Auto Insurance for Rich People (2024)
Auto insurance for rich people is very different from the standard auto insurance offered for regular insurance policies. High-end insurance policies often include extra perks and coverages to not only protect the unique nature of the cars they are insuring, but to also ensure that a certain lifestyle is maintained even in the event of an accident.
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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: Oct 18, 2023
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: Oct 18, 2023
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
- Rich people need auto insurance just as surely as regular people, but a lot of their auto insurance policies come with perks and additions most people are not given.
- Wealthy people also tend to choose auto insurance companies that many of us have never heard of. We are not talking about Geico and State Farm, but rather Chubb and Fireman’s Fund.
- Auto insurance is required by law no matter how much money you make or have, but not all auto insurance policies are created equal.
- Rich people often choose high-end auto insurance to cover their expensive, luxury cars.
A lot of things are different for rich people, but you wouldn’t expect auto insurance for rich people to be different too, would you? Unsurprisingly, it is. Auto insurance companies for the wealthy tailor themselves to the high-end cars and lifestyles that they are insuring.
High-end auto insurance companies often offer a ton of extra perks and coverage options that you will not see on your typical auto insurance policy. They also offer protections that standard auto insurance policies cannot match.
Auto insurance laws require everyone to carry insurance coverage, but auto insurance for rich people is a lot different from standard policies.
Obviously, auto insurance for rich people is very different because the people and cars being insured are far from standard. These policies require extra considerations and protections because of their uniqueness.
If you’re ready to buy auto insurance for rich people, enter your ZIP code above to compare auto insurance quotes for rich people.
What extra perks or coverages are offered by high-end auto insurance companies?
One of the top perks of choosing a high-end auto insurance company is you can agree to the value of your car. What does that mean? Typically, if your car is totaled or stolen, your insurance policy will pay you the current value of your car.
As you know your car depreciates over time, and so what your car is valued at by your insurance company may be less than you actually still owe on it. For rich people who drive luxury and exotic cars, the typical insurance policy will not cut it.
Insurance companies for the wealthy will agree to the value of the car that is being insured before the policy is purchased. If or when anything happens to the car, the agreed-upon value is what is paid out to cover the cost of replacement.
High-end luxury insurance companies also pay for original manufacturer parts. This is very important for people who drive classic or exotic cars. Most insurance companies won’t pay for original parts only aftermarket parts for repairs.
Even if you buy classic car auto insurance from one of the big auto insurance companies you may not be covered for original parts should you need repairs.
Classic Car Average Annual Auto Insurance Rates by Insurance Coverage
| State | Average Annual Full Coverage Rates | Average Annual Comprehensive Rates | Average Annual Collision Rates | Average Annual Liability Rates |
|---|---|---|---|---|
| Idaho | $407.93 | $69.93 | $131.43 | $206.57 |
| Iowa | $421.48 | $110.12 | $131.85 | $179.51 |
| Maine | $422.29 | $62.99 | $155.99 | $203.32 |
| Wisconsin | $442.31 | $82.09 | $135.60 | $224.62 |
| Indiana | $453.02 | $73.24 | $150.17 | $229.61 |
| Vermont | $458.41 | $75.29 | $177.25 | $205.87 |
| South Dakota | $460.15 | $154.87 | $125.15 | $180.13 |
| North Dakota | $463.98 | $138.62 | $146.45 | $178.91 |
| Ohio | $473.14 | $72.97 | $161.90 | $238.27 |
| North Carolina | $473.45 | $81.65 | $176.15 | $215.65 |
| New Hampshire | $491.25 | $66.46 | $184.45 | $240.34 |
| Nebraska | $498.61 | $137.55 | $142.28 | $218.78 |
| Virginia | $505.60 | $81.92 | $168.31 | $255.37 |
| Wyoming | $508.46 | $148.54 | $167.30 | $192.62 |
| Kansas | $517.76 | $144.82 | $158.00 | $214.94 |
| Montana | $518.11 | $127.15 | $159.19 | $231.77 |
| Alabama | $521.09 | $93.79 | $190.78 | $236.53 |
| Tennessee | $522.86 | $89.07 | $185.44 | $248.35 |
| Missouri | $523.46 | $108.76 | $165.17 | $249.53 |
| Utah | $523.76 | $65.70 | $159.54 | $298.52 |
| Hawaii | $523.97 | $60.94 | $187.90 | $275.12 |
| Minnesota | $525.29 | $110.56 | $140.64 | $274.09 |
| Illinois | $530.74 | $76.88 | $185.83 | $268.03 |
| Oregon | $542.90 | $56.32 | $136.10 | $350.48 |
| Arkansas | $543.80 | $114.25 | $193.08 | $236.48 |
| New Mexico | $562.55 | $103.54 | $166.19 | $292.82 |
| Kentucky | $563.11 | $84.83 | $160.75 | $317.53 |
| Washington | $581.28 | $63.83 | $159.44 | $358.00 |
| Pennsylvania | $582.31 | $86.53 | $196.34 | $299.44 |
| Arizona | $583.71 | $111.67 | $166.78 | $305.26 |
| South Carolina | $583.86 | $108.56 | $159.04 | $316.25 |
| Colorado | $588.98 | $104.77 | $172.20 | $312.02 |
| California | $592.05 | $60.32 | $237.93 | $293.80 |
