You have joined the world's driving elite with your acquisition of a truly exotic car. Maybe it's the Ferrari you dreamed about as a child, or maybe you saw a Bugatti at an auto show and had to have one. Either way, you've got the wheels, and are eager to take to the road - but first you must have at least liability insurance. You already know that there's a big difference between insuring your car and getting a policy for a late model Toyota, but here are five suggestions to help you find the best balance of coverage and cost.
1. Choose the right insurer. Not every insurance company is willing to cover elite luxury cars, so you'll need to do some research. Start by checking with the dealer. Not only do some of them offer insurance to their elite customers, in recent years individual car makers have been packaging insurance policies as well. If neither of these is an option, your dealer should be able to recommend a company that will handle the car you have. Enthusiast's magazines, like Car and Driver and Hemming's Motor News also have listings of specialty insurance brokers.
2. Identify your driving habits. Are you going to drive your new car every day, or reserve it for weekend excursions and special events? If the latter is more representative of your driving profile, make sure you talk to your insurance agent about low-mileage discounts and how to avoid speeding tickets. After all, just because you're driving an exotic car doesn't mean you're made of money. Generally the low limit for such discounts is 10,000 miles / year, but with some cars, it can be as low as 5,000 for even more savings.
3. Network. Chances are you're already a member of one or more professional organizations. Consider becoming a member of the owner's club for your make or model as well. Not only does this get you exclusive tips about maintenance and insurance providers, it might also give you an "in" when it comes to common, but minor, mechanical issues.
4. Itemize everything. If you sprang for the upgraded audio system, or any other non-standard or after-market add-on to your car, be certain that your insurance agent is aware of it. Depending on what was added, it can change the value of your car, or the coverage requirements. This is especially true if there were engine modifications.
5. Always ask about discounts. Before you finalize that insurance policy, ask about any discounts you might not already have. Even elite insurers often offer discounts if you cover your home with them, as well and there could be club memberships, performance driving class certificates, or any number of other things that can reduce the total cost of your insurance.
While you can generally expect auto insurance quotes on an exotic car to be about 20% than that of a more "conventional" luxury car, it is possible to find reasonably priced insurance, if you know where -and how - to look for it.
