The Best Auto Insurance for Rich People

Auto insurance for rich people is very different from the standard auto insurance offered for regular insurance policies. High-end insurance policies often include extra perks and coverages to not only protect the unique nature of the cars they are insuring, but to also ensure that a certain lifestyle is maintained even in the event of an accident.

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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: Feb 10, 2021

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Things to Remember

  • Rich people need auto insurance just as surely as regular people, but a lot of their auto insurance policies come with perks and additions most people are not given.
  • Wealthy people also tend to choose auto insurance companies that many of us have never heard of. We are not talking about GEICO and  State Farm, but rather Chubb and Fireman’s Fund.
  • Auto insurance is required by law no matter how much money you make or have, but not all auto insurance policies are created equal.
  • Rich people often choose high-end auto insurance to cover their expensive, luxury cars.

A lot of things are different for rich people, but you wouldn’t expect auto insurance for rich people to be different too, would you? Unsurprisingly, it is. Auto insurance companies for the wealthy tailor themselves to the high-end cars and lifestyles that they are insuring.

High-end auto insurance companies often offer a ton of extra perks and coverage options that you will not see on your typical auto insurance policy. They also offer protections that standard auto insurance policies cannot match.

Auto insurance laws require everyone to carry insurance coverage, but auto insurance for rich people is a lot different from standard policies.

Obviously, auto insurance for rich people is very different because the people and cars being insured are far from standard. These policies require extra considerations and protections because of their uniqueness.

If you’re ready to buy auto insurance for rich people, enter your ZIP code above to compare auto insurance quotes for rich people.

What extra perks or coverages are offered by high-end auto insurance companies?

One of the top perks of choosing a high-end auto insurance company is you can agree to the value of your car. What does that mean? Typically, if your car is totaled or stolen, your insurance policy will pay you the current value of your car.

As you know your car depreciates over time, and so what your car is valued at by your insurance company may be less than you actually still owe on it. For rich people who drive luxury and exotic cars, the typical insurance policy will not cut it.

Insurance companies for the wealthy will agree to the value of the car that is being insured before the policy is purchased. If or when anything happens to the car, the agreed-upon value is what is paid out to cover the cost of replacement.

High-end luxury insurance companies also pay for original manufacturer parts. This is very important for people who drive classic or exotic cars. Most insurance companies won’t pay for original parts only aftermarket parts for repairs.

Even if you buy classic car auto insurance from one of the big auto insurance companies you may not be covered for original parts should you need repairs.

Classic Car Average Annual Auto Insurance Rates by Insurance Coverage
StateAverage Annual Full Coverage RatesAverage Annual Comprehensive RatesAverage Annual Collision RatesAverage Annual Liability Rates
Idaho$407.93$69.93$131.43$206.57
Iowa$421.48$110.12$131.85$179.51
Maine$422.29$62.99$155.99$203.32
Wisconsin$442.31$82.09$135.60$224.62
Indiana$453.02$73.24$150.17$229.61
Vermont$458.41$75.29$177.25$205.87
South Dakota$460.15$154.87$125.15$180.13
North Dakota$463.98$138.62$146.45$178.91
Ohio$473.14$72.97$161.90$238.27
North Carolina$473.45$81.65$176.15$215.65
New Hampshire$491.25$66.46$184.45$240.34
Nebraska$498.61$137.55$142.28$218.78
Virginia$505.60$81.92$168.31$255.37
Wyoming$508.46$148.54$167.30$192.62
Kansas$517.76$144.82$158.00$214.94
Montana$518.11$127.15$159.19$231.77
Alabama$521.09$93.79$190.78$236.53
Tennessee$522.86$89.07$185.44$248.35
Missouri$523.46$108.76$165.17$249.53
Utah$523.76$65.70$159.54$298.52
Hawaii$523.97$60.94$187.90$275.12
Minnesota$525.29$110.56$140.64$274.09
Illinois$530.74$76.88$185.83$268.03
Oregon$542.90$56.32$136.10$350.48
Arkansas$543.80$114.25$193.08$236.48
New Mexico$562.55$103.54$166.19$292.82
Kentucky$563.11$84.83$160.75$317.53
Washington$581.28$63.83$159.44$358.00
Pennsylvania$582.31$86.53$196.34$299.44
Arizona$583.71$111.67$166.78$305.26
South Carolina$583.86$108.56$159.04$316.25
Colorado$588.98$104.77$172.20$312.02
California$592.05$60.32$237.93$293.80
Mississippi$596.43$126.20$193.93$276.30
Oklahoma$603.19$135.50$191.08$276.61
National Average$605.63$88.82$193.57$323.24
West Virginia$615.47$122.57$197.80$295.10
Alaska$616.65$82.36$210.49$323.81
Georgia$629.04$95.51$199.10$334.43
Nevada$661.83$70.58$182.32$408.94
Texas$665.80$123.85$224.69$317.25
Maryland$669.87$91.63$212.39$365.84
Massachusetts$677.57$80.98$232.97$363.62
Connecticut$690.64$78.97$221.11$390.56
Delaware$744.34$73.49$191.26$479.58
Florida$754.28$69.92$169.78$514.58
Rhode Island$782.10$79.31$246.91$455.88
District of Columbia$798.44$139.94$281.20$377.29
New York$816.40$102.67$231.01$482.71
Michigan$818.40$92.91$248.30$477.19
New Jersey$829.67$78.81$229.12$521.74
Louisiana$843.22$129.10$248.62$465.50
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Finally, one other major perk to choosing a luxury insurance company is they don’t have a daily limit on car rentals while your current car is getting repaired. Most insurance policies cap this coverage, but wealthy people who drive a Bentley don’t want to be stuck in a Prius while their car is in the shop.

Auto insurance for high-end cars ensures the rich that they can continue to live the lifestyle they are accustomed to even when their car is broken.

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What companies offer auto insurance for rich people?

You have probably never heard of Chubb auto insurance or Fireman’s Fund or even PURE, but these companies tailor their insurance products to wealthy individuals and families.

Chubb insurance, for example, offers coverage for renters, jewelry, cars, arts, vintage wines, and so much more. If it is a luxury item or valuable, you can insure it with Chubb and likely other high-end insurance companies.

Are there higher coverage limits with high-end auto insurance policies?

Wealthy people are often concerned about being targets of lawsuits should they be involved in an accident. They may wonder if there are higher coverage limits associated with high-end auto insurance policies. The answer is, yes.

Typical auto insurance policies have coverage limits of anywhere from $300,000 to $500,000. This may seem like a lot of money, but if you are wealthy this may not be enough coverage for a lawsuit. Auto insurance companies for rich people, like Chubb, can offer up to $10 million in liability insurance for wealthy clients.

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Can rich people save on their auto insurance too?

With all of the extra perks and add-ons, you might be thinking that rich people won’t be able to access the same auto insurance savings like everyone else. While it may be true that their policies are more expensive, they can still take advantage of potential savings.

Speak with your auto insurance agent to see if you can get a discount for some of these common things.

  • multi-policy bundle
  • customer loyalty
  • safe driver

You won’t know how much money you can save on your auto insurance until you speak with your agent.

If you’re ready to compare auto insurance rates for wealthy people, enter your ZIP code below to see cheap auto insurance rates for rich people near you.

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Enter your ZIP code below to view companies that have cheap auto insurance rates.

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