Imagine pulling up to a fancy restaurant in your latest supercar, only to be turned away by the valets because you forgot to plan for this scenario.
Supercars – and their insurance policies that come with them – can be just as tricky as they are exhilarating. There is nothing worse than feeling like you’ve been denied something everyone else seems to have.
Here we list some of the mistakes that people often make when it comes to supercar insurance. By knowing what not to do, you can avoid feeling like a second-class driver among your fellow motorists.
1) Being Too Cheap
Supercars are not known for their cheapness. If you truly want to be behind the wheel of a supercar, then you need to expect and be willing to pay the cost that comes with it.
The interesting thing is that some insurers see high-end cars as just another product in their range and offer competitive rates on them. However, some people who want to insure a supercar for the lowest rate possible will probably be better off with some research into which company offers the best deal on their specific vehicle type.
Be aware that different insurance companies often cover different cars, so it is definitely worth your while knowing more about them before you make any decisions.
In the event of a car accident, your supercar needs to be able to sustain damage without being completely totaled. In order for this to happen, it’s important that you don’t get carried away with under-inflating tires.
Having properly inflated tires can make a huge difference in both speed and performance. While it is standard practice to under-inflate F1 tires, for example, this can spell disaster on the road or track if done too much.
Any seasoned motorist will know that finding the correct tire-pressure setting is often a trial and error experience. If you think your car’s pressure might be out of whack, it is worth seeking out an expert opinion.
3) Forgetting About the Extras
Roadside assistance and other add-ons can come in handy for many reasons, such as if you forget to refuel or you get a flat tire. Getting these extra benefits does not necessarily increase your monthly insurance premium either.
For whole-life supercar insurance policies, insurers will usually offer additional benefits that are tailored to meet your needs. As long as you select the right policy for you, then it is unlikely that you will pay more for extras.
4) Ignoring Maintenance
Regular checks up on your car are generally a good idea, whether it’s an everyday vehicle or not. There are many things that can be red-flagged when you go for a yearly inspection, most of which will not increase your policy premium.
However, it is worth bearing in mind that if you fail to address any issues on your car’s safety or roadworthiness, this could cause your insurance company to refuse claims later down the line. They may also end up charging you extra.
5) Driving Carelessly
Regardless of whether you have a Ferrari or a Fiat, how safely – or otherwise – you drive will have an impact on your insurance premium. Speeding tickets and accidents are the two main things that could see your annual premium jump up significantly.
To keep this from happening, it’s worth considering some defensive driving courses. A few hours of training could reduce the risk of accidents, while also getting you an instant rebate on your premium.
6) Getting Hostile With Your Insurance Company
There are many reasons why people get angry with their insurance provider. If you’re not happy at renewal time for whatever reason, try not to get too angry – it can be a costly mistake.
If you have been honest on your application form and have stuck with claims requests, this should not elicit an increase in premium payments. In fact, many companies will offer discounts for being a good customer.
When you’re not happy with the company’s response, then it is worth considering your options carefully. For this reason, it is always best to go direct to the company before getting an insurance ombudsman involved in any dispute.
7) Not Making Your Car Secure
Whether it’s an old banger or a brand new supercar, not taking measures to secure it can be a costly mistake when you’re on the road or in a car park.
It doesn’t matter if you live in the safest neighborhood; it pays to be on your guard when leaving your vehicle unattended. If you don’t want insurance claims for theft, taking out an immobilizer may be worth considering. This device will set off an alarm if someone tries to steal your car or break in.
8) Using Someone Else’s Car Without Permission
Many motorists forget that you need special permission to drive someone else’s car. If they lend their car to you, then it is your responsibility to inform your insurer of the details about this arrangement. This will avoid any nasty surprises if something happens with that vehicle on the road.
9) Being Over-Confident With Third Parties
If your car is badly damaged in an accident with another motorist, it may be wise to consider hiring a recovery truck. This will make sure you can get back on the road as soon as possible, without having to shell out for all sorts of recovery services that you don’t really need.
Before you hire a truck, however, it is best to check that third party insurance will cover this damage. You don’t want to take out extra insurance for something which isn’t necessary – if the accident is not your fault, then you may find yourself paying twice as much in premium payments at renewal time.
10) Being Too Thrifty With Your Insurance
Some motorists decide to take the cheap and cheerful route when it comes to insurance. This is a big mistake, especially with supercar insurance. Many insurers may not bother to insure you if there is any chance of risk, which means that they won’t cover your vehicle for anything other than standard road risks.
With supercar insurance, it is always best to look for a company that specializes in supercars. This will ensure you don’t get turned down purely because of the type of car that you drive.
You may also want to check out some insurers who are more open to insuring vehicles that are at least 10 years old. Otherwise, you might find yourself unable to get insured on your dream car, no matter how much you are willing to pay.
What happens if you get hostile with your insurance company?
If you get angry at the insurance company, they will often return the anger. This can result in a rise in premium costs.
What is the best way to avoid wasting money on unnecessary coverage?
Before hiring anything, it is wise to check if it is covered in your policy. If not, then you should consider hiring extra insurance for these services.
How many miles per year should you drive to get a reasonable insurance quote?
It is good to check with the insurer as every company has its own rules and regulations about how many miles per year can result in extra costs.
What type of training might help reduce accidents?
Professional defensive driving courses can help reduce accident rates and provide a discount on insurance costs.
Is it normally wiser to go through an insurance ombudsman?
If you are not happy with the company’s response, it may be wise enough to consider your options carefully. Using an insurance ombudsman is always best, but before that check if they can even help you.
By And By
Thanks for reading our blog post. We hope you found it informative and that we were able to help answer some of your questions about supercar insurance. If there are any other topics or issues that interest you, please comment on the article below so we can continue this conversation!