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Prestige Car Insurance Costs


There are number of factors that are used to determine your prestige car insurance costs. It's important to not only consider the annual insurance premium, but also the benefits that come with the insurance, making sure they are suitable for you. Depending on what your individual requirements are, these may have a big impact on your insurance costs too. Some of the main factors that affect car insurance costs are:
 
  • Driver Age - A drivers age has a big impact on their insurance premium. Younger drivers are generally much less experienced and therefore considered to be more likely to be involved in a car accident, especially when driving a high performance car such as an Aston Martin, Ferrari or Jaguar. Any driver who is aged under 25 and looking for insurance on a luxury or performance car will receive a higher insurance quote than a more experienced driver.  Previous driving experience in high performance or super cars is also a key factor with most insurers wanting to see suitable experience particularly for Ferrari, Lamborghini, Aston Martin and Bentley.

  • Driver Gender - In general, insurance companies used to offer lower insurance premiums to women. This is because women were statistically proven to be involved in fewer accidents than men. However, in 2012 the EU banned insurance companies from taking a persons gender into account when offering the same insurance products. The EU gender equality legislation meant insurance companies had to change their policies to treat individual male and female customers equally in terms of insurance premiums and benefits.

  • Driver Occupation - Those people who drive their car as part of their job are more likely to be involved in an accident than those people who only drive at weekends or evenings. According to research conducted by moneysupermarket.com in 2014, nine of the top 10 occupations which caused accidents were medical workers. Surgeons, General Practitioners and Health Visitors made up the top three occupations who registered the most 'at fault' claims, whilst Building Society Clerks, Order Clerks and Audit Clerks made up the top three fewest 'at fault' claims.

  • Driver Location - A greater volume of traffic and higher crime rates make your prestige car more susceptible to accidents or thefts. Owning a garage helps to provide you with a more secure place for your car than simply parking on the street - of course this isn't always possible, but insurers will often consider driveway parking, particularly behind electric gates. 

  • Driver History - Drivers who have more accidents are more likely to have more expensive insurance cover. License endorsements also have a negative effect on your prestige vehicle insurance premium and speeding fines usually stay on your insurance record for at least 3 years, but these will usually need to be disclosed for up to 5 years.

  • Driver Mileage - The more you use your car, the higher your premium will be, whilst drivers with lower mileage pay lower premiums.

  • Car Cost - The more expensive your car, the more it will cost to replace or fix in the event of an accident. A policy is either based on market value or an agreed valuation. With luxury, performance and super cars it's recommended that an agreed valuation is taken. This comes as standard on prestige vehicle and supercar insurance quotes through Alan & Thomas.

  • Insurance Group - Cars which are in insurance group 20 are there not just because of their value but also the high performance nature of the vehicle, costs to repair the vehicle if damaged and their part availability and mechanical complexity. Rarer, more luxury cars are harder to get parts for than more common everyday vehicles.

  • Car Engine - The more powerful a car, the more likely it is to be involved in an accident. High performance cars which have powerful engines and fast acceleration will cost people more to insure.

  • Car Modifications - Adding modifications to your car can drastically increase the insurance premium. As a prestige vehicle and supercar insurance specialist we can help find you the best quote that covers your luxury or performance car modifications. It's recommended you declare all modifications to your insurance company to ensure you have full cover at all times.

 
Call our Prestige Motor Team to discuss your individual insurance requirements and receive a free quotation on 01202 754964 or complete the quote request form on this page and we will contact you.

About Alan & Thomas

Firmly established as one of the top 100 independent insurance brokers in the UK, we have been providing personalised insurance policies since 1975. Using a network of 37 independent brokers known as Brokerbility, our expert team can offer a local and personal service across the whole of the UK.

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Chartered Insurance Brokers

Having been awarded the highly regarded title of "Chartered Insurance Broker" by the Chartered Insurance Institute (CII) back in 2007, we are currently the only independent broker in Dorset to have achieved this status.

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Why choose Alan & Thomas?
  • Top 100 UK independent broker* with Chartered Insurance Broker status
  • Dedicated car insurance expert to guide you through the process
  • Free no obligation car insurance review and quotation
  • Bespoke levels of car insurance cover tailored to your individual requirements
  • Competitive car insurance premiums underwritten by the UK's leading insurers
  • Multi-car policies available - one renewal, one premium
  • Dedicated in-house claims team who will deal with any claim on your behalf
  • Short term insurance policies available for cars from outside the UK

    * Top 100 Independent Brokers 2013 published by Insurance Age in association with Cornell Consulting
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