Miss Small's big tips: Calling all supercar owners - how to slash your premiums

New Aston Martin? Bet the insurance hurt on that. Insurance hotshot Katie Small explains how to cut your costs

Bonuses may be under scrutiny in the City, but Bentleys and Aston Martins are still on the top of the shopping list for many. Rolls-Royce sales are up by 64 per cent, and we’ve registered a 20 per cent uplift in requests to insure these high-end vehicles in recent months.

I’ve developed some top tips to help you make your premium more manageable. So if you own the final Bugatti Veyron 16.4, sold recently for £1.48m, are planning on buying Porsche’s next generation 911 later this year, or are simply pulling in the Louis Vuitton purse strings, read on.

It is a well-known fact that young car owners in particular are often viewed by insurers as a poor performing risk selection. Earlier this month, a report revealed the cost of car insurance for young men had soared to £4,000 per year.

Unsurprisingly, young supercar owners are viewed as an exceptionally bad risk. So if you’ve invested in a classic motor or an exotic high performance car and are yet to celebrate your 30th birthday, you’ll be feeling the impact on your insurance premium.

By taking a few simple steps premiums can be reduced significantly:

  • Fitan approved vehicle security system, such as GPS Tracking – expensive but it is a worthwhile addition.
  • Bundle together all the family cars, home buildings and contents insurance into one portfolio.
  • Ensure your car is kept in a secure location overnight, such as a garage.
  • Reduce the annual mileage of the vehicle to help bring down the cost of an expensive policy.
  • Build up driving experience over a period of time in similar types of vehicles to lower the price of your premium.
  • For young or inexperienced drivers with less than a year on a full licence, taking Pass Plus can be a great help.
  • Some insurers also give discounted rates to young drivers for not driving their cars between the hours of 10pm - 6am.

Katie Small, managing director, Mercury West Associates

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