Luxury sports cars are not something that everyone can afford. These kinds of cars are what dreams are made of, and the person who is finally able to find and afford the luxury car of their dreams will seriously want to consider purchasing luxury car insurance. These automobiles are not like normal cars, and should not be treated as such. Luxury cars are more likely to be targeted by car thieves, which is only one of the reasons why luxury car insurance should be highly considered when becoming an owner of one of these majestic vehicles.

Things To Know When Looking For Luxury Car Insurance

First of all, because of the higher worth of the vehicle, a luxury car policy will be more expensive than a normal car insurance policy. You will also find that not all car insurance companies offer luxury car insurance. When buying your luxury automobile through a dealership, it is likely that the salesperson will be able to recommend a luxury car insurance company. If you buy your car privately, you can find insurance company advertisements in luxury car publications such as Car and Driver or Hemming's Auto News. You will also be able to find luxury car insurance by searching the Internet.

Since rates on policies are based on replacement costs and repairs, the premium you pay for a luxury car insurance policy will usually be around 20 percent higher than a normal vehicle. Mileage is also an important part of a luxury car insurance policy, so it is important to be honest with your insurance rep about how you plan to use the car. Will you be driving it everyday, or are you going to store it away and only use it on special occasions? Reporting the accurate estimated mileage is important, and by using the car sparingly you can likely save thousands of dollars per year on your premium.

When searching for luxury auto insurance, it is also important to discuss with the insurance rep things that can save you money on your premium. Many companies give discounted premiums for things such as power locks, alarms, and other security related features. A spotless driving record will also help in getting a lower premium.

How Much Can I Expect To Pay?

While it all depends on the factors listed above, to insure a luxury sports car will likely run somewhere around $10,000 per year. Rates will vary based on your driving record, security options, how often you drive the car, and, of course, the value of the vehicle. The more your luxury car is worth, the more you are going to pay for insurance.

One way you can likely lower your insurance premium is by shopping for a different insurance provider each time your policy is about to expire. Car insurance in general is a highly competitive industry, and it is even more competitive in the luxury car industry. Instead of just renewing your policy with the same carrier on an annual basis you can likely get a better rate from another insurer as they will always want to give you a better deal to steal your business.

There are many rate comparison services available online that can help save you money by providing quotes from several different companies. This can help save you hundreds of dollars, and when your paying close to $10,000 per year for auto insurance, you will want to find the best deal possible.

General Items

Don't forget to disclose any aftermarket accessories you have added to your luxury car to your insurance company. Your policy will cover whatever comes with the car, but if you have an upgraded stereo system or something like a nitrous oxide supercharger, it likely won't be covered unless it is specifically included in your policy. Joining an owners club for the type of luxury car you own can also help. People in the club have also had to insure their vehicles, so if you need help finding insurance you should be able to get the advice that you need. These clubs are also good for providing excellent advice on maintenance and special problems with the vehicle.

Keeping these things in mind will be able to help you in finding the best luxury car insurance for your needs at the best rate. A luxury vehicle is one of the biggest investments you will ever make, so making sure your investment is protected is something that should not be taken for granted.