Insuring Performance Cars – The Driver Factor

 

The Chevrolet Corvette and Pontiac Firebird are two of the most iconic American sports cars. When the Firebird was still being produced, both cars appealed to the same market segment. Both had similarly-sized engines and were available in both V-6 and V-8 models. Why, then, is one more expensive than the other, when it comes to insurance? Perhaps it's only because Corvettes are still in production, and Firebirds have become more popular targets for thieves, since their production ended several years ago.

It's no secret that ALL sports cars cost more to insure than standard vehicles. Partly, this is because sports cars generally come with fewer safety features like airbags, tend to be smaller, and crumple more easily, and are usually driven at higher speeds, by younger drivers, and, because insurance is based on risk, all of these points factor into the premium, but are we really blaming the cars for driver errors?

Almost everyone agrees that while performance cars generally have higher accident death rates than the average sedan or SUV, much of the blame would be better placed behind the wheel than under the hood. According to Daniel Pund, of Car and Driver magazine, "People drive the Corvette differently than they would drive a Volvo and it tends to be a different type of driver. There's nothing inherently unsafe about the Corvette."

This is despite the fact that Corvettes are real-wheel drive vehicles – becoming a rarity in the current market – and the fact that both 'Vettes and Firebirds produce a lot of power. "The Firebirds and Camaros have done very well in crash tests," says Pund. "Combined with high death rates, what that statistic tells you is how people handle those cars."

This theory is upheld by David Champion, the director of the Automotive Testing Division at Consumers Union, who points out, "The person behind the wheel has a lot to do with the death rates. Young males, propelled by their testosterone, are the ones most likely to die in a car crash."

But are we really to blame hormones for increased insurance prices? And is there any way to make insuring a performance car less expensive? To the first question, the answer is, "only partly." To the second, the answer is, "yes." Ways to offset the cost of insurance are:

·         Take a defensive driving class. While most people take such classes to "erase" tickets from their driving records, taking one without a ticket to offset can earn you a significant discount that lasts two-to-three years.

·         Take a performance driving class. While this won't generally net an automatic discount, it will make a driver more comfortable handling a high-powered car, especially in inclement weather, or on treacherous roads.

·         Become a Low-Risk Driver. It's not possible to wave a magic want and make a Corvette (19-20) on the insurance rating scale) or Firebird (rated at 21-26 on a 27-point risk scale) into a Toyota Camry (rated at 14-15), but it can prevent the filing of accident or theft claims. To do this, one must be conscientious – following speed limits, never driving while intoxicating or speeding in residential neighborhoods, and always locking the car if parking in a garage isn't an option. By not having accidents, the risk of future accidents is greatly reduced, and that really can positively impact insurance rates.

Because Firebirds are older and rarer, now, than Corvettes, they're going to remain a bit more expensive to insure, but with a bit of preparation, and careful driving, it is possible to account for the driver factor of an insurance premium, and offset the price of insuring a performance car.