Performance Car? Performance Insurance

Whether your performance car is the same car you drive back and forth to work every day, or dedicated to racing and showing, you need to have the right kind of insurance. For cars that never see city streets, this is easy as many collectible car companies are now offering products for street racers and track racers, so long as they meet the limited-mileage/experienced driver/documentable value requirements.

A modified car that is used for street racing, but is also driven on normal roads is a bit trickier to insure, but if you have a clean driving record, and are an educated shopper, you can find coverage at a decent price, however, there are three things you need to discuss with every agent before you pick a company. They are agreed value, general modifications, and roll bars. Let's take them in order.

Agreed Value is the best method of determining the amount of auto coverage you actually have. While most mainstream car companies merely cover actual cash value (the cost of the car minus any depreciation), some will allow an agreed value, though it will cost you more. (Specialty and collectible insurers almost always base coverage on agreed value.)

You and your insurance agent will need to discuss your car in detail, and you may have to provide an itemized list of any modifications you've made, or provide an appraisal of the vehicle. It will be easier for the two of you to come to an agreement on the value of your car if you do some research ahead of time, and provide documentation of cars similar to yours (other Mazda of the same model year, for example) with similar modifications, being offered at sale prices higher than the value you believe your car has.

General Modifications range from small additions like alloy wheels, to expensive stereo systems, and extend to include engine modifications. While wheels and radios won't greatly impact the cost of insurance coverage, they will increase the value of your car, and the likelihood that it will be stolen or vandalized. Engine and exhaust modifications will increase the cost of coverage, because they make the car riskier to drive. Body kits are generally considered only on a case-by-case basis. When it comes to modifications, finding similar cars is essential in order to come to a value.

While many modifications offer little trouble with insuring a car, roll bars and roll cages are trickier to handle. Most specialty insurers and a good many mainstream companies simply won't cover roll protection that was installed aftermarket, which can be a problem since most race tracks require such protection in any convertible. Other insurers will cover a car with aftermarket cages or bars, but only if they are permanently attached in a fixed position. For this reason, it is essential that you ask specifically about roll protection when you shop for insurance.

Insuring your performance car does not have to be difficult, and, in fact, is getting easier every year, as more and more people join car clubs and become involved in tuning and racing, but it can be a bit daunting, especially at first. Just remember to be honest about all your modifications, provide any documentation that is requested, and ask questions about anything you don't understand.