Getting a car insurance for your daily drives is not something fairly difficult or expensive. You can choose between many options and there are plenty of companies who offer great value for money. However, in the case of luxury and exotic car insurance, the situation is fairly different. After all, these cars are not your typical daily drives and thus, the factors that are taken into consideration when the car insurance companies create the rate are different. In this article we are going to explore the many differences and challenges you are going to come across when choosing the best rate and the best value for your luxury or exotic car.
First of all, you have to understand that the coverage options for luxury and everyday cars are very similar. You can still choose between full or partial coverage. However, we highly recommend getting the full coverage nevertheless. This includes various benefits such as, personal injury protection, medical payments, collision and comprehensive coverage. Also, in the most extreme of cases, you can even get a new car replacement coverage. There are several coverages luxury car owners should consider.
For example, if you have a luxury or an exotic vehicle, always make sure to get all the coverages mentioned in the previous paragraph, including the liability insurance. This is the right way to go. It is also worth noting that because these cars and far more expensive than others, it is going to affect the price of your rate too. This is fairly logical because not everyone can own such a car and the risk of theft, if the car is not taken a good care of, is much higher. The insurance company knows all of this.
Furthermore, different insurance companies offer different benefits. For example, Allstates has a maximum liability limit of $500,000 per accident and $250,000 per person in New York. The place where you live is also taken into consideration and might vary from state to state. There is also something called an umbrella policy. This kicks the increments to $1,000,000, which is double the amount of a regular liability insurance.
The collision and comprehensive coverage are probably the most expensive ones. They basically cover any type of damage to your vehicle and owning a luxury car, means this is your number one priority. This also includes damage done to your even if it did not take part in any accident. Natural disasters, theft and falling objects belong in this category. Nationwide offers repairs with original parts for your vehicle, so you have to consider this too.
Getting such insurance is fairy expensive but there is a way that you can choose the cheapest one. All you have to do is to get quotes from different insurance companies and compare the pros and cons. Of course, you have to compare the price too but always opt for the luxury and exotic car insurance that has the most benefits for your own safety and the safety of your vehicle too!