UK Specialist Car Insurance
Insurers offer specialist car insurance for certain types of vehicles and certain categories of drivers. Some insurers specialise in one type of cover, while others offer cover for several types. Often specialist insurance covers cars considered to be high risk, with the ensuing expensive policies from traditional insurers. Specialist insurance might save drivers money, but they should always shop around to make sure they get the best value.
Types of Specialist Insurance
There are numerous types of vehicles covered by specialist insurers. One high risk category is the sports car or high performance segment. Such cars are built to be driven very fast, so naturally, insurers presume drivers will speed. They're also quite expensive. Both factors raise premiums, so cover for these vehicles can be incredibly high. Classic car insurance is another kind of specialist cover. Again, because of their age, parts can be very expensive to replace, so traditional insurers might charge very high premiums. Both kinds of cars are at higher risk of theft, another consideration that raises premiums. Other types of specialist insurance include women's insurance, modified car insurance, senior car insurance, caravan insurance, and so on. There are even specialist insurance policies for specific brands like Ferrari or Porsche.
Reasons for Specialist Insurance
Insurance is about risk. Specialist insurance has come about because certain categories of cars or drivers are perceived as too risky by traditional insurers. Sometimes traditional insurers don't even offer insurance. Young driver's insurance is one example – some insurers refuse cover for anyone under 21 or 25. They have legitimate reasons – young drivers have the most accidents – but that doesn't help young drivers when insurance is required by law. So specialist insurers fill a need in the market by catering to drivers with high risk profiles or expensive cars.
Specialist Insurance Not Always Best
Specialist insurers claim that they better address the needs of the specific type of car than traditional insurers. This may be true, but it doesn't mean that specialist insurers offer the cheapest policies. Women's car insurance is a good example. Research by one price comparison site showed that women could save significantly more by choosing a policy from a traditional insurer rather than one specialising in women's insurance – 55% more, in one instance. Specialist insurance may address the needs of specific vehicle or driver types, but that doesn't guarantee a cheaper policy.
Those seeking insurance must shop around before purchasing a policy. Specialist insurers might save a driver money or they might not. The only way to know is to research quotes from various insurers, both traditional and specialist. Thankfully, there are many web sites that do this for drivers. There are even sites that compare quotes amongst specialist insurers. Drivers should research all options to ensure they get the best value.
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