Performance Car Insurance
Performance car insurance in Singapore generally cost much higher than a typical car insurance, therefore, fundamentally a car owner should consider how the car insurance companies calculate the performance car insurance premiums before purchasing a performance vehicle. At SingaporeCarInsurance.org, we provide performance vehicle owners with the ease of searching for the best performance car insurance, by helping them sourced for the best suit coverage. Request for your car insurance quotes online now.
Performance Car Types
It is obvious for car owners who own any sports cars and high valued vehicles, to purchase the performance car insurance. Although drivers may not know it, car insurers may classify imported cars and modified vehicles as a performance vehicle.
- Imported Cars – Car manufacturers may not follow the Singapore standards when building the vehicle. As such, the imported car may have higher performance when compared to an exact model purchased in Singapore.
- Modified Cars – It may surprise a car owner that a simple modification may bring about a large increase in car insurance premiums. Typically, a car owner must declare any changes made to the vehicle to the car insurer. Failure to do may result in a decline in claims.
Performance Car Insurance Premium
The performance car insurance priced higher than its counterparts because of the inclined risks to the car insurance companies. Here are the top 3 reasons why car insurance companies increase the premiums for the performance car insurance.
- Repair Cost – A performance vehicle will incur a higher repair cost than a typical family vehicle. The increase in repair cost is due to the expensive spare parts and may require specialised skills to fix the performance vehicle.
- Performance – A performance vehicle is all about the performance, however, with higher performance leads to higher accident ratio. This is because a performance vehicle can reach a higher speed much faster than a conventional vehicle.
- Claims Ratio – Car insurers may have statistics showing that people with the performance vehicle tend to claim the car insurance more often than those with lower performance vehicles.
Reduce Performance Car Insurance Premium
Generally, as a performance car driver, you may want to reduce the high-performance car cost. Here are some tips we compiled to help you reduce your performance car insurance premiums.
- Safe Driving – Driving safely is the foundation of getting a lower performance car insurance premium. As you drive safely, you keep yourself safe and accumulate the no claim discount awarded by car insurance companies.
- Reduce Overall Mileage – With lesser mileage, some insurance companies may consider reducing your performance car insurance cost; lower mileage transits to lesser time on the street. This equates to a lesser chance of an accident occurring to your performance vehicle.
- Add A Named Driver – Adding an experienced driver as a named driver of the vehicle may reduce the performance car insurance cost. As car insurer may take into consideration that the vehicle is a shared responsibility among drivers.
Purchase Performance Car Insurance
Do you own a performance car and find it difficult to get a good performance car insurance to protect your vehicle? At SingaporeCarInsurance.org, we help owners, like yourself, solve your car insurance needs.