Best Car Insurance for Luxury Cars (2023)

Expect auto insurance rates to be higher if you own an expensive car. After all, the premium you pay for luxury car insurance is essentially a prepayment for any expenses you incur after an accident, and vehicle repair or replacement costs for luxury cars are higher than standard cars.

The cost of luxury car insurance is about 20% higher than regular car insurance. However, owners can get low mileage coverage, higher deductibles, or various other discounts to get affordable luxury car insurance rates. Comparison shopping for luxury car insurance is the best way to find savings.

The risks associated with luxury vehicles are similar to those of more conventional vehicles — however, there’s a higher chance of theft, vandalism, and expensive repairs. Additionally, since many are sports cars with powerful engines, their speed comes at a premium. Find out the best auto insurance companies for luxury cars here.

What is insurance for a premium or luxury vehicle?

Luxury vehicles need auto insurance, too, unsurprisingly. The difference is you don’t want to skimp out on coverage because the monthly car payment is sizable. So while getting the minimum coverage required by your state is tempting, consider what repairs might cost after a major accident.

Luxury cars also require specialized or foreign automobile parts and components — this is why Maseratis won the title of “most expensive car to insure” in recent years. Maserati insurance costs around $5,000 annually, making its $400 required oil change seem cheap by comparison.

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Types of Luxury Car Insurance Coverage

Owning a luxury car means you’ll want to look after your investment. You’ll want to ensure you have a full coverage auto insurance policy that contains the following coverages:

• Liability insurance. Liability is required in most states to drive. It pays for other drivers’ vehicle damages and medical bills in an accident you caused.
• Comprehensive insurance. Comprehensive covers non-collision incidents, like theft, vandalism, weather, animal damage, or falling trees.
• Collision insurance. Collision pays for your repairs if you’re at fault in an accident. It also covers you if you drive into an inanimate object.
• Personal injury protection. Personal injury protection pays for your medical bills regardless of fault, including lost wages and mental/emotional health.
• Uninsured/underinsured motorist coverage. Uninsured/underinsured motorist coverage pays for your car’s repair if someone else is at fault but has no insurance or not enough to cover the bill.
• GAP coverage. In the event of a total loss, instead of getting paid the fair market value minus depreciation, you receive compensation for the amount left on your loan so you aren’t left underwater paying for a car you can’t use.

Beyond the normal luxury market are what’s known as exotic cars. Examples of exotic cars include Ferraris and Lamborghinis. Instead of choosing a traditional auto insurance policy, ask your insurance company if you’d save and still have excellent coverage through a collector car or specialty policy.

How to Lower the Cost of Exotic and Luxury Auto Insurance

Luxury SUV insurance rates may be cheaper than a policy for a 6-series BMW because the SUV can’t go from 0 to 60 mph in 4.5 seconds. However, you’ll still pay whatever the underwriters determine will keep the insurance company in the black and you on the road, whether you total it one day or remain in forever-pristine condition.

Make Use of Discounts

Aside from the MSRP of your vehicle and what’s under the hood, auto insurance companies pay the most attention to your driver history and age where allowed by law. They’re aware of your at-fault accidents in recent years, the claims you’ve filed, how much got paid out, and any coverage lapses.

Find out the safety features of your vehicle beforehand and ask about good driver discounts to maximize your chances of a lower auto insurance premium. You might qualify for auto insurance discounts such as:

• Safe driver
• Defensive driving
• Teacher/educator discount
• Anti-lock brakes
• Anti-theft system
• Automatic lane assist technology
• Adaptive headlights

There are other discounts available for military, disabled veterans, and low-mileage drivers.

Keep Your Car in Storage During the Off-Season

If you’re not operating your luxury or exotic vehicle, you can opt to get long-term storage insurance so that it’s protected and you’re not paying for coverage you don’t need. This way, you avoid coverage lapse, maintain legal standing with the lienholder and the DMV, and save money.

The Final Word: Best Car Insurance for Luxury Cars

If you want to save money, check out the best rates for the cheapest high-end car insurance companies with us today and get out on the open road. Remember to drive the speed limit if telematics tracking is on. Also, find out if you can get a discount on auto insurance if your car is in storage.

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