Compare Exotic Car Insurance Rates [2023]
Exotic car insurance is a specialty insurance option. Deciding which is the best insurance for exotic cars is the biggest challenge of all. The average exotic car insurance rates in the US are $192.67/mo. Vehicles with more expensive parts are more costly to repair and insure. Continue reading our guide to learn more.
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Joel Ohman
Founder & CFP®
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...
Founder & CFP®
UPDATED: Jul 26, 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 car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above 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 26, 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 car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Exotic cars require special coverage because of their value.
- An insurance agency that specializes in exotic cars will be well-equipped to meet your needs.
- You can find an insurer for your exotic vehicle by doing an online search.
What is exotic car insurance?
When we think of car insurance, most people think of the state’s standard requirements where they live.According to the Insurance Information Institute, each state carries a unique minimum requirement for auto insurance.There are common extra coverages for standard vehicles, including:
- Personal Injury Liability
- Property Liability
- Comprehensive coverage
- Collision coverage
What is considered an exotic car? The exotic car definition is debatable, but an exotic vehicle is determined by the price, high-performance capability, unique design, quality material, size, and limited quantities. Exotic car insurance policies usually carry provisions for specialty parts, accidents, and replacement value. An exotic car owner can’t to the average car parts store to find specialty parts. They usually have to be ordered from a specialty parts provider.The replacement value of an exotic, luxury vehicle is different from your standard BMW’s replacement value. Auto insurance for exotic cars will require you to negotiate a specialty vehicle’s value with your insurance agent when the policy is established.
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How Exotic Car Insurance Differs from Standard Policies
There are antique cars that can also be considered exotic and may not have the ability to travel at 120 miles per hour. Those who own exotic cars purchase a different type of insurance than most other car owners.Some examples of exotic cars that may need to be expanded or customized coverage include:
- Lamborghini Gallardo
- Aston Martin DBS Volante
- Ferrari GTC4Lusso
- Maserati Gran Turismo
Read more: Compare Aston Martin Car Insurance Rates
An exotic car usually costs over $100,000 and is not used for daily driving. Some people may pay as much as $400,000 for a new one. Antique vehicles that fall into the exotic category could cost upwards of a million dollars.Antique car insurance or classic car insurance is also available for some of these other vehicles with slightly different specifications.There may be a division for exotic cars where standard insurance is available. These outfits may even group specialty policies for such categories as:
- Boat Owners
- Muscle cars
- Race cars
- Luxury vehicles
- Antiques
Moreover, some companies offer for you to buy exotic car insurance exclusively.Most exotic cars do not depreciate in the same way that standard cars do.Special car insurance carriers are well versed in car values and the cost to replace them. In the event of a claim, the underwriter will not be left scratching his head while trying to understand these exclusive factors.Locate affordable exotic car insurance for Maserati by entering your ZIP code in the FREE comparison tool.
Best Insurance Company for Exotic Cars
Do you need to find an Audi R8 insurance group? Does Geico’s exotic car insurance cover my exotic car?Geico’s exotic car insurance is under its classic car insurance policy. You’re likely to find exotic auto insurance with the top companies in the United States.Before we move on, let’s look at which companies are the best by market share.
| Companies | A.M. Best Rating | Direct Premiums Written (in billions) | Market Share (in percent) | Loss Ratio (in percent) |
|---|---|---|---|---|
| Allstate | A+ (Superior) | $22.7 (↑) | 9.19% (↓) | 56% (↓) |
| American Family | A (Excellent) | $4.7 (↑) | 1.9% (↑) | 69% (~) |
| Farmers | A (Excellent) | $10.5 (↑) | 4.26% (↓) | 61% (~) |
| Geico | A++ (Superior) | $33.1 (↑) | 13.41% (↑) | 71% (~) |
| Liberty Mutual | A (Excellent) | $11.8 (↑) | 4.77% (↓) | 62% (~) |
| Nationwide | A+ (Superior) | $6.7 (↓) | 2.73% (↓) | 58% (↓) |
| Progressive | A+ (Superior) | $27.1 (↑) | 10.97% (↑) | 62% (~) |
| State Farm | A++ (Superior) | $41.9 (↑) | 17.01% (↓) | 63% (↓) |
| Travelers | A++ (Superior) | $4.7 (↑) | 1.9% (↑) | 60% (~) |
| USAA (Military & Family Members) | A++ (Superior) | $14.5 (↑) | 5.87% (↑) | 77% (~) |
As you can see, Geico is one of the top companies regarding market share. However, State Farm has the most percentage in the insurance industry. It doesn’t mean you can find Lamborghini car insurance within budget.Companies like Hagerty Insurance and Grundy Insurance also provide exotic car insurance.
Does car insurance for exotic cars cost more than standard car insurance?
