Luxury car owners select their vehicles for a variety of reasons: Quality, brand, luxury, attention to detail, comfort, reliability, and pleasure. High-end car owners are discerning. They want the best.
Luxury car owners should expect and receive the best when purchasing insurance for their vehicles. Always work with a broker who specializes in high-end vehicle insurance. Get a curated policy and coverages, signature service from expert brokers, and prompt and personal service.
Luxury car insurance is coverage curated especially for high-value, exotic, and specialty classic cars and their owners. Luxury car insurance is a distinctive and specialty product within the auto insurance market. It focuses on protecting vehicles by recognizing their value and special requirements. It is important to insure your luxury vehicle with the help of high-end vehicle insurance experts.
Luxury vehicle owners require specialty luxury car insurance to adequately protect them and ensure their vehicles are repaired in a way that doesn't damage their value. Quite apart from standard auto insurance, luxury auto insurance offers many extra features, each tailored to the owners of high-performance exotic cars.
If you own a car worth $100,000 or more, you should have a luxury car insurance policy that protects your investment. Insuring a luxury automobile has unique requirements, and you don’t want to insure your vehicle with a standard auto policy.
If you have an accident or your vehicle is stolen, you do not want your luxury vehicle to be underinsured. Nor do you want to go through a tedious claims settlement process. As a luxury car owner, you need to be insured with an insurance company with a careful approach towards underwriting luxury car insurance, and that has your best interest in mind in the event of a loss.
Luxury car insurance takes into account several factors when determining the policy and coverages. Factors include the vehicle year, make and model, high-performance elements, and vehicle value (generally $100,000 or more). Here are some vehicles that are generally considered to be luxury vehicles in the auto insurance world:
If you are not sure if you need luxury car insurance, contact a prestige car insurance broker who specializes in insuring vehicles in this niche insurance market.
Generally, luxury auto insurance is more expensive than standard car insurance. It’s no secret that the most expensive vehicles to insure are imports such as BMW, Audi, Mercedes Benz, and Porsche. Sticker price will impact insurance rates. Luxury cars are more costly to replace and repair. The cost of repairs and complexity to fix a vehicle is a key factor, and a reason why imports and expensive cars cost more to insure. Certain models are only manufactured in limited numbers, which also increases the price of parts. Theft is also more of a risk with luxury vehicles. Expensive cars are commonly targeted for theft.
When risks are higher, and costs are higher, it generally follows that the insurance premiums will be higher. At the same time, the cost of high-end luxury car insurance can be well worth the price should you have a loss.
For more information on how car insurance premiums are calculated, the Insurance Bureau of Canada offers insight.
We know that price matters. We want you to save as much money as possible on your luxury car insurance. Here are some ways to save:
There are numerous insurance discounts available. Be sure you receive all of the discounts you qualify for. Our luxury car insurance experts will explain the discounts and help you to save.
Luxury car owners need insurance that protects their vehicles by recognizing their value and special requirements. Prestige car insurance brokers are experts at determining what type of luxury car insurance you need. These specialist brokers know which insurance companies offer coverage for high-end vehicles. They know the products, extra features, and ways to help you save. Your best bet is to speak to a luxury car insurance broker.
Chubb Insurance, Aviva Insurance, and The Guarantee (recently acquired by Intact Insurance) are specialty markets for luxury automobiles. Each of these companies specializes in insurance products and services to meet the needs of luxury car owners.
Chubb offers distinctive coverage for high-value and collector cars. Some of its insurance coverages include:
Aviva Insurance provides insurance designed to meet the unique needs of luxury vehicle owners. Some details of its prestige car insurance include:
The Guarantee offers its Guarantee Gold program, which focuses on the needs of high-value car owners. In addition to distinctive insurance products for luxury vehicles, Guarantee provides:
Note: All discounts require that specific criteria are met in order to qualify. Speak to your broker for details.
There are numerous insurance coverage highlights for luxury vehicles. These include:
Our team of luxury car insurance experts at Morison Insurance can get you several quotes for your high-end vehicle. Give us a call or fill out a contact form on this page to speak with one of our luxury car insurance professionals to get a quote started.
Our luxury car insurance brokers at Morison Insurance are here to help with outstanding insurance expertise, insurance experience, and insurance service.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.