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Luxury Cars: Cheap Car Insurance Isn't Worth It

No matter what type of vehicle you own, you don't want to overpay for car insurance. However, if you own a luxury or classic car, you want to investigate your insurance provider and make absolutely sure that your coverage is adequate. After all, you have a valuable vehicle, and you want to be certain that your coverage won't leave you high and dry if you are ever in an accident.

Investigate specialty insurers. If you have a collectible car, you might want to look into the possibility of insuring it with an insurance company that knows about classic and niche cars. Classic car insurance companies offer different policy provisions than standard insurance companies that cater to the very specific needs of vintage car owners. If you have a car that you only take out for parades and car shows but do not otherwise drive, you might find that classic car insurers offer reduced rates for reduced mileage. If you use your vintage cars for races, look for a collectible car insurance company that specializes in classic racing cars.

Niche insurance companies that cater to vintage cars have a greater depth of knowledge about the needs of vintage cars. Having an insurer that offers policies that are specific to your type of vehicle may not only save you money, but may make it easier to file claims should the need ever arise.

Cheap car insurance might not be legit. If something seems too good to be true, it more than likely is. Reputable insurance companies tend to charge higher premiums for luxury vehicles because they are a far greater risk for theft and vandalism than economy cars. A company that offers cheap car insurance regardless of the make, model and year of the car might not be a valid insurance company. You might pay dirt-cheap rates, but when it comes time to submit a claim, the company insurance agents might be nowhere to be found.

Cheap car insurance might not cover the proper repair services for your luxury car. Cheap car insurance policies will be inflexible when it comes to the repair facilities for your car. If you have a $100k car, you don't want to take it to just any body shop for repairs—doing so might compromise the factory warranty as well as result in a poor quality service. When you shop for auto insurance for your high-end vehicle, make sure your policy covers repairs from a body shop or repair service that is certified by the vehicle manufacturer to work on your make and model vehicle.

If you want to be safe, use an insurance company that is recommended by your luxury car dealership. When you take your vehicle in for service, ask which insurance companies offer not only the best coverage, but provide the easiest submission procedures. Many car manufacturers offer insurance programs of their own.

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