You spent all that money for your luxury car. And you love it! It drives great, looks beautiful and is the envy of the neighborhood. But you don’t want your Virginia car insurance rates to triple when you add the vehicle.
Don’t worry. Premiums for ultra-expensive cars are not as high as you think and there are a few companies that have very competitive rates. Not all insurers specialize in insuring these types of cars, so you may have to obtain quotes from multiple companies. Geico, Progressive and Travelers are good starting points. When you provide your zip code at the top of the page (where you’re asked to enter your zip code), you’ll be on your way to finding competitive prices.
There are a few variables that will impact how much you pay for your luxury auto. Naturally, the make, model and value are going to be the biggest determinants of the rate. For example, if you own a DeLorean, you may be facing a rate as high as your mortgage payment. Of course, most people own other less expensive cars. Corvettes and Escalades are much more affordable to insure since they are typically equipped with an alarm system. That feature drastically reduces the risk of the insurer.
Some of the most expensive vehicles to insure include the Porsche 911 Carrera GT2 , BMW 750i and 750Li, Mercedes SL63 AMG, S65 AMG, and SL65 AMG, Aston Martin DB9 and DB9 Volante and Dodge Viper SRT-10. Please keep in mind that this is a partial list and each year, rates can change. Model changes made by the car manufacturers can also increase (or decrease) the cost of insurance. Naturally, a vehicle that is older will cost less to cover.
The age and condition of these cars would also influence the price the insurer charges. Also, the number of miles driven, how often the car is used and the principle driver can also impact how much you pay. A secure covered garage that is protected by an alarm system is always encouraged for higher priced vehicles in Virginia. If they are housed at another address, you should notify the agent or broker.It is possible that there could be a difference in pricing.
Selecting the appropriate coverage is extremely important. A “stated value” benefit will provide the most comprehensive type of benefit. It is, however, the most expensive form of coverage. Deductible options will allow you to have some control over the premium. On higher-priced cars, you may be able to select a higher deductible than your other vehicles. The advantage is that you know precisely what dollar amount you will receive in the event of a total loss. If there is a partial loss, you should receive the full repair value (less the deductible).
Typically, your liability limits will be the same on all of your vehicles. So, if you currently have $300,000 of bodily injury protection on existing cars, any additional cars you purchase should have identical limits. An “umbrella” that provides additional protection for your autos, boats and homes, should also be considered. This type of policy is typically provided by the insurer that provides existing coverage now. With more expensive vehicles, the risk of lawsuit is higher, so added protection is always a good idea.
Before purchasing a luxury vehicle in Virginia, you can view the estimated rate based on a wide choice of deductibles and liability limits. You can also see how the purchase would affect the cost of other vehicles in the household and if it is advisable to place them all under one policy with the same carrier. Usually, available discounts provide a great incentive to bundle all items with the same company.
Edward Harris is the owner and founder of this website. Since 1980, he has been helping individuals and families with their car insurance needs. During that time, he has handled more than 10,000 applications and continues to provide service for thousands of clients.
Ed is married with two children and enjoys tennis, golf, and international politics. Reluctantly, he bowls once every 10 years.