Insuring your high-end or luxury car
Do you have a vehicle that's considered high-end or luxury? Learn how to get the right insurance to protect your car.
Key Takeaways
- Most insurance companies don't offer a separate policy for luxury or high-end vehicles. Instead, a standard auto insurance policy is customized with higher limits and endorsements tailored to the specific needs of your car.
- Luxury car insurance costs more than standard auto insurance due to higher vehicle replacement values and significantly more expensive parts and labor for repairs — your driving record, age, location, and how often you drive also affect your rate.
- Key coverages to consider for a high-end or luxury car include Comprehensive and Collision coverage, New Car Replacement (pays for a brand-new car if yours is totaled or stolen in the first year), Original Parts Replacement, and Gap Insurance (covers the difference between what you owe on a loan and the car's actual value if it's a total loss).
- Luxury car insurance premiums may be reduced by increasing your deductibles, using a telematics program like Liberty Mutual's RightTrack®, or bundling your auto and home insurance with the same insurer.
Looking to insure a high-end or luxury car such a Porche, Cadillac, or BMW? Getting coverage for a high-end or luxury car isn't difficult, however, you'll want to discuss options with your insurance company or agent who can help you get the coverage you need.
Keep in mind, insurance for a high-end or luxury car is different from getting insurance on a car that's considered classic, antique, or exotic.
Is there specific insurance for high-end cars?
In general, most insurance companies don't offer separate auto insurance policies for high-end or luxury cars. However, a standard auto insurance policy can be customized to fit your needs. For example, you can ask about higher limits, as well as endorsements for protecting specific features of your vehicle.
What types of auto insurance coverage should I consider for my high-end car?
A standard auto insurance policy includes all the basic coverages. However, for a high-end car, you may want to make sure you add Comprehensive and Collision Coverage to your policy. Given the high cost of parts and labor to repair high-end cars, these coverages can help regardless of fault.
Other optional coverages to consider include
- New Car ReplacementTM Insurance: if your new car is stolen or totaled in the first year, you'll get the money for a brand-new car, not just the depreciated value.1
- Original Parts Replacement: Replace any damaged parts to your vehicle with parts that meet the highest quality standards.2
- Gap Insurance Coverage: helps pay the difference between what's owed on a vehicle loan and the actual value of it, if it's stolen or a total loss.
Is car insurance for a luxury car more expensive?
Buying auto coverage for a luxury car will generally cost you more due to the cost to replace a high-end vehicle. It also costs more in parts and labor to repair these types of luxury cars when they become involved in an accident.
Other price factors when it comes to what you'll pay for insurance can include your
- Driving record
- How often you drive your car
- Age
- Where you live
How can I reduce my insurance premiums for my high-end or luxury car?
Much like a standard auto insurance policy, there are ways you can help reduce your cost. Some common things are
- Increase your deductibles
- Install a theft deterrent device like an alarm
- Use a telematics program like Liberty Mutual's RightTrack
- Bundling your car and home insurance with 1 insurance company
See how much you could save on car insurance when you only pay for what you need.
Written by Kathryn Messer
Kathryn Messer is an insurance and financial services copywriter with more than 25 years of hands on industry experience. A fully licensed P&C and Life & Health broker, she has worked as an independent agency owner, commercial risk manager, and financial and investment adviser. She holds CIC, CPCU, CFP, and LUTC designations. Her writing is grounded in real world knowledge of insurance operations, regulatory complexity, P&C claims, insurance technology, and sales—giving clients a true subject matter expert with no learning curve.