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Your Ultimate Guide to Luxury Car Insurance

In 2015, there were over 4 million car accidents. Of this number, over 30,000 resulted in fatalities. Given these staggering statistics, it is essential to insure any vehicle you drive. Even if auto insurance feels like an additional, unneeded cost, it keeps you and your property financially safe. This is particularly the case if you have a luxury vehicle.

Exotic or luxury cars require auto insurance just like other vehicles, and for good reason. It’s essential to protect high-value property, however, navigating luxury car insurance is different from browsing standard insurance plans. There are a few things to keep in mind as you do so.

luxury car insurance

Read our ultimate guide to luxury car insurance for more insight.

1. Understand Insurance Costs

The first thing to keep in mind as you prepare to purchase luxury car insurance is its financial cost. Because luxury or exotic car brands have high monetary values, they will cost more to insure. This is especially true if you purchase a high-performance exotic vehicle or sports car. While entry-level luxury vehicles cost around $40,000, others can clock in at $100,000 or more.

Most luxury vehicle owners can expect to pay at least $500 a year more than the average auto insurance premium. In some cases, monthly premiums alone can cost owners hundreds or even thousands of dollars. If you have yet to purchase a luxury vehicle, keep insurance costs in mind before you do so. Considering insurance costs as a part of your total investment is a wise way of avoiding financial shock when you receive that first quote.

However, while insurance costs will soar for luxury brands, it is possible to find exotic car insurance that suits your budget and your driving needs.

2. Consider Pay-As-You-Drive Insurance

When researching luxury car insurance plans, keep in mind how much mileage you anticipate putting on your vehicle each year.

In many cases, luxury vehicles serve luxury purposes alone. Owners may take their Mercedes for a weekend spin, for example, when the weather is nice. Or perhaps your daughter is getting married and wants to borrow the Bentley post-ceremony.

When used for pleasure driving, most luxury vehicles are only used for a maximum of 5,000 miles a year. Many have mileage that falls below this mark. If this is the case, investigate pay-as-you-drive insurance plans that insure your vehicle by its mileage.

Some services offer luxury car owners mileage plans for usages of 1,000, 3,000 and 5,000 miles at a time. Pay-as-you-drive insurance premiums are likely to save luxury vehicle owners hundreds of dollars in the long run.

If you aren’t sure how many miles you will put on those gleaming exotic tires, you can always start with a mileage insurance plan and upgrade (or downgrade) along the way.

3. Research Insurance Providers Extensively

The key to securing the best luxury car insurance for your needs is to do your research well. Don’t settle for the first auto quote you receive. Working with an insurance agency like Save-On Insurance Services opens up your options because we can quote from multiple providers versus some agencies who are ‘captured’ to one provider’s options.

We can provide multiple auto insurance quote options and help you prioritize the ones that place a special emphasis on insuring luxury vehicles. In general, providers who are well-versed in insuring a range of vehicles and other properties are more likely to offer comprehensive care.

4. Know Your Insurance Coverage

Prior to requesting quotes, be sure to identify what type of auto coverage you will need for your high-end vehicle.

There is no rote auto insurance that applies to all vehicles. However, most vehicle owners purchase collision insurance, which insures your vehicle if it sustains damage of any kind. Liability insurance financially covers you (the driver) in case an accident occurs. Comprehensive and gap insurance plans are intended for more serious collisions requiring vehicle replacement.

Keep your preferences and driving needs in mind when you select your insurance coverage. Some vehicle owners simply opt for liability and collision insurance. Others feel more comfortable investing in comprehensive care insurance in case the worse occurs.

Whatever the case, don’t sacrifice your safety for the sake of saving pennies.

5. Compare Quotes

Save-On Insurance can help you gather multiple provider quotes who seem to meet your needs for luxury car insurance for a side-by-side comparison of terms and benefits.

Take time to compare the quotes you receive with your agent for a complete and thorough understanding of any benefits or restrictions. Keep in mind a good quote may not necessarily be the lowest quote, as plans and fee structures vary from company to company.

Before you select a quote, keep your deductible in mind. Changing your deductible can actually result in different overall premiums. In most cases, choosing a higher deductible will result in a lower premium. This is because you are essentially agreeing to pay more money to cover damages, minimizing the financial burden an insurance provider has to take on. Some deductibles begin as low as $500 for luxury car insurance plans. However, it is possible to select a $10,000 deductible (or greater) if need be.

You may also wish to inquire about insurance discounts available to vehicle owners with good driving records. This can help lower premiums further.

6. Be Cautious When Giving Other Drivers the Wheel

Once you do select your luxury car insurance plan, be mindful when taking your vehicle for a spin. In particular, if you hand the wheel over to another driver, make sure that driver is a responsible adult with their own insurance and a clean driver’s record.

High-risk drivers, such as those with multiple driving offenses or little driving experience, can spike insurance premiums and lead to irrevocable damage.

Recapping Your Guide to Purchasing Luxury Car Insurance

Exotic cars are high-value pieces of property that require the right kind of insurance to keep you safe. When searching for luxury car insurance, take your time and let Save-On Insurance help you with your research.

Anticipate paying higher premiums for exotic car brands. Consider mileage-based insurance plans and good driver discounts to reduce premium amounts.

Research multiple provider options; prioritizing ones with stellar customer services and comprehensive insurance care. Carefully compare the insurance quotes provided and understand what is actually going into your coverage plan.

At Save-On Insurance Services, we’ve been helping our clients purchase affordable insurance since 1985. We’re here to help you select the luxury car insurance you need.

Reach out to us today to get started!