Luxury cars shouldn't always be costly to insure
Luxury and premium class vehicles are known for their looks, performance, comfort and price of course. With a starting point around $50,000 the prices for this type of vehicles is a clear sign that insuring luxury cars is also a costly endeavor. Insurance providers usually include the following car makes to the classification of luxury and premium class vehicles: Bentley, Rolls Royce, Ferrari, Lamborghini, Porsche, Aston Martin, Bugatti, Maserati as well as particular models by BMW, Mercedes, Audi, Toyota and other manufacturers. The typical insurance rates that come with these vehicles are higher than the average, but on the other hand there are usually higher coverage amounts and broader coverage options included with the policy.
One of the main causes behind higher insurance rates for luxury vehicles is their infamous popularity among car thieves. Another factor is the higher repair cost for most luxury vehicles if compared to cheaper cars, with some car models requiring exclusive parts to be purchased directly from the manufacturers. And that certainly ads up to cost of insuring such autos.
Luxury car owners represent a particular driver group from the statistical point of view. The typical luxury car owner is a male in his 40's with a good job, a family and a responsible attitude on the road. These vehicles are usually driven on weekends or on special occasions and are rarely used as everyday go-around autos, so the risk of having an accident is lower. On the other hand the performance characteristics of most luxury cars provoke aggressive driving due to larger engine volume and higher top speeds, especially with luxury sports cars. And this puts luxury car owners in a high risk driver group.
It's usually recommended that luxury car owners to address insurance providers dealing with specialty insurance rather than getting standard policies. Specialty car insurance quotes are always higher, yet on the other hand such policies provide broader coverage for larger amounts – something that's really useful assuming the average price people pay for luxury vehicles. It's suggested to go with the “agreed value” option, if available, because it will cover the entire value of the car were it totaled and there's no depreciation with this type of policies.
Still, it doesn't mean that luxury car owners shouldn't shop around. Getting multiple car insurance quotes is as important as with any other vehicle type, the only difference is the amount of coverage in question. There are many companies out there and you'll get different car insurance quotes from each of them. Another good way to cut your rates is to keep the mileage low with your premium vehicle. If you're not using it as an everyday car there won't be a problem getting a low mileage discount for your car. Also consider joining a brand car owners club. These clubs usually offer special benefits to their members for a small fee and a discount on auto insurance is one of the most common things you can get with your membership.
So, having an expensive vehicle doesn't always mean that auto insurance should be expensive to. All you need to do is put your mind into it and there will be some money saved.