety features are lacking. Airbags, crumple areas, and multi-point seat belts that can immediately notify emergency services during an accident are all absent from a sports car.
High risk of theft – Sports cars are more likely to be stolen than regular cars, putting them at owners at a greater risk.
Luxury VS Sports Car Insurance
Luxury automobiles are subject to the same dangers as more traditional automobiles. On the other hand, the risk of theft, vandalism, and costly repairs is usually always higher. When you file a claim, the costs of repairing or removing the vehicle can be many times higher. If you buy a high-end vehicle, you can expect to pay more for car insurance. There are a few things to take into account:
1. Repairing expensive cars is typically more expensive. Your luxury car was more expensive to buy, so its parts would be more expensive to repair.
2. Luxury cars could be eligible for higher insurance payouts. Your carrier might have to pay extra to replace or repair your luxury vehicle if it is totalled or stolen.
3. The claims history of the vehicle has an effect on the prices. Drivers who drive vehicles that can reach speeds of 150 mph may be more prone to speeding and collisions than those who drive vehicles that are more family-oriented vehicles.
4. Luxury car insurance is around 18% more expensive than standard car insurance, according to research. Consider having low-mileage coverage or a higher premium for these types of cars to save money on car insurance. Several insurance providers base the coverage on an agreed-upon value.
5. If you own a high-value car, liability insurance would not cover the risks. It must also buy full coverage, which includes comprehensive and collision coverage. You may be tempted to lower your coverage limits because of the higher premium. Make sure you’ve considered the risks first. You’ll need to carry the minimum required insurance coverage.
Some models may be listed as sports cars by one manufacturer but as regular vehicles by another.
How Do Insurance Companies Decide If Your Vehicle Is a Sports Car?
Some models may be listed as sports cars by one manufacturer but as regular vehicles by another. There are a few variables that insurance companies consider when determining which cars qualify as sports cars. What distinguishes a car from a sports car? Let’s take a look.
The Body, Height & Weight
Insurance providers may consider a vehicle’s height and weight. Sports cars are faster and more manoeuvrable than standard sedans because they are smaller and lighter. Sports cars are usually two-seater, coupe-style vehicles with two doors.
Make & Model
The make and model of a vehicle are also an essential factor to consider. If your car has a higher-than-average horsepower engine, the insurance agent will most likely need to look at the car specifications.
Number of Cylinders
In any case, an eight-cylinder engine would cost more to insure than a four-cylinder vehicle. However, since sports cars are high-performance vehicles with a lot of fuel, they normally have more cylinders.
How can you Save Money On Your Sports Car Insurance
To summarise, sports car insurance costs more than regular car insurance. Drivers, on the other hand, have a few options for lowering their rates and bringing their financial obligations closer to the average. By taking advantage of available discounts through your insurance carrier, you can reduce your premiums without sacrificing coverage. Here are some suggestions for lowering your rates:
Discounts for various policies
Inquire whether the insurance company provides discounts for bundling property insurance (or any other insurance) along with your car insurance coverage.
Security devices
If your car has unique safety devices, such as dashboard cameras, certain insurers can give you a discount.
Safe driving
A variety of insurance companies provide safe driving services that provide steep discounts to those who have avoided traffic violations and injuries during their driving history. Other companies encourage drivers to install a tracking system that allows them to save money based on their current driving habits.
Higher deductible
In addition to the above discounts, drivers should consider raising their deductible to reduce their insurance costs. However, given the already high cost of sports car components, if you can’t afford specialty parts and repairs, this may not be the best option.