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If there’s one honest truth in the world of automobiles, it’s that car insurance costs are never quite what you expect them to be. Usually, it comes as a nasty surprise just as you’ve signed the paperwork to take ownership of a car you’ve just bought.
What about specialty cars, though? Specialty cars are unique in terms of finding car insurance but you can still find cheap coverage on your car insurance. Find out what your car insurance quote will be by putting in your ZIP code and getting FREE car insurance quotes!
Your typical auto insurers don’t even provide the option of obtaining an online quote for high performance cars. The same goes for vintage cars, as well. Does high performance car insurance cost more than typical insurance, though, even though the car isn’t driven all the time? Get started now by entering in your ZIP code!
Why Does High Performance Car Insurance Cost More?
High performance automobiles require greater levels of insurance than typical cars because of their value. Also of particular importance is the status of the driver and any additional drivers on the policy. It may be possible to as much as double the cost of specialty car insurance simply by adding a teen driver to the policy, if the insurance company will even take the chance in the first place.
If, for instance, you want to insure a 16-year-old driver on a Lamborghini Gallardo, your agent is as likely to laugh at you as he is to extend you coverage.
What Companies Cover High Performance Cars?
Insurance companies don’t typically allow drivers of high performance vehicles to obtain quotes online. Instead, they require special policies to be drawn up.
That being said, practically all insurance companies do in some way insure high performance cars, but it may be necessary to talk to someone with more seniority than the first person you talk to on the phone. In fact, the low-level policy writers may not know anything at all about exotic car insurance, so you’ll have to ask until you reach someone who does know one way or the other.
How Does High Performance Vehicle Insurance Work?
Like everyday automobile insurance, exotic car insurance has several stipulations. First, when you contact the insurer, you will receive a quote for how much it would cost to cover the vehicle based on your current driving record as well as your requested coverage limits.
You may select higher levels of bodily injury insurance, or lower levels of comprehensive coverage, depending on your desires.
Also similar to standard insurance is the deductible. This can range to practically any amount that you wish, though you will find that by increasing the deductible, you will significantly reduce your policy premium.
Are Any Cars Not Covered?
Exotic vehicle insurance may not be for just any high performance car. You may find that if you are attempting to insure a historically significant vehicle, smaller insurance companies may balk at taking on such risk. Even larger insurers may require you to take a special policy above and beyond typical insurance.
What is “Agreed Value Coverage?”
Just because a car is a 1969 muscle car that was raced in a historically significant race, doesn’t mean that an insurance company is going to take into consideration the added value of its significance. They may just see it as a car from 1969, and attempt to insure it accordingly. Agreed value coverage goes beyond typical insurance to cover a vehicle for its perceived worth as much as its intrinsic worth.
The way the coverage works is that you submit an appraisal or your belief of what the car is worth to the insurance company, and they write a policy for that amount of coverage. The premium you pay will be based on that amount.
Often, insurers will impose specific stipulations to covering your high-performance car. Depending on what kind of car it is, they may require that the car not be driven by certain members of your household. This is most likely to happen when an inexperienced teen driver is involved, or a driver with multiple moving violations is to be added to the policy.
Getting the Best Price
Obtaining good insurance quotes for high-performance vehicles is similar to getting good quotes for a family sedan. Comparison shopping is a requirement, though. You simply cannot take an insurance agent’s word that their company’s price is the lowest.
Even companies that purport to comparison shop for you, while useful for normal cars, have trouble comparing rates for high-value vehicles due to their status as specialty insurance products.
Choose at least five companies to call, and take notes about their coverage. Are there any limitations? What is the premium cost and the deductible? Once you’ve got that information, compare the quotes against one another to determine the best price.
Customer Service and Repairs
The best price isn’t the end of your search, though. You’re purchasing specialty auto insurance, so customer service is critically important. Some insurance companies work only with certain collision repair shops, some of which may not be qualified to repair a collision-damaged exotic car.
During the course of comparing the insurance products, ask them what repair shops they would use in the event of a collision, and then contact those repair shops to learn about their credentials. While this may seem nit picky, it’s important to understand that most exotic cars are built to extremely tight tolerances, particularly with regards to how they handle. For instance, BMW automobiles must be weighted at the passenger seats to simulate a driver and passenger for the car to be properly aligned.
Manufacturers such as Ferrari and Lamborghini, as well as Lotus and Aston Martin require their collision service technicians to attend specialized training courses above and beyond their casual studies and experience. Ferrari technicians, for example, must attend training in Maranello, Italy to be fully certified.
Obviously, that makes qualified repair shops difficult to find in some areas, but the difference is akin to having the factory rebuild your car as opposed to “Jeb” using a claw hammer and duct tape at your local lube stop.
Exotic cars aren’t the only vehicle that require special insurance, but while an exotic car may be covered by any of the national insurance companies, race cars are another breed entirely. The unfortunate truth is that many insurers won’t touch race cars because of the near certainty that they will be involved in some sort of damage through their life.
The catch is that race car insurance may not cost as much as you might think. Sure, the car’s being driven at racing events, but it isn’t driven on the road. Statistically speaking, that car’s more likely to have a fender bender pulling out of your driveway than on its five minute push from the trailer to the pits, the eight to fourteen seconds it will spend running down the track, and then its five-minute push back onto the trailer.
How much you’ll pay for exotic or high performance auto insurance depends primarily on three factors: One, your driving record, two, the rarity of the car, and three, how often the car gets used.
Sure, it’s a bit more expensive than insuring an ’89 Chevy Cavailer, but the Cavailer wouldn’t cost nearly as much to repair or replace should something go wrong. So, does high performance car insurance cost more? Sure it does, but it’ll be worth it if you need it one day. Find out what your car insurance quotes will be by putting in your ZIP code to receive FREE car insurance quotes!