Get Cheap Car Insurance for your TVR
The cost of car insurance has been rising astronomically in recent years with the average motorist now paying £921 per year for cover. This is a figure which is of course exaggerated by the disproportionately high prices paid by young and inexperienced motorists, but it is still over 40% than what people were paying just two years ago.
Owners of TVRs, such as the TVR White Elephant will benefit from the fact that their vehicle is consider to be a classic by most insurers, who will lower their premiums accordingly in recognition of the fact that classic vehicle owners tend to take greater care of their vehicles. This is a trend which is generally seen in all classic car insurance quotes.
However, there is no escaping the fact that premiums will increase. This combined with the rising price of fuel can make life very difficult for motorists. We therefore take a look at things that can be done in order to lower the cost of cover.
Consider Yourself
The policy holder and any other drivers named on the policy are the biggest factor in the calculation of premiums, tending to have an even greater influence than the car itself.
Insurers will believe that the policy holder will share driving duties with the named drivers who are nominated on the policy. Adding named drivers who are statistically less likely to be involved in accidents in the eyes of insurers (i.e. older motorists or those with greater experience levels) will help bring down the cost of premiums. This will be particularly beneficial if the main policy holder is considered to be higher risk individual (i.e. a young drivers or someone with driving convictions to their name).
The savings would be even more substantial if the named driver who is considered to be lower risk is nominated as the main policy holder. However, if the main policy isn’t actually going to be the primary users of the vehicle, then this is an illegal practice which is known in the industry as fronting.
Parking
A vehicle which is parked at the side of a public road is statistically more likely to be either vandalised or stolen. This is particular true for classic or high performance vehicles such as a TVR prototype.
It is therefore recommended that you attempt to park your vehicle in as secure a location as possible if you are to benefit from the cheapest premiums. This should preferably be a locked garage; but failing this a private driveway is a better option than merely parking it in the street.
Excess
One of the reasons that insurers don’t like insuring classic vehicles is their higher value and the increased difficulties in sourcing replacement parts whenever a claim is made. Offering to pay a higher excess in the event of a claim will therefore make the insurer inclined to offer a cheaper premium.
Excess is basically the amount of money you are willing to contribute towards repair costs whenever you make a claim. There are two levels of excess; compulsory excess (which is non-negotiable) and voluntary excess. Offering to pay a higher voluntary excess on top of the compulsory one will therefore result in the insurer offering cheaper premiums as they will realise that their financial obligation will be lower if the worst case scenario occurs.
Modifications
Modifications which alter the performance or appearance of your vehicle are not a good idea because people who make such changes are more prone to accidents according to the statistics on which insurers calculate risk and hence premiums. It is an even worse idea if you own a classic vehicle, as fitting your car with any component which was not part of the original design specifications could have a dramatic impact on the overall value of your vehicle.
However, modifications which improve the security levels of your vehicle and hence reduce the chances of theft will be viewed favourably by insurers and will therefore attract cheaper car insurance quotes. This is due to the fact that insurers will recognise that they are statistically less likely to be forced out to fork out for any claims.
Compare Online
It is recommended that you compare quotes with as many different car insurance providers as possible so as to be sure that you are getting the cheapest quotes around. This can be a quite time consuming activity as you are forced to enter the required information with each individual insurer.
You can save yourself the effort by utilising price comparison websites which will compare quotes through multiple different providers in a matter of moments. This has been made even easier lately with the launch of the MoneySupermarket car insurance app which does the same job at the website in any place at any time. It is now available to anyone who owns either an android mobile or an iPhone.
However, one thing which you must bear in mind when you are utilising comparison sites is that the cheapest deal will not always be the best value for money. It is likely that the cheapest deals will omit various additional features which you may consider necessary, such as legal assistance of breakdown cover. You should therefore take the time to read the small print on these offers before committing to the purchase.