It is no secret that exotic cars are incredibly expensive and insurance for such a vehicle is more expensive than your average car. If your car is worth less than six figures it more than likely does not qualify for this special insurance. High quality materials and brand reputation are the differences between a high end vehicle and luxury car. Luxury cars are also more often associated with opulence and performance. If you are considering purchasing an exotic car or already own one, there are some things you need to know about the vehicles and how to purchase the right insurance for them in order to keep yourself and your car protected.
Why is Luxury Car Insurance Different?
Unlike average cars which begin to depreciate in value as soon as they leave the lot,luxury cars gain value over time. This is one reason why luxury car insurance is an entirely different market than insurance for normal vehicles. These cars generally are less risky to insurers because they are almost always protected. You won't see a Ferrari parked out on the street. Instead, the vehicle will be safely parked in a garage. The price tags and uniqueness of these vehicles usually call for personally tailored coverage according to the individual's and car's needs.
Where to Find Insurance
You won't find exotic car insurance with typical car insurance companies. The best way to find insurance for your special vehicle is to do a search for "luxury/premium car insurance" followed by your location. Speak with exotic car experts and the dealer from where you purchased your car. They should be able to give you some helpful information about ere to get your car insured. You should always get online to search for insurer comparison sites to compare and save on your car insurance.
How to Find a Reputable Insurance Company
Whenever you are looking into an insurance company, you should check the Better Business Bureau's website to see if the company is listed. If they are not, move away from the company quickly. All companies you look into should be thoroughly investigated. Check to see if the company has any reviews by doing a Google search and think twice before making any decisions. You don't want to fall victim to a scam.
How to Purchase Exotic Car Insurance
The first thing you should do is take plenty of photos to send to your insurer. This includes photos of the interior of the car as well as the body and engine. This will help you and your insurance company come to an agreed value of the vehicle.
After you finish with your photos, you need to head over to a professional to have your car appraised. This is essential, especially if you have had work done on your car that would make worth more than the sticker price. The insurance company will not reimburse you in the event that your car is damaged or stolen if you do not have an appraisal.
Make sure you are fully aware of what is expected of you in order for you to remain covered by your insurer. Be absolutely certain of what can and can't do. You may have an annual mile limit or you may be the only person legally able to drive the car. If you break these rules, your coverage may be voided.
Get annual reassessments of your car and its value. Every time you get work done on your car it should appreciate in value. This is also true for every year you have kept your car safe and accident free.