The cost to insure is relative to the car itself, the frequency of use, and the driver, just like standard insurance.Watch this video on details about exotic auto insurance.https://youtu.be/e9eBpzbhhLUAn antique, classic, or exotic car may not be driven as often as the driver’s everyday car and may be cheaper than expected to insure a driver with good credit. On the other hand, 24-year-old high-risk drivers with bad credit may have to pay dearly for insurance on exotic cars like the Audi R8 or an Alfa Romeo.
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Exotic Car Insurance Coverage
Exotic car insurers understand the need for a wide range of specialty parts and expanded needs. They will not require three estimates or play negotiation games on a replacement. This is because the value is established up front.Although state minimum requirements cover personal injury and damage to the other car, state minimums will not be high enough to cover repair costs for an exotic car.Most policies allow the exotic car owner to have the car repaired by a specialty outfit of their choosing and directly pay the garage.Collision and comprehensive coverage limits are much higher than the standard, while premiums remain affordable. Owners can also save money by customizing their policy needs.Many auto insurance companies opt-out of exotic car insurance because of the risks. Most carriers are designated to a smaller region, while online companies may have special permission to offer individual states coverage.Exotic car insurance may be found in the same way standard car insurance is found. They do not advertise like standard carriers because most owners seek them out.A couple more pieces of information may be required when requesting a quote, though. There are also exotic car clubs who refer their members to online sources such as exotic car insurance carriers. An online search will reveal what is available in your area.
Exotic Car Insurance: The Bottom Line
Exotic vehicle insurance can be cheaper depending on your age, driving record, and credit score. Exotic car insurance in Florida is easier to find because it’s a state with high-income metropolitans areas where exotic car rental insuranceExotic insurance and luxury car insurance appear to be the same, but they are two different policies. Lamborghini insurance could qualify for both exotic auto insurance and luxury auto insurance. Just be sure to speak to an agent before you make a final decision.
Frequently Asked Questions
What is exotic car insurance?
Exotic car insurance is a specialized type of coverage designed specifically for high-value and rare vehicles, often referred to as exotic or luxury cars. These vehicles are typically unique, expensive, and require specialized maintenance and repair, making their insurance needs distinct from regular automobiles.
Why do I need exotic car insurance?
Exotic car insurance provides essential protection for your high-value vehicle. Due to their rarity and higher price tags, exotic cars are often more susceptible to theft, vandalism, and accidents. Exotic car insurance ensures that you have coverage for these potential risks, as well as any damage or loss resulting from accidents, natural disasters, or other incidents.
How does exotic car insurance differ from regular car insurance?
Exotic car insurance differs from regular car insurance in several ways. Exotic car policies typically offer higher coverage limits to account for the higher value of the vehicle. They may also include specialized coverage options, such as agreed value coverage, which guarantees a predetermined value for your exotic car in the event of a total loss. Additionally, exotic car insurance may provide coverage for unique parts and equipment specific to exotic vehicles.
How can I compare exotic car insurance rates?
To compare exotic car insurance rates, you can follow these steps:
- Research: Start by researching insurance companies that specialize in exotic car insurance. Look for providers with experience in insuring high-value vehicles and a good reputation for customer service.
- Gather information: Collect the necessary information about your exotic car, such as its make, model, year, and any modifications or additional features. This information will be required to obtain accurate insurance quotes.
- Request quotes: Contact several insurance companies and request quotes for your exotic car insurance. Provide them with the information you gathered about your vehicle.
- Compare coverage and rates: Once you have received quotes from different insurers, compare the coverage options and rates. Pay attention to the coverage limits, deductibles, and any additional features or benefits offered by each policy.
- Consider customer reviews and ratings: In addition to comparing rates, take into account the customer reviews and ratings of the insurance companies. Look for feedback on their claims process, customer support, and overall satisfaction.
- Make an informed decision: Based on your research, quotes, and customer feedback, make an informed decision on which exotic car insurance policy best suits your needs and budget.
What factors can affect exotic car insurance rates?
Several factors can influence the rates for exotic car insurance, including:
- Vehicle value: The higher the value of your exotic car, the more expensive the insurance premiums are likely to be.
- Driving record: Your driving history, including any previous accidents or traffic violations, can impact your insurance rates.
- Location: The area where you live and park your exotic car can affect rates, as certain areas may have higher rates of theft or vandalism.
- Usage: How often and for what purposes you use your exotic car can impact your rates. For example, if you use it for daily commuting, your rates may be higher compared to occasional recreational use.
- Security measures: The security features and anti-theft devices installed in your exotic car can potentially lower your insurance premiums.
- Deductible and coverage limits: The deductible amount you choose and the coverage limits you select will affect your insurance rates. Higher deductibles typically result in lower premiums, but you’ll have to pay more out of pocket in the event of a claim.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
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Joel Ohman
Founder & CFP®
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...
Founder & CFP®
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.