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Cheaper premiums for expensive motors

If you own an expensive car you will know how difficult it can be to get insurance. Many insurance companies won't cover cars valued at more than £50,000. So good news from leading insurer Admiral. It has just increased the upper limit on the value of cars it will insure to £75,000.

Expensive cars can be expensive to insure, but Admiral looked at the cost of insuring three top-of-the-range cars for three different motorists and found that by shopping around, owners could save hundreds of pounds.

Admiral managing director, Jane Stone, said: "We have always been known as a company that insures higher risks than most, but unfortunately until recently we would only cover vehicles up to a value of £50,000. This meant we reluctantly had to turn some customers away. I'm delighted that we can now extend cover to even more expensive cars."

Admiral compared the cost of insuring three spectacular yet expensive cars: the Mercedes SL 500 Auto Convertible, valued at £70,000; the Jaguar XJ Super V8, valued at £65,000 and the BMW 745Li, valued at £60,000. The prices varied depending on where the owner lived, but it was still possible to insure these cars for well under £1,000.

Among the companies that will insure cars valued over £50,000 are Peoples Choice, Zenith, Budget and Bell Direct. However Axa and Norwich Union Direct will not quote for cars valued over £35,000.

Here are some comparative tables of insurance costs for three different motorists driving three different high cost motors.

Based on a 30-year-old male living in Glasgow

Based on a 35-year-old female living in St Albans

Based on a 40-year-old male living in North London

Issue date: 13-04-04