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Buying a luxury car is exciting. Not only are you getting a beautiful car, but other people are looking at you with envy. The question is, do you need special luxury car insurance or will any old insurance policy do?
Luxury cars are different than any other type of car, everyone knows that. They cost more to make, more goes into their engineering and, of course, they cost a lot more to insure as well.
With all that being said, you may be online searching for the perfect luxury car insurance. The thing is, you aren’t going to need anything special when looking for luxury car insurance. The bottom line is that car insurance is the same no matter what type of vehicle you own. The only real difference you are going to see is in the overall cost of your car insurance for your luxury vehicle.
You see, when you purchase a more expensive vehicle, you are going to have to pay more to insure it. The reason for this is that the insurance company is going to have to pay more in order to repair or replace your vehicle if you are the cause of an accident.
Fortunately, there are ways that you can save on your luxury car insurance to help you reduce your overall costs. Keep reading to learn how you can save money on your insurance, what type of insurance you should buy and about how comparison shopping can save you more than you think!
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How can you save money on luxury car insurance?
Much like any type of car insurance, maintaining a good driving record is an excellent way to keep your rates reasonable. If you already have a sketchy driving record, work to drive better. The longer you go without a ticket or a claim, the less expensive your insurance will be. You should see changes on your insurance every 6 months that you keep your record clean. Here are some other ideas to keep your car insurance rates reasonable:
- Don’t let your teen drive your luxury car! Teens drivers are simply bad news when it comes to car insurance rates and the quickest way to see your rates increase is by adding your 17-year-old son to your policy.
- If you are purchasing a luxury car for occasional driving, then you should consider pay as you go insurance or ask for a discount for low mileage driving. While this won’t apply to everyone, if you are only driving a few miles a week or month, then you shouldn’t pay full price for your insurance because your overall risk has been reduced by your lack of driving.
- You can also use a deductible to keep your costs down. While you don’t want to go crazy and try to get a $1500 deductible, a $250 to $500 deductible can actually make a significant difference in your overall premiums. If you can afford a luxury car, chances are you can go for the higher deductible.
- Join a club for luxury car owners. You see, insurance companies often give discounts to those luxury car drivers who join clubs because this shows that they have pride in their car. When you joint a club, the insurance company believes you will drive more carefully because you really care about your vehicle more than the average car owner does.
What type of luxury car insurance should you buy?
When you buy a luxury car, you are purchasing a high dollar vehicle. You are going to want to have a high level of protection for your vehicle, even if you happen to have purchased your vehicle outright.
Your state’s minimum may not even be enough to cover the cost of a luxury vehicle if you have an accident. When you purchase liability insurance, you should consider the worst-case scenario and purchase auto insurance to cover that situation.
In addition, you want to ensure that you can replace your vehicle if it is a total loss in an accident that is where collision insurance comes in. Collision insurance is designed especially for replacing or repairing your vehicle if it is damaged in an accident, no other type of insurance will cover the cost of repairs for your vehicle.
The other type of insurance that you will need is comprehensive insurance. Comprehensive coverage will provide coverage for your vehicle if it is vandalized, damaged in a storm, fire or a flood, or if it is stolen. Comprehensive and collision coverage are going to be the most expensive options for your policy.
If it is available in your state, you should also consider gap insurance if you have financed your vehicle. When you have an accident, the insurance company pays the market value of your vehicle, not the replacement value or your financing costs.
Gap insurance covers the difference between what your car is worth and what you actually owe. This type of policy could end up saving you a lot of money if you have a devastating accident.
How can comparison shopping save you money on your luxury car insurance?
When you purchased your luxury car, did you buy the first one you saw or did you shop around and try to get the best deal? Chances are good that you went online and checked every dealership that sold the car that you were considering buying to see who had the best deal.
When you shop for car insurance, you should do the same thing. You need to check with different companies to see who has the best deal. Fortunately, this process is a lot easier than it was when you were looking for the perfect car; you can find the perfect luxury car insurance without having to look at multiple sites.
The easiest way to accomplish this is to use our free quote tool. You will be able to compare the rates from several different quality companies in a single location. If you wouldn’t purchase the first luxury car you saw, why would you purchase the first insurance policy you get a quote for?
Find the lowest luxury car insurance rates for you by entering your ZIP code into our free tool below!