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If you drive a high-performance or luxury car, bare minimum auto insurance isn’t going to cut it. Luxury car insurance is designed to deliver additional benefits that go above and beyond what’s available with standard car insurance to effectively protect your valuable wheels or other assets.
To get the best value, compare luxury car insurance companies and see what rates, coverage options and perks they offer. Depending on the make and model of your car, there may be some national insurance companies that will insure your vehicle. Consider starting with those companies first to see if you can get a lower rate than you would with a specialized company that deals only with exotic cars.
Expect to pay more to insure a luxury car than you would a midrange sedan, maybe even double or triple the cost of standard coverage. Your exotic car insurance rates still depend on factors like the MSRP of your vehicle, your driving history, age, gender and location.
Take a look at some examples of what you might pay to insure a luxury car in California and Florida per year, compared to the average state minimum coverage costs in those states.
Model | California | Florida | MSRP |
---|---|---|---|
Lexus LS 600H L Hybrid | $4,155 | $2,677 | $79,960 |
Maserati Gran Turismo MC | $4,424 | $2,536 | $295,000 |
Mercedes S65 AMG | $4,450 | $2,654 | $235,600 |
Average annual state minimum costs | $945 | $1,663 |
If your car turns heads, luxury car insurance coverage might be for you.
Luxury car insurance is a special type of car insurance that covers expensive high-end vehicles to protect if you’re in an accident or are sued due to an accident. It’s usually pricier than your average car insurance policy, as luxury cars are more expensive to own and repair than your normal daily driver. Plus, they’re usually a higher target for theft and vandalism.
When it comes to insuring your luxury car, it’s often more difficult to find an insurance company that offers the higher coverage options you want. For example, many traditional insurance companies cap liability coverage around $300,000 to $500,000 per accident. But for a luxury car, this might not be enough to cover the cost of damages. Car insurance companies offering luxury car insurance policies have higher coverage limits.
Prestige and luxury car insurance is for collectors, enthusiasts, businesses with high-end company cars and anyone who wants a higher level of car insurance to effectively protect their valuable wheels or other assets. Typically, you can get it through specialized insurers that focus on extra-valuable cars including vintage vehicles, modified cars, imported cars and other valuable cars.
Steve Pritchard
Founder of Cuuver.com, UK insurance website
Luxury cars are always more expensive to insure for a number of reasons. Replacement parts for luxury cars are often more difficult to source and more expensive to purchase, and the cars themselves are also a target for thieves, who know that they’re more valuable.
While luxury cars are often fitted with high-quality security systems, adding additional security systems will help you fight the threat of thieves and make your car more secure, which will consequently reduce your insurance premiums. Check which devices your insurer recognizes and then look into installing them onto your car. Good devices to look at include alarms, immobilizers, vehicle trackers and locking steering wheel devices.
Luxury car insurance typically covers the basics required by your state, like collision, comprehensive, and uninsured motorist coverage. Compare some additional perks you might consider looking for or adding to your luxury car insurance policy.
Brand | Model | Monthly Cost | Base Price |
---|---|---|---|
Audi | S5 | $98 | $53,100 |
Porsche | 911 | $105 | $89,400 |
Porsche | Boxster | $105 | $52,100 |
Porsche | Panamera | $105 | $85,000 |
Porsche | Cayman | $108 | $53,900 |
Jaguar | XJL | $110 | $76,395 |
Jaguar | XJR | $110 | $123,395 |
Porsche | Cayenne | $115 | $59,600 |
Audi | A7 | $124 | $68,800 |
Audi | A5 | $127 | $41,200 |
Audi | TT | $128 | $43,500 |
Audi | A4 All Road | $132 | $44,000 |
Audi | S3 | $132 | $42,900 |
Audi | S6 | $132 | $70,900 |
Audi | SQ5 | $132 | $53,300 |
Audi | A6 | $136 | $47,600 |
Audi | Q5 | $138 | $40,900 |
Mercedes-Benz | SL-Class | $140 | $86,950 |
If you’re on the fence about whether or not luxury car insurance is worth paying for, consider all of your options before making a decision. You can customize a standard comprehensive car insurance policy to closely resemble a luxury policy, but you may not be able to get all the benefits you want and it may not offer the same value for money.
For example, if you drive a BMW but are still confined to a specific budget, you might want to stick to a conventional insurance policy and pay extra for higher collision and comprehensive coverage. Another option would be to pay for an umbrella policy to get extra liability coverage beyond the limits that your car insurance policy offers.
On the other hand, if you drive a super expensive car like the Aston Martin One-77, which sells for around $1.9 million, getting top-of-the-line luxury car insurance is going to be worth it in the long run, since the cost of repairs could be huge.
If you can’t find a luxury car insurer that’s able to accommodate you, it’s worth considering the mainstream insurers who might be able to provide additional options for valued, long-time customers.
If your vehicle doesn’t cost more than your current insurance company’s highest coverage limit, then you probably don’t need luxury car insurance. However, even if you drive a luxury car, you might be able to find an umbrella policy that works for you, depending on the value of your car and your budget.
An umbrella policy is essentially extra liability coverage. If you have significant assets, an umbrella policy can help protect you if you’re in an expensive accident or if someone tries to sue you because of your high net worth. It’s probably cheaper to add umbrella coverage to your existing coverage than go with a full-on luxury car policy.
When shopping for luxury car insurance, there are a few things to be on the lookout for.
Buying luxury car insurance is very similar to buying regular insurance, but the prices are likely significantly higher. When shopping for high-performance car insurance, follow these steps to help you find the best rate.
If you drive an expensive car and want to make sure the cost of repairs is covered after a wreck, theft or vandalism, luxury car insurance could be for you. Otherwise, you still have some options, such as getting an umbrella policy or negotiating an agreed value with your regular insurance company.
To get the most bang for your buck, make sure you compare insurance providers first.
Compare car insurance companies near you.
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