Best Auto Insurance for Luxury Cars (2023)
The best auto insurance for luxury cars will cost more than insurance for the average vehicle. For example, full coverage for an Audi R8 is an average of $380/mo. To find affordable luxury car auto insurance, look for insurance discounts and keep your luxury car in storage during the offseason.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
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UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Luxury cars tend to have the highest auto insurance policy costs, as they are more expensive to repair and replace
- Experts recommend full coverage for a luxury vehicle to protect your car and wallet in the event of a serious accident
- While the Maserati is the most expensive to insure, other luxury models are cheaper than the national average, depending on the make, model, and year
The best auto insurance for luxury cars rates will be more expensive, as the rate 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 for standard cars.
However, luxury car owners can get low mileage coverage, higher deductibles, or various other discounts to get affordable luxury car insurance rates. Read on to learn about luxury car insurance, from what coverages you should carry to how to save.
Because comparison shopping at the best auto insurance companies is the most effective way to save on luxury vehicle insurance, use our free quote comparison tool to get started on finding savings.
Auto Insurance Rates for Luxury Vehicles
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 meeting just the minimum auto insurance requirements by state is tempting, consider what repairs might cost after a major accident.
| Vehicle | Rates |
|---|---|
| Audi R8 | $381 |
| BMW 7-Series | $294 |
| BMW i8 | $364 |
| Maserati Ghibli | $335 |
| Maserati Quattroporte | $419 |
| Mercedes AMG-GT | $344 |
| Mercedes S-Class | $312 |
| Porsche 911 | $311 |
| Tesla Model S | $302 |
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 Auto 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 auto 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 auto insurance. Comprehensive covers non-collision incidents, like theft, vandalism, weather, animal damage, or falling trees.
- Collision auto 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 (PIP) auto insurance. 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.
- Guaranteed auto protection (GAP) auto insurance. 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.
Read more: Cheap Full Coverage Auto Insurance
How to Save on 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 Auto Insurance 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 Luxury 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.
Learn more: How to Get a Garaging & Storing Auto Insurance Discount
The Final Word: Best Auto Insurance for Luxury Cars
Luxury car insurance is more expensive, but this doesn’t mean you can’t lower your rates. If you want to save money, check out the best luxury car insurance rates for the cheapest high-end car insurance companies with us today using our free quote comparison tool and get out on the open road.
Frequently Asked Questions
Which luxury auto insurance company is the best?
The finest luxury automobile insurance company will rely on your unique requirements. The perfect insurance company for you will offer the coverages, savings, and features you want. You can choose the best company for your needs by comparing quotes.
How much extra does car insurance for expensive cars cost?
Luxury automobile value, coverage types, age, and driving history are just a few of the variables insurance companies consider when setting rates.
How can I acquire the lowest insurance cost for luxury cars?
There are ways to save even if luxury and exotic automobile insurance are more expensive than insurance for regular cars. By searching around, comparing prices, maintaining a spotless driving record, and benefiting from discounts, you can reduce the cost of your auto insurance rates.
Will a speeding citation affect the cost of my luxury auto insurance?
Insurance companies often view a speeding ticket as a sign that you’re a high-risk driver. So, you’ll probably pay higher insurance rates as a result. After receiving a speeding ticket, a driver’s auto insurance costs rise by an average of 23%.
How much insurance do I require for my posh car?
Your particular demands will determine how much auto insurance you require. There are minimum liability standards for each state. Insurance experts often advise carrying additional insurance to ensure you’re covered financially and legally after a collision.
Are there specific insurance companies known for providing excellent coverage for luxury cars?
While opinions may vary, several insurance companies are known for providing excellent coverage for luxury cars. Some insurers that are often recommended for luxury car coverage include Chubb, AIG, Allstate, Geico’s collector car insurance, and Liberty Mutual’s Safeco. However, it’s essential to obtain quotes and evaluate the coverage options and terms offered by these insurers to determine the best fit for your specific luxury car.
Can I use a standard auto insurance policy for my luxury car?
While it is possible to use a standard auto insurance policy for your luxury car, it may not provide the specialized coverage and benefits that a luxury vehicle requires. Standard policies might have coverage limits or exclusions that do not adequately protect the higher value and unique features of luxury cars. Considering specialized insurance options tailored for luxury cars is advisable to ensure proper coverage.
Does the make and model of my luxury car affect the insurance rates?
Yes, the make and model of your luxury car can affect the insurance rates. Luxury cars typically have higher repair costs and replacement values compared to standard vehicles, which can lead to higher insurance premiums. Additionally, factors such as the car’s safety features, engine power, theft deterrent systems, and repair costs influence the insurance rates for luxury cars.
Are there any discounts available for insuring a luxury car?
Yes, some insurance companies offer discounts that can help reduce the cost of insuring a luxury car. These discounts can vary between insurers, but common ones include multi-vehicle discounts, bundling your auto insurance with other policies (such as homeowners insurance), safe driver discounts, anti-theft device discounts, and discounts for completing advanced driver training courses. It’s recommended to inquire about available discounts when obtaining quotes from insurance providers.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.