You need to be particular when it comes to your luxury car insurance. You have to pick one that will answer all your needs and secure all kinds of liabilities. Luxury cars are expensive and it is imperative that you give justice to the value of your money. To make it easier for you, we collected tips from expert insurance brokers to help you navigate the tricky waters of luxury car insurance. With our collected tips, we assure you that you’d end up with the best possible car insurance for you and your needs.
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What is luxury car insurance?
A luxury car insurance is an insurance policy that caters to and protects luxury car owners from liabilities. Luxury car insurance is more expensive than regular car insurance. It is priced by considering the following factors:
- Luxury car model
- Luxury car manufacturer
- Luxury car’s age
- Luxury car’s claim history
- The area where the owner drives the luxury car
What is a luxury car?
A luxury car is any car that offers high-end and premium features. It has lavish interiors, better engine performance, and all the latest technology and safety features. An entry-level luxury car is priced at about $40,000. The following are considered the top ten luxury cars this year:
- Rolls-Royce Ghost
- Mercedes-Maybach S-Class
- Bentley Bentayga
- Range Rover SVAutobiography
- Mercedes EQS 53
- Rolls-Royce Phantom
- Bentley Flying Spur
- Rolls-Royce Cullinan
- BMW iX
- Alpina B7
Why won’t regular car insurance do?
Regular car insurance won’t suffice for your luxury car because there are unique luxury car needs that regular car insurance cannot account for. Luxury cars have expensive parts and none can be duly covered and secured by regular car insurance.
11 Expert Tips on Availing Luxury Car Insurance
There are thousands of luxury car insurance policies available in the market. It’s easy to get confused and overwhelmed if you’re not familiar with the industry. You need not worry as we got you covered. We collected the following expert tips to make things easier for you:
Expert Tip#1: Always Compare
You should never rush the choosing process. Different insurance companies offer different coverage and pricing for every kind of luxury car. It would be an amateur mistake if you’d opt for the most affordable one as it could mean lesser protection and coverage. Choose from at least five different luxury insurance policies and make it a point to stick to your non-negotiable preferred provisions and protection.
Expert Tip#2: Know Your Add-ons
You should be aware of the fact that you could ask for add-ons. The kind of add-ons that you would request would depend on your lifestyle and the unique needs of your luxury car. The most common add-ons are as follows:
- engine protection
- zero depreciation
- roadside assistance
Expert Tip#3: Aim for Full Protection
Experts advise luxury car owners to make sure to get luxury car insurance that offers full protection. Such luxury car insurance can be deftly priced but a significant premium discount can be had if you’d install anti-theft devices on your luxury car. Take note though that you should only install anti-theft devices that are approved by your insurer. If not, a discount may not be in place.
Expert Tip#4: Mind Your Premium
Take time to play around with your premium. You should go with one that you can fully account for and be fully responsible for. There are many luxury car insurance premium calculators online so you should duly make use of them. You can tweak the price of your premium by skipping unnecessary add-ons.
Expert Tip#5: Consider Roadside Assistance
A roadside assistance add-on is a must because a luxury car has particularly different needs in case it gets stranded on the road. This add-on will have your insurance company be fully responsible for sending an expert mechanic if ever you get stranded on the road.
Expert Tip#6: Engine Cover Protection
A luxury car’s premium engine is the very thing that makes it extremely expensive. Hence, you should go all out in securing that it is duly protected and accounted for at all times. With an engine cover protection add-on, you won’t have to worry about costly repair bills in case your engine would get damaged by random uncontrollable and unforeseeable instances like flooding.
Expert Tip#7: No Claim Bonus Protection Cover
Choose a luxury car insurance policy that will allow you to get a discount upon policy renewal if you didn’t get to raise a claim on your previous policy. With a No Claim Bonus Protection Cover add-on though, you could still get a no claim discount even if you raised a claim. Request for this add-on if possible to secure a hefty discount.
Expert Tip#8: Coverage for Liabilities
It is imperative that you choose a luxury car insurance policy that covers Third-party Liability.
Expert Tip#9: OEM Parts
Choose a luxury car insurance policy that will secure that mechanics only get to install original parts should a need for repair arise.
Expert Tip#10: Comprehensive Coverage
Aim to have luxury car insurance that offers comprehensive coverage. Be ready though as it can be more expensive.
Expert Tip#11: Return to Invoice Cover
This provision will ensure that you get to claim the full purchase price of your luxury car should you suffer from total loss. Most luxury car insurance policies settle claims depending on the insured’s declared value which is often lower than a luxury car’s invoice value. Avoid this by opting for a return to invoice cover add-on.
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