Exotic Car Insurance: Why Do Exotic Autos Need Specialized Insurance?

Exotic and collector cars go far beyond just a means of transportation. They are often the fulfillment of a lifelong dream, or a prized possession. And, like any prized possession, you want to get the best protection possible.

The cost of auto insurance varies widely across the map. The difference between cheapest and costliest vehicles to insure can add up to several thousand dollars a year. According to Forbes, the Audi R8 Spyder Quattro, Mercedes-Benz CL600, Porsche Panamera Turbo, BMW ActiveHybrid 7, and Jaguar XKR Supercharged Convertible rank as some of the most expensive cars to insure. And those models don’t even include the history or unique customization that collector or exotic cars tend to have.

Many auto insurance companies do not insure exotic or classic cars. For a car to even get the title of “exotic” car, it has an unusually high market value. The high speed, rate of acceleration, unique look, high end materials, and low availability also comes with a higher expense.

It is widely known that insurance factors are based on a number of factors. Driving record, age, gender, marital status, address, and credit rating all factor in. The type of car, including make and model, plays a role as well. But how much does that actually matter. As a general rule of thumb, pricier cars are more expensive to insure, because repairs are more expensive. However there may be breaks, depending on your insurance coverage.

Oftentimes discounts may be available for certain qualifications, such as membership in a car club, or coverage for hard-to-find-parts. In addition, if you have extremely low mileage on your exotic car, and don’t drive it that much, that could qualify you for another discount.

It is essential to find a program that can tailor insurance solutions to fit your unique needs. At Sinclair Risk & Financial Management, we have access to specialty markets to find the right coverage and features for your exotic car. We can help you get a policy to protect the true value of your car- we have programs that will insure collections worth millions, making sure you get full protection. Contact us today for more information. (877) 602-2305