Exotic Car Insurance

Exotic Car Insurance 101

Find out why your regular auto policy won't cover your exotic cars, and more.

A silver sports car next to a building. Find exotic car insurance.

Exotic cars come with a hefty price tag, which leaves them extra vulnerable to everyday threats on the road and in the garage. From Lamborghinis to Ferraris, your exotic cars must be protected to avoid devastating costly repairs or replacement. That means having the right exotic car insurance.

Fortunately, an independent insurance agent can help you get your exotic car equipped with all the coverage it needs to stay safe while in motion and while parked. They'll get you an exotic car insurance policy long before you have to file a claim. But first, here's a closer look at exotic car insurance.

What Qualifies As an Exotic Car?

Exotic cars can be defined as expensive luxury vehicles, or even rare vehicles. This type of vehicle is unique because it tends to increase in value over time. The following cars are in the exotic car family.

  • Lamborghinis
  • Ferraris
  • McLarens
  • Bugattis
  • Porsches
  • Aston Martins

Due to their extra high value and need for exceedingly costly repairs and maintenance, exotic cars cost much more to insure than everyday cars. They're also a much bigger risk for insurance companies to cover. Exotic cars also tend to be much faster than other vehicles, which contributes to their risk and cost factors. 

Do You Need Exotic Car Insurance?

Even if your exotic vehicle is just for show, it's important to consider an exotic car insurance policy. Your regular auto insurance policy won't be enough for an exotic car. Here are some factors to mull over when choosing the coverage you need.

  • The likelihood of filing a claim is higher if you drive the vehicle regularly, compared to treating it as a collector car.
  • Even if you're a good driver, other drivers could still cause an accident and even be uninsured or underinsured themselves.
  • Even if you store your vehicle in a secure, enclosed space, there's still a risk of theft, vandalism, fire, or other hazards.

An independent insurance agent can further explain the importance of having the right exotic car insurance to protect your luxury vehicle, no matter how much you use it.

How Storage and Usage Affects Exotic Car Insurance Rates

One of the factors in determining which type of exotic car insurance you need is how you use and store your specialty car. You might only take it out for an occasional car show or a Sunday drive, or you might use it daily. Or you might even collect exotic cars and store them in a secure facility or garage.

Depending on how you specifically store and operate your exotic car, you'll require different types and levels of coverage for it. An independent insurance agent is your greatest ally when it comes to getting the right amount of coverage. They'll listen to how exactly you own and operate your exotic vehicle, and get you set up with enough coverage accordingly.

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What Factors Contribute to the Higher Cost of Exotic Car Insurance?

Not only are exotic cars more expensive to buy and maintain, they're also much more expensive to insure. While regular auto insurance premiums can range in the low hundreds or even less monthly, exotic car insurance can be thousands of dollars. But no matter the type of car you own, you're still required by law to have insurance for it.

Here are some factors that influence the high cost of exotic car insurance

  • The extremely high cost of repairs for exotic cars
  • The high cost of replacement parts for exotic cars
  • The need for insurance companies to work with authorized repair shops
  • The higher horsepower of exotic cars, which makes them more likely to get into an accident
  • The higher threat of exotic cars getting stolen or vandalized

Even though exotic car insurance can be costly, it could ultimately be much more expensive in the long run to go without coverage. Having to repair or replace an exotic car out of your own pocket could take a major hit on your bank account. 

Other Factors That Influence Exotic Car Insurance Quotes 

Beyond the obvious risks that come with an exotic car are the more typical factors that influence the cost of all auto insurance policies. These include the following.

Other Factors That Influence Exotic Car Insurance Quotes.

An independent insurance agent can help provide you with exact exotic car insurance quotes and potential discounts in your area.

How to Get Exotic Car Insurance

Getting exotic car insurance might require a few extra steps from securing a regular auto insurance policy. But due to the high value and risk level of your exotic vehicle, having coverage is certainly worth it.

These steps can help you get the right exotic car insurance

  1. Take photos of your car: Take pictures including the interior and exterior. 
  2. Get an appraisal: Have an appraiser determine the agreed value of your exotic car.
  3. Review several insurance policies: Different policies come with different restrictions, such as how often you can drive the vehicle or if other drivers are allowed to operate it.
  4. Update your car's agreed value annually: Your exotic car is likely to increase in value over time, which must be reflected on your insurance policy.

When it comes to finding the right exotic car insurance policy, working with an independent insurance agent is the best strategy. Not only can they help provide advice on what you need to submit to the insurance company, but they can also help you evaluate your needs and risk level, ultimately finding the right policy.

Best Insurance Companies for Exotic Car Insurance

The best way to find the right carrier for your exotic car insurance is through working with an independent insurance agent. They know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more.

While many insurance companies could create an exotic car insurance policy for you, finding coverage could also depend on the area you live in. Here are a few of the top companies for exotic car coverage.

Top companies for exotic car coverage Star Rating
Progressive
5 star rating
Allstate
Hagerty Insurance
Grundy Insurance
5 star rating
PURE Insurance
3.5/5 star rating

Why Are Independent Insurance Agents Awesome?

It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best exotic car coverage, accessibility, and competitive pricing while working for you.

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TrustedChoice.com Article | Reviewed by Paul Martin

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