Sunday, September 2, 2012

How to get a cheap insurance for your sports car?

Porsche Boxster, a rear mid-engine, rear-wheel... (Photo credit: Wikipedia)Sports cars like Ferrari, Porsche and other brands usually have higher insurance rate in comparison to the normal cars owing to the fact that these cars have powerful engines. A powerful engine implies better performance and higher speed which involves greater risks as well. Thereby, it is obvious for the insurance companies to charge a higher insurance for your sports car as it involves greater risks.

Here are some ways which can utilize to negotiate with the insurance companies and get much cheaper auto insurance for your sports car.

Step 1: Search for the best

The first thing that you need to do is research on the internet, search in the directories or ask your friends and relatives for chalking out a list of reliable local auto insurance companies that provides good service. After you had prepared an exhaustive list, call them up to get the latest quotes and what are the things that is going to be covered by them. Services vary so along with the price, you should also consider the kind of service provided by them.

Step 2: Confront the service providers

Thereafter, you should call them up to get the quotes for sports car insurance. They will be quoting an exorbitantly high amount so the trick is to make them understand that you are expert driver, which can assure them that the risk involved in providing you an insurance is much less. If you can convince them, then you are definitely going to get a cheaper deal.

Step 3: Do away with the unnecessary coverage

The auto insurance companies will provide with a comprehensive list that includes covers many pointless things as well. So, make your own customized coverage list and you will be surprised to see that insurance amount has been visibly reduced. The best way to go about is to check the valuation method of the service providers. Three types of valuation methods are generally available, namely: stated value, actual cash value and agreed value. For obvious reason agreed value is the best one as it allows you to negotiate with the service provider before signing the deal.

Step 4: Stay loyal to one company

Try to approach the service provider from where you have already taking insurance service. Since the competition is very high, they will readily accept to provide some discounts to their loyal customers and thus you might be able to crack the most competitive deal.

All you need to do is a rational and wise analysis to get the best deal for sports cars. Not all insurance companies are ready to insure sports cars, so might have to engage in some extra effort to get the cheapest insurance for your car.About the Author:

The writer is associated with many car and finance communities including car review website and love to write articles about Cars and Bikes.

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