Best Auto Insurance for Exotic Cars in 2024
Need auto insurance for your exotic car? Did you know you could cost you up to $3,000/yr. to insure an exotic vehicle? Compare multiple rates to get the lowest policy.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
UPDATED: Jul 17, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jul 17, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- If you are in the market for an exotic car, you should be aware that it may cost you a little bit more to get the required auto insurance coverage than for a regular car
- There are certain auto insurance companies that specialize in offering auto insurance coverage for exotic cars
- You can reduce the rate that you have to pay for car insurance coverage on an exotic car by shopping around for different rates and making sure that your car is stored in a safe location
- If you are able to show that you only drive your car on certain occasions, then you may be able to lower the cost of your coverage further with a mileage discount
- It typically costs more to repair an exotic car that has been damaged in an accident because the parts are more expensive
Even if you only plan to drive your exotic car on limited occasions, you should still plan to get the required auto insurance coverage for it so that you are sure you are following the state law.
It is true that coverage for an exotic vehicle generally costs more than for a regular car or truck, but there are specific things you can do to make sure that you do not pay more than you have to for your insurance policy.
Compare car insurance quotes today to find the best deal for the coverage you need.
The Types of Coverage You Should Consider for an Exotic Car
If you drive an exotic car, there are some optional insurance coverages that you should consider to make sure that you are not paying for an expensive repair on your own after an auto accident.
While you are required to have at least a basic auto liability policy, you should also consider getting comprehensive and collision insurance.
When you are the cause of an accident, your auto liability coverage will pay for the damage that you cause to another car, but it will not help to pay for any repairs to your own car or truck that were your fault.
On the other hand, when you damage your car and have comprehensive and collision insurance, you will be covered for the cost of the repairs up to the limit of your policy.
The difference between comprehensive and collision insurance is that collision insurance is specifically used when your car is damaged because you collided with another object.
Comprehensive insurance is for other types of incidents, such as damage to your car or truck from a severe weather event.
With both comprehensive and collision insurance, you will have to pay a deductible out of your own pocket when you go to file a claim. This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay
This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay the balance of your repair.
For example, if you have a $500 deductible, you would have to pay the first $500 of your repair bill before you get any reimbursement or coverage for the rest.
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Ways to Keep the Cost Down for Car Insurance for an Exotic Car
If you are looking for ways to keep your car insurance premium affordable, here are some suggestions:
- You should look into car insurance companies that specifically provide auto insurance coverage for exotic cars.
- Shop around and compare prices.
- Drive the car for limited purposes.
- Park in a secure location.
Specialty insurers are typically more familiar with the risks involved in insuring these types of vehicles and can offer specific discounts to exotic car owners.
In addition, you should make sure to check into more than one car insurance company before getting a policy for your exotic car.
Without shopping around for different auto insurance rates, you cannot be sure that you are paying a reasonable price in your area for coverage. Even if you live in one of the best cities for custom and exotic cars, you should always shop around for quotes.
There are free tools that you can use to compare rates online, which means that you can have an auto insurance quote set before you even step into the dealership to purchase an exotic vehicle.
Another way that you can keep your car insurance premium in check is to let the car insurance company know if you only plan to drive your car for limited purposes.
For example, if you are not commuting to work daily in your exotic car, you may be able to pay a lower rate for auto insurance coverage than if you used it like a regular car every day.
A car insurance company will also be pleased to see if you are keeping your car in a safe area when you are not driving it. You will often be able to get a lower rate on your car insurance policy by showing that you have your exotic car or truck stored in an enclosed private garage.
Setting the Appropriate Limits for Your Car Insurance Policy
Given that an exotic car is more of a liability than a regular car, you will want to make sure that your policy limits reflect the increased risk. If your policy limits are set too low, then you could end up having to pay more out of your own pocket than you can afford.
You might also want to consider gap coverage if you are financing your exotic car. This type of coverage helps you out in the event that you still owe payments on your car that was damaged beyond repair in an accident.
With this coverage, you will not have to worry about having to make payments on a car that you can no longer drive.
Final Thoughts on Finding Car Insurance Coverage for an Exotic Car
If you are going to buy an exotic car, you should be prepared to pay a little more for car insurance coverage than what you would be able to get for a regular car.
You can take precautions to get your car insurance premium as low as possible for your exotic car, such as making sure the auto insurance company knows that you store it in a safe place and only driving it on special occasions.
The best way to know that you are not paying too much for exotic car insurance coverage is to look into more than one car insurance provider and compare the rate options. Compare today using our free rate tool.
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Frequently Asked Questions
What is considered an exotic vehicle?
Exotic vehicles typically refer to high-value, rare, or luxury cars. These may include brands such as Ferrari, Lamborghini, Bugatti, Aston Martin, and others.
Is it necessary to have auto insurance for an exotic vehicle?
Yes, it is necessary to have auto insurance for an exotic vehicle, just like any other vehicle. In fact, due to their high value and unique characteristics, it is even more crucial to have adequate insurance coverage for exotic vehicles.
Can I insure an exotic vehicle with a standard auto insurance policy?
While it is possible to insure an exotic vehicle with a standard auto insurance policy, it may not provide sufficient coverage for the unique needs of these vehicles. Specialized insurance policies designed for exotic vehicles are generally recommended.
What are the advantages of specialized insurance for exotic vehicles?
- Higher coverage limits: Specialized policies can offer higher coverage limits to account for the higher value of exotic vehicles.
- Agreed value coverage: These policies often provide “agreed value” coverage, where the insurer and the policyholder agree on the vehicle’s value upfront. This ensures fair compensation in case of a total loss.
- Customized coverage: Exotic vehicle insurance can offer coverage tailored to the unique needs of these vehicles, including coverage for rare parts, collectible value, and specialized repairs.
- Access to specialized repair shops: These policies may provide access to repair shops that specialize in exotic vehicles, ensuring proper maintenance and repairs by experienced professionals.
- Enhanced roadside assistance: Specialized policies often include enhanced roadside assistance services specifically designed for exotic vehicles.
Are there any downsides to specialized insurance for exotic vehicles?
- Higher premiums: Specialized insurance for exotic vehicles typically comes with higher premiums compared to standard auto insurance policies due to the higher value and unique risks associated with these vehicles.
- Limited availability: Finding specialized insurance coverage for exotic vehicles can sometimes be challenging, as not all insurance companies offer these policies.
- Stringent requirements: Insurance companies may have specific requirements for exotic vehicle owners, such as secure storage, limited mileage, and driver qualifications, which may be more restrictive than standard policies.
How can I find specialized insurance for my exotic vehicle?
To find specialized insurance for your exotic vehicle, it is recommended to work with an insurance broker or agent who specializes in high-value or exotic vehicles. They can help you navigate the insurance market and find the best coverage options for your specific needs.
What factors affect the cost of insurance for exotic vehicles?
The cost of insurance for exotic vehicles can be influenced by various factors, including the vehicle’s make and model, age, value, driving record, location, storage arrangements, usage, and desired coverage limits.
What should I consider when selecting an insurance policy for my exotic vehicle?
When selecting an insurance policy for your exotic vehicle, consider the coverage limits, deductibles, policy exclusions, roadside assistance services, repair shop options, and the financial stability and reputation of the insurance company.
Free Auto Insurance Comparison
Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.