New scheme can save 30% or more
High performance car insurance is getting cheaper, thanks to a new product launched by Adrian Flux Insurance. Flux says its new Performance Car scheme can chop premiums by up to 30%, and even more in some cases, meaning drivers will save several hundred pounds every year. The company expects other insurers to follow suit, bringing down the cost of high performance car insurance.
"This is a sophisticated scheme that's designed to take into account many more variables to reduce the premium of high value, high performance motors," says Flux's Gerry Bucke. "Everything from the driver's age, experience and history to the car's security, where it's parked and so on. We also take into account limited mileage options - but these can be as high as 10,000 miles per year."
The Flux team came up with a practical way of packaging all these variables together into one car insurance product, then Bucke approached a number of insurance underwriters with the concept. "We were pretty surprised when they gave the scheme the green light, but it's great news for anyone with a performance car," he says.
So what can you save under the new Flux scheme? Obviously rates vary enormously depending on postcode, but typical costs and savings for a 30-year-old male with a clean licence and six years NCB (no claims) could be:
Mercedes SLK ('97), 2295cc, value £10,000
Typical rate £420
Flux Performance Car rate: £275 - saving: £145 (35%)
Lotus Elise, 1800cc, value £10,000
Typical rate: £367.50
Flux Performance Car rate: £262.50 - saving: £105 (29%)
Subaru Impreza WRX SYi, 2000cc, value £20,000
Typical rate £1130
Flux Performance Car rate: £899.69 - saving: £230.31 (20%)
Porsche 911 Turbo S, 3600cc, with cat1/tracker, value £50,000
Typical rate £675
Flux Performance Car rate: £476.00 - saving: £199 (29%)
Lexus GS, 3000cc, value £15,000
Typical rate £630
Flux Performance Car rate: £559.75 - saving: £70.25 (11%)
Jaguar XK8, 4000cc, value £22,000
Typical rate: £630
Flux Performance Car rate: £487 - saving £143 (23%)
Could the same criteria be applied to other types of cars to give big discounts?
"There's more variables with performance cars, and because the premiums tend to be higher there's more room for manoeuvre," says Bucke. "But we're looking into ways to apply the scheme to other types of cars."
Adrian Flux has a huge range of cheap car insurance policies for the motoring enthusiast. For details contact the Adrian Flux quote line on 0800 505 3000, email the company at firstname.lastname@example.org, or see the Flux homepage on www.adrianflux.co.uk. Adrian Flux also maintains a popular car blog.
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