Car Insurance for your TVR

Few cars instil so much passion in their owners than those that boast the TVR badge, so whether you own a Tuscan, a Griffith or even a classic model, finding the right level of car insurance is vital.

Car insurance for high performance cars can be expensive however, and so it’s vital to take all the steps you can to reduce the premiums you have to pay without sacrificing the level of cover you take out.

Why does it cost more to insure a high performance car?

Insurers base their premiums on risk – the more likely you are deemed to make a claim, the more you are likely to pay for car insurance. This can be influenced by a number of factors ranging from your address, such as if you live in a high traffic or high crime area, to your personal circumstances, such as whether you do a lot of travelling, your occupation and your claims history.

One of the most crucial factors however, is the vehicle itself. Insurers will take into consideration its age, its security features, how much it would cost to repair/replace and its performance capabilities.

Generally high performance cars, including TVRs, are deemed a higher risk to insurers because they are often driven at faster speeds. Crashing at a high speed can cause more damage to a vehicle and more extensive injuries to drivers, passengers and pedestrians – which can mean larger payouts for insurers. High performance cars also generally carry higher retail values – which means that if your car were written off, it would cost more to replace; and parts can be more expensive making it more costly to repair.

In addition, high performance cars are often targeted by sophisticated car crime operations with criminals targeting car keys to steal the vehicles using methods such as: hooking keys through a letterbox; car jacking; ‘frosting’ – stealing a car when it is being defrosted in the morning; and snatching handbags or pick-pocketing. According to research by the AA in 2009, some criminals then park these high performance vehicles at busy locations such as supermarkets and watch to see if the police are alerted to a tracker device in the car. If not, they return to the car to complete the crime with many vehicles shipped abroad in containers.

So do you have to accept high premiums?

Generally you will pay more to insure a TVR than you would for a conventional vehicle – but that doesn’t mean you can’t save money.

There are several specialist insurers which have policies targeted at performance car owners. They claim to take a different approach to most regular insurers as they believe people who own a cherished car are more likely to take care of it, and they often base premiums on the fact that many performance cars are only used as secondary vehicles in a household. As such, they claim they can offer reduced premiums with discounts for the most committed enthusiasts; and they offer cover options which are designed for performance car drivers.

Some of the features available include:

Agreed valuations: This is when the value of your vehicle is determined at the outset so that its valuation is not hurt by market fluctuations if the vehicle were stolen or written off. With some insurers, increasing valuations are available which reflect the fact that the value of your TVR may increase on an annual basis. Independent valuations may be required and you should check that the valuation is guaranteed.
European cover: Not all insurers will offer the same standard of cover on the continent that you receive at home. Check to see how long you are covered for both in terms of the number of days you can drive abroad annually and the number of days you can drive abroad per trip.
Laid up insurance: If you buy a TVR as a project to work on, some insurers will offer basic policies that cover theft and mishaps while your vehicle is worked on in a garage.
Multi-car insurance: You may be able to earn a discount for featuring two cars on the same policy if you use your TVR as a secondary vehicle.
Track day cover: Many TVR owners participate in track days or shows and rallies. Most conventional insurers will not cover these events – and so you should look for specialist cover options.

How to save money on performance car insurance

There are several ways to save money on insurance for your TVR, including:

Agree to a mileage limit: If your TVR is a secondary vehicle, and you drive very few miles a year, you may be able to agree to a mileage limit that can reduce insurance premiums as the fewer miles you drive the less likely you are to be involved in an accident.

Complete an advanced driving course: Driving a TVR can require advanced skills and so completing a Pass Plus or IAM course could earn a discount.

Don’t modify: All modifications must be declared to an insurer – the more you modify the vehicle, the more you are likely to pay on insurance premiums as modified cars can be more expensive to repair/replace.

Increase security: Fitting alarms, immobilisers and tracking devices can help reduce your car insurance premiums – consult your insurer about which devices earn the largest discounts.

Join an owners’ club: Some specialists offer discounts if you join an owners’ or manufacturer’s club.
Park safely: Keep your TVR parked in a garage and your premiums should fall.

The TVR White Elephant team have got together with Footman James to save you up to 10% on your TVR, Classic Car and Classic Bike insurance.

To claim your 10% discount call Footman James on 0844 826 8949 and quote ref: "TVR White Elephant" - it's that simple!

Don't forget to ask about trader policies and multi-vehicle policies too...