Luxury car insurance

Life is beautiful! And it becomes especially beautiful when you rush along the highway in a work of art and human genius.

Let's be honest; the car today is not just a convenient way to get to work or Wal-Mart; it is much more. This is an opportunity to realize your desires, instincts, desire for freedom, and self-realization. A huge selection of cars on the market gives you a unique opportunity to show your individuality, limited only by your financial capabilities. We will not mention that a vehicle's choice is a litmus test of your wealth and financial capabilities. We tend to view luxury cars as a sublimation of your inner world that has embodied your taste and dreams.

And in this context, your valuable acquisition goes far beyond the ordinary thing, the price of which is measured in money. It is a piece of your soul, not just a piece of metal. And such things require a special approach and special protection.

What type of coverage do you need for a luxury car

The main rule in using such an amazing tool as insurance is to have the policy capabilities to cover potential damage. And it is quite natural that luxury car insurance should be wider and more expensive. If you are the proud owner of an expensive car, there are four main types of coverage to choose from.

Liability insurance is the first of them. This type of policy will cover the costs of medical treatment and material damage to others who are injured in the event of an accident. And this applies to those incidents where you are found guilty.

Many insurance companies have maximum liability limits. It varies by state and provider, but generally, the limit is $ 250,000 per person and $ 500,000 for medical accidents. Such policy restrictions are quite logical, but they do not limit you. Yes, you will spend more money, but purchasing an umbrella policy will solve all your problems and satisfy your wishes for any amount of insurance.

Collision and comprehensive insurance are some of the best insurance policy options for high-end car owners. With such a policy, you can count on covering the damage caused to your car due to a collision with another car or structure. Accidents, theft and natural disasters are also a reason for starting insurance payments. You will also be compensated for the cost of any repair, regardless of the nature of the damage. And it sounds just great! But you should be prepared for the fact that great opportunities will cost a lot of money.

Personal injury protection or medical payments (PIP) is worth considering for owners of high powered vehicles. This policy will provide compensation for medical expenses, regardless of who is to blame for the incident. In practice, this is manifested in the prompt consideration of claims and the prompt receipt of money. Not all states offer this type of policy, but you can always take advantage of medical coverage. The possibilities of such a policy are not so wide, but it is quite good as an alternative.

If you are renting or paying premiums for a luxury car, pay close attention to the gap or new car replacement insurance. It is important to understand that the insurance company will pay the real cash equivalent of the car in an accident. At the same time, you run the risk of being alone in front of creditors. Besides, cars have a bad property of rapidly losing value. With this type of policy, it will cover the cost of purchasing a replacement car.

What's the difference between luxury car insurance and standard car insurance

We all roughly understand the difference between a luxury car and a standard car is. The difference between them is often obvious and can be seen, touched, and appreciated. But what is the difference between luxury car insurance and standard car insurance?

There are no secrets here. Everything looks exactly what it seems. The difference lies in the price! Insurance for a luxury car will cost more than a policy for a regular car. It is natural. The more expensive the item, the more expensive it will be to compensate for its value in the event of an incident.

But, at the same time, unusual statistics may surprise you. The annual insurance coverage for a luxury sedan costs an average of $ 1,800 more than a comparable lower class sedan.

And here we can see the most interesting thing: the approximate price difference between a luxury car and a standard car is 400%. But, at the same time, the difference in insurance policies for expensive cars is only 64% higher. This is because most of the insurance costs are liability coverage, which has nothing to do with the car's price.

How much does luxury car insurance cost?

As mentioned above, the cost of an insurance policy is calculated from many factors, many of which are not obvious.

Surely, you understand that the cost of coverage is calculated from various indicators, including your driving history and technical features of the car. But, be that as it may, when buying a luxury car, be prepared for insurance costs.

Since we started talking about sedans, then we will focus on them. For example, in New York (a costly state for insurance), a Mercedes-Benz S-series policy will cost, on average, $ 5400. BMW 740i - Will cost $ 5,000. Insurance for identical cars, say in California, will be cheaper by $ 400.

2017 Vehicle Make and Model MSRP Average Cost Per Year - New York Average Cost Per Year - California
Mercedes Benz 550S Sedan $96,600 $5,381 $4,689
BMW 740i Sedan $81,500 $5,035 $4,631
Honda Civic EX $21,140 $3,337 $2,886
Toyota Camry LE $23,070 $3,406 $2,855

How to save on luxury car insurance

The fact that you could afford a luxury car means that you are not too constrained in financial opportunities. This does not mean that there is no need to save money if there is such a possibility.

The main rule before buying insurance is market research. Modern technologies allowed us to use convenient online services to determine the policy's approximate cost quickly. Considering the specifics of luxury cars, we recommend starting with large national companies. Having calculated their online quotes, you can objectively see the situation and understand the pricing procedure.

If you have already opened insurance policies for other insurance objects, this is an essential bargaining chip. In the client's struggle, many companies offer substantial discounts when reviewing and consolidating your insurance portfolio.

Use the features of your vehicle to lower your price. For example, if you insure a convertible that you do not drive all year, the insurer may reduce the insurance coverage for the period of car storage.

Cheapest luxury car insurance

The main way to get the cheapest luxury car insurance is to confirm the availability of the car in case of theft and theft. Expensive cars are equipped with safety and risk reduction devices already at the dealership. But you can improve them.

For example, etching a VIN on the windshield will cost you $ 100-200, but it will be an argument for reducing the policy's price. Most importantly, do not forget to point out all your advantages to the agent, and, then, the cheapest luxury car insurance will be another reason to enjoy owning a classy ride.

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 $129 $43,500
Audi A4 All Road $132 $44,000
Audi S3 $132 $42,900
Audi S6 $132 $70,900
Audi SQ5 $133 $53,300
Audi A6 $136 $47,600
Audi Q5 $138 $40,900
Mercedes-Benz SL-Class $141 $86,950

Insurance is the most important shield for any of us. Its real value can hardly be underestimated, all the more so if you want to secure something of value not only in monetary terms. The main thing to remember is that the time you will spend to sort out the situation is to pay off with a pleasant reduction in price and safety.

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