Cheapest high performance car insurance
Reader question:
I’m buying a great new BMW sports car and I know that the car insurance rates will be high, and I’m willing to accept that. But can I at least soften the blow?
Eustace
Glad to hear you have a new car.
BMWs look and drive great and last for a long time (at least my 20 year old BMW still hasn’t bit the dust), but they are really hard on the upkeep. Being European cars, their build is different than cars made in Japan or America, and their parts are often more difficult to get ahold of. The only place to get a BMW fixed is often at the dealer, if you’re lucky enough to be near to yours. Getting your vehicle fixed if it is a BMW will cost you much more than for any other car, so that’s high rates right there.
Every insurance company is different, and many don’t offer high performance vehicle insurance, so you might have to look for a different company that deals with special customers to get your car insured. You will be paying more, and it will be a significant amount more. It’s estimated that the owner of a high performance vehicle pays an average more per month of 20% than someone who owns, say, a Honda. If you have trouble finding a company, check with the dealership or look in a car magazine for ads.
One thing about buying a car in the luxury class is that people who buy them often use them sparingly. If you happen to be one of these people, you might be lucky and can get qualified for a low mileage discount on your car insurance. Most companies cut off this discount at around 5,000 miles, so if you drive your car that much or less you can get about 15% off of your car insurance premium.
Cheers,
Fashun Guadarrama.
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