Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Oct 7, 2020

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Things to remember...

  • If you are in the market for an exotic car, you should be aware that it may cost you a little bit more to get the required auto insurance coverage than for a regular car
  • There are certain auto insurance companies that specialize in offering auto insurance coverage for exotic cars
  • You can reduce the rate that you have to pay for car insurance coverage on an exotic car by shopping around for different rates and making sure that your car is stored in a safe location
  • If you are able to show that you only drive your car on certain occasions, then you may be able to lower the cost of your coverage further with a mileage discount
  • It typically costs more to repair an exotic car that has been damaged in an accident because the parts are more expensive

Even if you only plan to drive your exotic car on limited occasions, you should still plan to get the required auto insurance coverage for it so that you are sure you are following the state law.

It is true that coverage for an exotic vehicle generally costs more than for a regular car or truck, but there are specific things you can do to make sure that you do not pay more than you have to for your insurance policy.

Compare car insurance quotes today to find the best deal for the coverage you need.

The Types of Coverage You Should Consider for an Exotic Car

If you drive an exotic car, there are some optional insurance coverages that you should consider to make sure that you are not paying for an expensive repair on your own after an auto accident.

While you are required to have at least a basic auto liability policy, you should also consider getting comprehensive and collision insurance.

When you are the cause of an accident, your auto liability coverage will pay for the damage that you cause to another car, but it will not help to pay for any repairs to your own car or truck that were your fault.

On the other hand, when you damage your car and have comprehensive and collision insurance, you will be covered for the cost of the repairs up to the limit of your policy.

The difference between comprehensive and collision insurance is that collision insurance is specifically used when your car is damaged because you collided with another object.

Comprehensive insurance is for other types of incidents, such as damage to your car or truck from a severe weather event.

With both comprehensive and collision insurance, you will have to pay a deductible out of your own pocket when you go to file a claim. This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay

This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay the balance of your repair.

For example, if you have a $500 deductible, you would have to pay the first $500 of your repair bill before you get any reimbursement or coverage for the rest.

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Ways to Keep the Cost Down for Car Insurance for an Exotic Car

If you are looking for ways to keep your car insurance premium affordable, here are some suggestions:

  • You should look into car insurance companies that specifically provide auto insurance coverage for exotic cars.
  • Shop around and compare prices.
  • Drive the car for limited purposes.
  • Park in a secure location.

Specialty insurers are typically more familiar with the risks involved in insuring these types of vehicles and can offer specific discounts to exotic car owners.

In addition, you should make sure to check into more than one car insurance company before getting a policy for your exotic car.

Without shopping around for different auto insurance rates, you cannot be sure that you are paying a reasonable price in your area for coverage.

There are free tools that you can use to compare rates online, which means that you can have an auto insurance quote set before you even step into the dealership to purchase an exotic vehicle.

Another way that you can keep your car insurance premium in check is to let the car insurance company know if you only plan to drive your car for limited purposes.

For example, if you are not commuting to work daily in your exotic car, you may be able to pay a lower rate for auto insurance coverage than if you used it like a regular car every day.

A car insurance company will also be pleased to see if you are keeping your car in a safe area when you are not driving it. You will often be able to get a lower rate on your car insurance policy by showing that you have your exotic car or truck stored in an enclosed private garage.

Setting the Appropriate Limits for Your Car Insurance Policy

Given that an exotic car is more of a liability than a regular car, you will want to make sure that your policy limits reflect the increased risk. If your policy limits are set too low, then you could end up having to pay more out of your own pocket than you can afford.

You might also want to consider gap coverage if you are financing your exotic car. This type of coverage helps you out in the event that you still owe payments on your car that was damaged beyond repair in an accident.

With this coverage, you will not have to worry about having to make payments on a car that you can no longer drive.

Final Thoughts on Finding Car Insurance Coverage for an Exotic Car

If you are going to buy an exotic car, you should be prepared to pay a little more for car insurance coverage than what you would be able to get for a regular car.

You can take precautions to get your car insurance premium as low as possible for your exotic car, such as making sure the auto insurance company knows that you store it in a safe place and only driving it on special occasions.

The best way to know that you are not paying too much for exotic car insurance coverage is to look into more than one car insurance provider and compare the rate options. Compare today using our free rate tool.