| Mississippi | $596.43 | $126.20 | $193.93 | $276.30 |
| Oklahoma | $603.19 | $135.50 | $191.08 | $276.61 |
| National Average | $605.63 | $88.82 | $193.57 | $323.24 |
| West Virginia | $615.47 | $122.57 | $197.80 | $295.10 |
| Alaska | $616.65 | $82.36 | $210.49 | $323.81 |
| Georgia | $629.04 | $95.51 | $199.10 | $334.43 |
| Nevada | $661.83 | $70.58 | $182.32 | $408.94 |
| Texas | $665.80 | $123.85 | $224.69 | $317.25 |
| Maryland | $669.87 | $91.63 | $212.39 | $365.84 |
| Massachusetts | $677.57 | $80.98 | $232.97 | $363.62 |
| Connecticut | $690.64 | $78.97 | $221.11 | $390.56 |
| Delaware | $744.34 | $73.49 | $191.26 | $479.58 |
| Florida | $754.28 | $69.92 | $169.78 | $514.58 |
| Rhode Island | $782.10 | $79.31 | $246.91 | $455.88 |
| District of Columbia | $798.44 | $139.94 | $281.20 | $377.29 |
| New York | $816.40 | $102.67 | $231.01 | $482.71 |
| Michigan | $818.40 | $92.91 | $248.30 | $477.19 |
| New Jersey | $829.67 | $78.81 | $229.12 | $521.74 |
| Louisiana | $843.22 | $129.10 | $248.62 | $465.50 |
Finally, one other major perk to choosing a luxury insurance company is they don’t have a daily limit on car rentals while your current car is getting repaired. Most insurance policies cap this coverage, but wealthy people who drive a Bentley don’t want to be stuck in a Prius while their car is in the shop.
Auto insurance for high-end cars ensures the rich that they can continue to live the lifestyle they are accustomed to even when their car is broken.
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What companies offer auto insurance for rich people?
You have probably never heard of Chubb auto insurance or Fireman’s Fund or even PURE, but these companies tailor their insurance products to wealthy individuals and families.
Chubb insurance, for example, offers coverage for renters, jewelry, cars, arts, vintage wines, and so much more. If it is a luxury item or valuable, you can insure it with Chubb and likely other high-end insurance companies.
Are there higher coverage limits with high-end auto insurance policies?
Wealthy people are often concerned about being targets of lawsuits should they be involved in an accident. They may wonder if there are higher coverage limits associated with high-end auto insurance policies. The answer is, yes.
Typical auto insurance policies have coverage limits of anywhere from $300,000 to $500,000. This may seem like a lot of money, but if you are wealthy this may not be enough coverage for a lawsuit. Auto insurance companies for rich people, like Chubb, can offer up to $10 million in liability insurance for wealthy clients.
Can rich people save on their auto insurance too?
With all of the extra perks and add-ons, you might be thinking that rich people won’t be able to access the same auto insurance savings like everyone else. While it may be true that their policies are more expensive, they can still take advantage of potential savings.
Speak with your auto insurance agent to see if you can get a discount for some of these common things.
- multi-policy bundle
- customer loyalty
- safe driver
You won’t know how much money you can save on your auto insurance until you speak with your agent.
If you’re ready to compare auto insurance rates for wealthy people, enter your ZIP code below to see cheap auto insurance rates for rich people near you.
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Frequently Asked Questions
Can rich people save on their auto insurance too?
Yes, even though high-end auto insurance policies may come with additional costs due to extra perks and coverage options, rich people can still save on their insurance. They can inquire about potential discounts such as multi-policy bundles, customer loyalty discounts, and safe driver discounts. Speaking with an insurance agent is the best way to explore available savings options.
Do high-end auto insurance policies cover rare or collector’s cars?
Yes, high-end auto insurance companies often specialize in covering rare and collector’s cars. They understand the unique value and requirements of these vehicles and offer specialized coverage options.
Can high-end auto insurance policies cover multiple luxury vehicles under one policy?
Yes, high-end insurers typically allow coverage for multiple luxury vehicles under a single policy. This can streamline the insurance process and potentially provide cost savings.
Are high-end auto insurance policies available for leased luxury cars?
Yes, high-end insurers offer coverage options for leased luxury cars. It is important to ensure that the insurance policy meets the requirements set by the leasing company.
Can high-end auto insurance policies cover custom modifications or upgrades to luxury cars?
Yes, high-end insurers understand that luxury car owners often make custom modifications or upgrades to their vehicles. They can provide coverage for these enhancements, ensuring that the full value of the customized car is protected.
Are there any special considerations for insuring vintage or classic luxury cars?
Yes, insuring vintage or classic luxury cars may require specialized coverage. High-end auto insurance companies often have expertise in this area and can offer tailored policies to protect the unique value and historical significance of these vehicles.
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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.