Owning a high-performance car is a dream come true for many enthusiasts, but the hefty insurance premiums that often accompany these vehicles can quickly change that opinion. As your risk management partner, Lockton recommends several out-of-the-box strategies to optimize insurance expenses without sacrificing the thrill you get from owning a performance car.
Usage-based insurance. Lockton can help you select appropriate usage-based insurance (UBI), also known as pay-as-you-drive coverage. This innovative approach involves installing a telematics device in your car to monitor your driving habits. Insurance companies use data from this device to calculate your premium based on your actual driving behavior such as distance traveled, speed, acceleration, and braking. Safe driving can lead to substantial discounts, making UBI an attractive option for responsible performance car owners.
Classic car insurance. Depending on the make and model, you may qualify for classic car insurance. This type of coverage is designed for older vehicles that meet specific criteria, such as being of a certain vintage and having limited annual mileage. Classic car insurance often comes with lower premiums, as these vehicles are typically driven less frequently and are well-maintained by their owners.
Storage discounts. If you have access to a secure and enclosed storage facility, you might be eligible for a storage discount. Utilizing a locked garage or storage unit can significantly reduce the risk of theft, vandalism, and weather-related damage. Lockton works closely with several carriers that reward this responsible behavior with premium credits.
Driver certifications. Completing advanced driver training courses or certifications, such as defensive driving or high-performance driving schools, can demonstrate your commitment to safe and responsible driving. We collaborate with a variety of carriers that offer discounts to drivers who have undergone additional training, as it reduces the perceived risk.
Owning a performance car doesn't have to mean breaking the bank on insurance premiums. We have a passion for finding innovative methods to optimize the value of your program while you enjoy the rush that comes with enjoying your vehicle. Contact a Lockton professional for more details.
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The information provided in this article is for educational purposes only and should not be considered professional advice. Please consult with a Lockton representative for information regarding specific insurance products and services.