The cost of insuring a high-end vehicle is significantly higher than insuring a standard car. Luxury cars often feature advanced technology and premium components, leading to increased repair or replacement costs. Understanding the factors that influence these costs and identifying the best insurance providers for your needs is crucial.
Summary: Best Luxury Car Insurance Companies
Travelers is considered the best overall luxury car insurance provider and offers the most affordable rates. Nationwide is also a superb choice and is especially great for those with speeding tickets. Erie is favored for its excellent collision repair claims service, and Progressive is best for drivers with a DUI. Auto-Owners is highly rated for drivers who have new cars.
Best Overall: Travelers
Travelers is rated the best option for luxury cars due to its low-cost luxury car insurance rates. Their average annual cost of $2,561 makes it the cheapest among the companies reviewed. This company also has good rates for drivers with clean records, accidents, and citations. It also offers several coverage options.
Pros:
- Offers accident forgiveness, new car replacement and a vanishing deductible.
- Low level of complaints.
- Good rates for senior drivers.
Cons:
- Doesn’t offer SR-22 insurance.
- Rates are only mediocre for drivers with poor credit.
States Available In: Travelers auto insurance is available in 42 states and Washington, D.C.
Best for Drivers With a Speeding Ticket: Nationwide
Nationwide’s key strength is its great rates for drivers with speeding tickets, with rates that are very good compared to its competitors. This company also provides great luxury car rates.
Pros:
- Offers gap insurance and new car replacement coverage.
- Accident forgiveness and a vanishing deductible.
- SmartRide usage-based insurance program is available for safe drivers.
Cons:
- Rates for drivers with a DUI are higher than some top competitors.
States Available In: Nationwide car insurance is available in 46 states and Washington, D.C.
Best for Collision Repairs: Erie
Erie earns high marks for the quality of its claims service for collision repairs. Additionally, Erie has good rates for luxury cars with a very low incidence of complaints.
Pros:
- Gap insurance, accident forgiveness, and vanishing deductibles.
- New car replacement for new cars.
- Rideshare insurance.
Cons:
- Higher costs for drivers with poor credit.
- Only available in 12 states.
States Available In: Erie is available in 12 states and Washington, D.C.
Best for Drivers With a DUI: Progressive
Progressive offers affordable luxury car insurance and tends to be least expensive among the companies reviewed for drivers with a DUI. Their extensive coverage options make it a standout.
Pros:
- Low level of complaints.
- Offers SR-22 insurance.
- Accident forgiveness, gap insurance, and a vanishing deductible.
Cons:
- Doesn’t offer new car replacement coverage.
- Snapshot (usage-based program) may cause rates to increase for low driving scores.
States Available In: Progressive is available in all 50 states and Washington, D.C.
Best for New Cars: Auto-Owners
Auto-Owners provides many coverage choices for new car owners. Offers purchase price guarantee coverage and also “total loss to a new automobile” coverage.
Pros:
- Accident forgiveness and a vanishing deductible.
- Gap insurance.
- Received a B grade for claims process by collision repair experts.
Cons:
- Higher rates for drivers with poor credit.
- Doesn’t offer SR-22s.
States Available In: Auto-Owners car insurance is available in 26 states.
Exotic Cars vs. Luxury Cars: The Difference
Exotic cars, which are produced in limited numbers, are rarer than luxury cars. Examples include Ferraris, McLarens, and Lamborghinis. Luxury and exotic cars share high-quality features and advanced technology.
Cost of Luxury Car Insurance
The national average cost to insure a luxury car is $4,094 per year, significantly more than the cost of insuring a standard vehicle. Travelers has the cheapest average cost at $2,561 per year.
Factors That Affect Luxury Car Insurance Rates
Several factors influence luxury car insurance costs including:
- Age and driving experience.
- Car insurance history.
- Make and model of the car.
- Coverage selections.
- Claims history.
- Credit-based insurance score.
- Deductible amount.
- Driving record.
- Gender.
- Location.
Car insurance for luxury and exotic cars includes the same basic coverage as standard cars, including liability, uninsured motorist, personal injury protection, collision, and comprehensive coverage.
How To Get Exotic and Luxury Car Insurance
If your luxury car seems to be too risky, you may need to get a policy from a specialty insurance company.
Assess Your Needs: Determine specific needs. Exotic cars may require extra coverage from a specialty insurer. For luxury cars, consider available add-ons like new car replacement.
Raise Your Deductibles: Picking a higher deductible can lower luxury car insurance rates.
Compare Rates: Shop with several insurance companies.
Ask For Discounts: Inquire about available discounts, such as paperless billing or low-mileage discounts.
Bundle if You Can: Consider bundling auto and home insurance for potential savings.
Frequently Asked Questions (FAQs)
Are sports cars classified as exotic?
Sports cars can be classified as exotic depending on their horsepower and rarity. Ferraris are usually considered exotic.
Are imported cars classified as exotic?
Imported cars may also be defined as exotic.
Which luxury car makes are most expensive to insure?
Maserati makes the most expensive luxury cars to insure, excluding exotics or other ultra-special vehicles.
Which luxury car is the most expensive to insure?
The Maserati Quattroporte is the most expensive luxury car to insure, costing $6,523 per year, according to our analysis of luxury car rates.
