Insuring a high performance car is always going to be more expensive that a standard car and the number of insurance companies willing to take on such risks is lower. During the late 80’s and early 90’s a lot of insurance companies got burnt by insuring high performance cars too cheaply. If you were around in those days you may recall it was the era of the “joy riders” who use to steel many a Ford Sierra Cosworth, which were, quite frankly very easy to break into and get started if you knew how.
In those days the likes of Norwich Union Insurance, London & Edinburgh and St Paul International were the three likely favourites when it came to taking on a high performance risk. These days, the latter two mentioned above are no longer, their business either being transferred to our bought by Norwich Union!
These days high performance car insurance is more accessible from the direct insurance writers as well as through the intermediary channel. Furthermore, vehicle security systems are now much more advantaged and the vehicle manufacturers place a much higher emphasis on car security. What Car! – the leading motoring magazine, regularly run features whereby they attempt to break in to several vehicles and score them against each other, in terms of how long they take to get into and get started (if at all).
In 1993, Tracker launched their service in the UK , this was quite quickly adopted by the UK’s 52 police forces and performance car drivers alike. Basically, an electronic tracking device is placed in a vehicle and is activated when either; a vehicle is moved without the key being in the ignition, or when the owner notifies tracker that their vehicle is missing.(Depending on the model of Tracker that is purchased). Once activated, the vehicle emits a silent signal that can be picked up by the Police, leading them to the exact location of the vehicle.
To say the introduction of Tracker has been a success is an understatement. Since launch their systems have lead to the recovery of £185 million worth of vehicles. It’s now wonder insurance companies love them as well, a lot will offer generous discounts if you have tracker installed in your car, but for certain vehicles, i.e. performance cars or off road four wheel drive models, you may find it a mandatory requirement to have one fitted.