Exotic cars come with a hefty price tag, which leaves them extra vulnerable to everyday threats on the road and in the garage. From Lamborghinis to Ferraris, your exotic cars must be protected to avoid devastating, costly repairs or replacements. That means having the right exotic car insurance.
Fortunately, an independent insurance agent can help you get your exotic car equipped with all the coverage it needs to stay safe while on the road and while parked. They'll get you an exotic car insurance policy long before you have to file a claim.
What Qualifies as an Exotic Car?
Exotic cars can be defined as expensive luxury vehicles or even rare vehicles. This type of vehicle is unique because it tends to increase in value over time. The following car brands belong to the exotic car family:
- Lamborghini
- Ferrari
- McLaren
- Bugatti
- Porsche
- Aston Martin
Due to their extra high value and need for exceedingly expensive repairs and maintenance, exotic cars cost much more to insure than everyday cars. They're also a much bigger risk for insurance companies to cover. Exotic cars also tend to be much faster than other vehicles, which further contributes to their risk and cost factors.
Do You Need Exotic Car Insurance?
Even if your exotic vehicle is just for show, it's critical to consider an exotic car insurance policy. Your regular auto insurance policy won't be enough for an exotic car. Here are some factors to contemplate when choosing the coverage you need:
- The likelihood of filing a claim is higher if you drive the vehicle regularly vs. treating it as a collector car.
- Even if you're a good driver, other drivers could still cause an accident, and be uninsured or underinsured themselves.
- Regardless of whether you store your vehicle in a secure, enclosed space, there's still a risk of theft, vandalism, fire, or other hazards.
An independent insurance agent can further explain the importance of having the right exotic car insurance to protect your luxury vehicle, no matter how often you drive it.
How Storage and Usage Affect Exotic Car Insurance Rates
One of the factors in determining which type of exotic car insurance you need is how you use and store your specialty car. You might only take it out for an occasional car show or a Sunday drive, or use it daily. Or perhaps you collect exotic cars and store them in a secure facility or garage.
Depending on how you specifically store and operate your exotic car, you'll require different types and levels of coverage for it. An independent insurance agent is your greatest ally when it comes to getting the right amount of coverage. They'll learn about how exactly you store and operate your exotic vehicle and get you set up with enough coverage accordingly.
Why Is Exotic Car Insurance So Expensive?
Not only are exotic cars more expensive to buy and maintain, but they're also much more expensive to insure. While regular auto insurance premiums can range in the low hundreds or even less monthly, exotic car insurance can cost thousands of dollars. But no matter what type of car you own, you're still required by law to have insurance for it in almost every state.
Some factors that influence the higher cost of exotic car insurance include:
- Expensive repairs for exotic cars
- Expensive replacement parts for exotic cars
- The need for insurance companies to work with authorized repair shops
- More horsepower, which makes exotic cars more likely to get into an accident
- A higher target rate for theft and vandalism
Even though exotic car insurance can be costly, it could ultimately be much more expensive in the long run to go without coverage. Having to repair or replace an exotic car out of your own pocket could be very costly.
Other Factors That Influence Exotic Car Insurance Quotes
Beyond the obvious risks that come with an exotic car are some typical factors that influence the cost of all auto insurance policies. These include the following:
An independent insurance agent can help provide you with exact exotic car insurance quotes and potential discounts in your area.
How to Get Exotic Car Insurance
Getting exotic car insurance might require a few more steps than securing a regular auto insurance policy. However, due to your exotic vehicle's high value and risk level, having coverage is certainly worth it.
These steps can help you get the right exotic car insurance:
- Take photos of your car: Take pictures of the vehicle, including the interior and exterior.
- Get an appraisal: Have an appraiser determine the agreed value of your exotic car.
- Review several insurance policies: Different policies come with different restrictions, such as how often you can drive the vehicle or if other drivers are allowed to operate it.
- Update your car's agreed value annually: Your exotic car is likely to increase in value over time, which must be continually reflected and updated on your insurance policy.
When it comes to finding the right exotic car insurance policy, working with an independent insurance agent is a great strategy. Not only can these agents help provide advice on what you need to submit to the insurance company, but they can also help you evaluate your needs and risk level, ultimately finding the right policy.
Best Insurance Companies for Exotic Car Insurance
The best way to find the right carrier for your exotic car insurance is by working with an independent insurance agent. They know which insurance companies to recommend to meet your needs and can provide informed suggestions based on company reliability, rates, and more.
While many insurance companies could create an exotic car insurance policy for you, finding coverage could also depend on the area you live in. Here are a few of the top companies for exotic car coverage.
| Top Companies for Exotic Car Coverage | Overall Carrier Star Rating |
|---|---|
| Progressive |
|
| Travelers |
|
| Grundy Insurance |
|
| American Family |
|
| USAA |
|
Why Shop for Exotic Car Insurance With an Independent Insurance Agent?
Independent insurance agents simplify the process by shopping and comparing multiple exotic car insurance quotes for you. These agents also have access to multiple insurance companies, ultimately finding you the best exotic car coverage, accessibility, and competitive pricing while working for you. And down the road, your agent can help file car insurance claims for you and update your coverage as necessary.
Sources
https://www.valuepenguin.com/auto-insurance/luxury-car-insurance
