Performance Car Insurance

Compare car insurance coverage options for your performance vehicle or sports car online today.

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, updated on February 15th, 2024       

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Protecting your valuable performance vehicle with a suitable car insurance policy tailored to meet your unique needs is one of the most crucial parts of owning such a car. Because of this, doing your due diligence and comparing offers on the market should be one of the first steps you take. 

You can compare quotes from leading insurers online to help you find the best possible policy to match your needs and budget. Get started today with a no-obligation quote to safeguard your performance car with the insurance it deserves.

What is classified as a performance car?

In Australia, a performance car is typically classified as a vehicle that offers high levels of power, speed and acceleration. These cars are often designed and engineered with performance-oriented features, such as powerful engines, advanced suspension systems and aerodynamic enhancements.

Performance car models may include sports cars, luxury sports sedans, high-performance coupes and certain vehicles which have been optimised for speed and performance through legal vehicle modifications. Popular examples of high-performance vehicles are those manufactured by brands such as Lamborghini and Ferrari.

How can I purchase car insurance for my performance vehicle?

When it comes to insuring a high-performance vehicle, owners typically have two options:

Standard policy and insurer

Many insurers will offer protection for your sports car in the form of a standard car insurance policy. These are no different from the policies available for any other vehicle in Australia, so it’s important to consider whether this policy can offer the cover you’re looking for.

Specialised policy and insurer

An alternative to standard insurance is to go with a luxury or performance vehicle specialist. These specialised policies are designed to cater more closely to the unique needs of performance car owners, considering factors such as modifications, higher values and performance-related coverage. However, because of the specific nature of these policies, they may come with higher premiums than what you might pay on a standard policy.

It's essential to research and compare your options to help you determine which one suits your requirements and provides the desired level of coverage for your performance or supercar. 

What can high-performance car insurance cover?

What your car insurance policy covers will depend on the type of policy you buy and your insurer’s terms and conditions. Taking out a standard insurance policy will offer you the coverage outlined above, along with potential optional extras such as roadside assistance, hire car cover and no excess windscreen damage cover (which are most common with comprehensive policies).

However, there are other areas which are more commonly offered as part of specialist policies. These may include:

  • Agreed value cover: performance car insurance often provides agreed value cover, which means you agree an amount with your insurer to be paid in the event of a write-off or theft. This ensures you receive a higher payout based on the agreed value of your vehicle, accounting for its unique features and modifications.
  • Cover for modifications: sports cars often undergo modifications to enhance their performance, such as engine upgrades, suspension modifications or cosmetic enhancements. Performance car insurance may provide coverage for these modifications, provided they satisfy their terms and conditions.
  • Salvage rights: in the unfortunate event of a write-off, your insurance company may grant you salvage rights. This means you have the option to retain the remains of your vehicle after the insurance settlement and potentially utilise parts on future supercars.
  • Choice of repairer: performance car enthusiasts often have specific preferences when it comes to repairs and maintenance. Your performance car insurance policy may allow you to choose your preferred repairer, ensuring the vehicle receives specialised care and expertise you can trust.
  • Importation of vehicles or parts: you may also be covered for the import of parts necessary to upgrade your performance vehicle, though these will be capped at a certain limit as outlined in your policy documents.

Types of car insurance you can choose from

Top tips for saving money on your performance car insurance

Compare quotes

Take the time to compare quotes from multiple insurance providers. Different insurers may offer varying rates and discounts for performance car coverage. Comparing online can help you find the best possible deal for your specific needs from our panel.

Increase security measures

Enhancing the security of your performance vehicle to reduce the risk of theft or damage may lower your premiums. Insurance providers may offer discounts for such security features, such as alarm and stability systems, as they may lower your chances of theft or damage.

Choose a higher excess

Consider opting for a higher excess, which is the amount you agree to pay out of pocket in the event of a claim. By increasing your excess, you may lower your insurance premiums. However, ensure you choose an amount which you can comfortably afford in case of an accident.

Maintain a good driving record

Your driving history plays a significant role in determining your insurance premiums. Avoiding traffic offences, accidents and repeated minor claims can help you maintain a clean driving record. Some insurers offer discounts or rewards for safe driving, so it's important to drive responsibly.

Frequently asked questions about performance car insurance

Can I take out car insurance for my performance vehicle if I’m under 25?

It’s possible to get car insurance for a performance vehicle if you're under 25, provided you and your vehicle satisfy your insurer’s criteria. However, being a young driver with a powerful vehicle will result in much higher premiums. This is due to both the increased risk associated with less driving experience and the greater value and power of your vehicle. Shopping around and comparing quotes from different insurers can help you find the cheapest policy available for your profile.

What modifications won’t be covered by my performance car insurance?

The specific modifications which won't be covered by your performance car insurance may vary depending on the insurer and policy. Generally, modifications that significantly increase the vehicle's performance beyond its original specifications, such as engine swaps or nitrous oxide kits, may not be covered. It's important to review the product disclosure statement (PDS) to understand which modifications are excluded from coverage.

Can I add additional drivers to my performance car insurance policy?

Many performance car insurance policies allow you to add additional drivers to your policy. However, adding additional drivers may impact your premium, particularly if they’re younger and less experienced, so it's important to inform your insurer and update the policy accordingly.

What factors affect the cost of performance car insurance?

Several factors can influence the cost of performance car insurance. These include:

  • The value of your vehicle
  • Any modifications or accessories you may have added
  • Where you live
  • Where your car is parked
  • Your age, driving and claims history (if you’re a young student, you may be required to pay more)
  • Your excess
  • Whether you have agreed or market value cover
  • How often you use your vehicle
  • Type and level of cover you choose to take out

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Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.