Exotic Car Insurance
One of the greatest feelings someone can experience in their lifetime is to finally own their dream car after years of hard work and yearning for that exotic car. Maybe you have always wanted a super car like a McLaren or a Ferrari, no matter your taste in vehicles, there is one very important aspect of owning an exotic car that many people overlook when they are able to make that purchase. Exotic car insurance, unlike standard car insurance, is a specific insurance product that offers specialty coverage for exotic vehicles.
If you have purchased an exotic car, chances are, you also own a higher value home. If you own a high value home, you know that there are specific coverages that you need to properly insure your high value home that are offered by specialty insurance carriers. Your insurance agent may have pointed this out or you may have done your own research on the subject. No matter how you got there, you have an understanding of specialty coverage. Your exotic car insurance is no different, in fact, exotic car insurance is one of the specialty coverages that we offer our clients. The Benefits of Exotic Car Insurance When it comes to exotic car insurance, there are a multitude of benefits that this specific type of coverage offers, however we would be writing a novel if we listed them all. For sake of brevity, let’s take a look at the top four benefits that exotic car insurance offers you, the vehicle owner.
Agreed Value: Some insurance carriers refer to this type of coverage as guaranteed value, but for all intensive purposes, agreed value and guaranteed value both mean that you and the insurance carrier agree on the value of the exotic car and you will be paid that agreed upon amount in the event of a total loss. In less insurance based lingo, this means that if you wreck your exotic car and the cost to fix the car would be more than a certain percentage than the car is worth, the insurance carrier would order the car to be totaled out and you would receive a check in the mail. This is certainly important to note because standard insurance policies typically insure a vehicle based on the Actual Cash Value or ACV. This means that they would factor in depreciation and other inputs when valuing your exotic car at the time of loss. The problem with this is that there is most definitely a secondary or collector market for exotic vehicles, so they typically hold their value if not increase in value. An agreed value policy will allow you to insure your exotic car for what it is actually worth rather than relying on an insurance adjuster to value it at the time of loss. This makes agreed value a must have coverage within your exotic car insurance policy.
Claims Options: Most vehicles owners don’t like to consider the idea that they would ever have a claim, the unfortunate truth however is that it is likely to happen in your lifetime. The good news is this is exactly why you need to purchase an exotic car insurance policy. While we mentioned above the benefits of agreed value in the case of a total loss, we have not yet discussed the notion of a partial loss or a partial claim. This could be something as simple as a cracked windshield or a dent in your exotic car door. The problem with relying on standard car insurance to properly fix your exotic car is that it is not designed to handle the high value nature of your claim. Exotic cars, because they are typically hand made with the highest quality of materials, cost more on average to fix. Not to mention the need to find a qualified mechanic that is certified to work on your car as well, which will cost more on average also. These are all important aspects of the correct exotic car insurance policy for your unique situation.
Year Round Coverage: No matter where you live in the United States, we can all agree that the past five years or so have brought with them unique weather conditions. Many parts of the country have had extended driving seasons and in some places you might not know what the next day will entail weather wise. This is important to note, because exotic car insurance does not limit your driving throughout the year. When you purchase an exotic car insurance policy, you are giving yourself coverage for the entire year which allows you the peace of mind knowing that your coverage will follow your exotic car wherever and whenever you decide to go.
Lower Premiums: Lastly, and sometimes most importantly for some owners, exotic car insurance typically offers a lower insurance premium than your average car insurance policy from the standard insurance market. Specialty exotic car insurance factors in the collectability of your vehicle, which means that they offer lower premiums knowing that you are going to take extra care when dealing with your exotic car as well as limiting the miles you drive to preserve the value of the vehicle as well. While there is no guarantee that your premium will be lower than what you are paying now, we can tell you that we will offer you the best exotic car insurance at the lowest price point possible.
Why You Need Exotic Car Insurance
Now that you know and understand some of the unique benefits that exotic car insurance coverage offers you as an exotic car owner, the next step you need to take is to reach out and get yourself an insurance quote for your vehicle. Our staff is trained to help you and serve your unique needs as an exotic car owner. We offer concierge level service throughout the entire process of quoting, reviewing, and purchasing an exotic car insurance policy.Get Started with an Exotic Car Insurance Quote Today!