Owning a luxury vehicle is a dream for many and while some do it on a hefty scale, others tend to forget a few key things about owning it. Sure they might be familiar with the price and the maintenance and could even have saved a spot to park their dreams comfortably but what about insurance?
Yes, not only is it important to insure your car it is also equally important to carefully pick a coverage that offers you maximum protection in cases of accidents or similar mishaps. Before you proceed to learn about auto insurance for luxury cars, you must make a few things certain concerning your vehicle.
What Qualifies as A Luxury or Exotic Car?
Typically, the actual definition of a luxury car and an exotic car may vary between each other from different consumer perspectives but ideally, the following conditions stand true for a luxury car:
- A vehicle that offers high performance and requires at least pro handling skills.
- Their repairs and maintenance require special tools and should a person attempt to get it serviced at a different place than the designated auto shop albeit with different tools, they may lose the warranty on their vehicle.
- The cost of such vehicles is typically roughly about $120,000 or over it. It can also rise further depending on its importance, such as a collectible edition of a car, it could cost nearly $500,000 and so on.
- The cost of repairs of such a vehicle could very well be costlier because the high-performance genuine parts are only available with the original manufacturer and using inferior ones will only reduce the value of the car as well as void the warranty of the car.
With these factors having established that a luxury car isn’t your average ride, you might wonder how you could get it insured? Read on.
What is Speciality Insurance?
Unlike most auto insurance companies that either do not provide auto insurance for a high-performance car or only insure such a car to a limited sum that can be well below the agreed value of the car, Speciality Insurance is then the term that is used when a special car insurance companies provide insurance for such special cars.
Even if you own the cheapest luxury cars to insure, your specialty insurance rates will depend on the following aspects of the vehicle:
- Brand of Vehicle
- Annual or Monthly Mileage Driven
- Age of Driver, Driving History & Driving Record
- Additional Drivers insured to drive
- The condition of the vehicle
- Whether it’s a secondary or primary form of transportation for you.
Benefits of Speciality Insurance Coverage
Now that you’re getting somewhat familiar with getting a luxury vehicle insured, it’ll be only fitting to also learn about the benefits you can gain when you purchase the specialty Insurance coverage for your luxury car:
Agreed Value Coverage
It is possible for a luxury car or a collectible car to grow in value as time passes instead of dwindling, which is why getting coverage at agreed value is better than actual cash value. Companies that offer specialty coverage work with people who could accurately value and appreciate such cars so that their customers could get the best rates and top-class protection.
Your Choice Matters
You can choose a custom repair shop of your choice instead of following the affiliate repair shop that is partnered with your typical insurance provider. Any damaged parts or defects will be reimbursed with genuine products at such places.
Protection for Yourself & Your Luxury Ride
You’ll be generally exempted from getting reimbursed for both medical bills and car repair when you get injured in a show event but the same is not true when you get specialty insurance
Final Words
There are plenty of other benefits to getting Speciality Insurance for your luxury car. Alias Insurance can help you learn them all and can help you find the perfect specialty coverage for your luxury car insurance needs. Get luxury auto insurance for your vehicle today!
