A prestige car is an expensive luxury vehicle that has garnered widespread popularity due to its quality of design and craftsmanship associated with its particular brand name. However, many people mistakenly think that prestige cars are insured against theft or damage only. Actually, a prestige car insurance policy can cover such things as injuries to the driver or passengers in the car as well. Prestige cars themselves aren’t just a thrill to drive, they also carry a status icon image and can be regarded as an expression of style and sophistication.
Insurance companies take several factors into consideration before determining a premium on prestige cars. First of all, they look at how many miles you plan on driving the vehicles in a year and how many similar vehicles you will be insuring. The more similar a vehicle is to yours, the more likely it is to be stolen or damaged. Another factor considered by insurance companies is how expensive your vehicle is. There are some luxury vehicles that will cost more to insure than moderately priced vehicles that are also of high performance.
Most prestige car insurance policies will have several different cover options available to customers based upon their specific needs. For instance, you can usually get collision, comprehensive, or uninsured/underinsured motorist coverage, depending upon your needs. You can also usually choose from several types of policies, including those that protect against damage or theft, and those that protect against both. Some policies will also include special add-ons, such as roadside assistance, emergency road service, or the option to rent a car if your vehicle becomes inoperable while you’re away.
Of course, the most important aspect of getting a prestige car insurance policy is making sure that your vehicle is properly insured. This will mean taking into account the type of driving you do on a daily basis, as well as the kinds of vehicles you tend to use. Be sure to research the minimum insurance requirements for your state, and make sure to ask about any perks or bonuses that may be included with your cover. Some companies will even offer discounts or cash back for customers who maintain multiple policies with them.
One way to save money when getting prestige car insurance is to compare rates with several insurers. Insurance companies base premiums on a number of factors, such as the area you live in, how much you drive per year, your age, and whether you have installed anti-theft devices. Some insurers will charge higher premiums to younger drivers or those with high deductibles. Others will charge higher premiums for vehicles that are more expensive to repair or that require more repairs per year. If you have vehicles in good shape and don’t mind paying a bit more every month, these are the insurers for you.
Another way to save money on your prestige car insurance cover is to agree to a liability only policy. Liability only cover comes with a deductible, which is your responsibility if you damage someone else’s property. You can save money this way because the premium you’ll pay will be less than it would be if you had to pay for repairs out of your own pocket. When you get your policy, specify that you agree to a limit of liability coverage and be sure to choose a high enough deductible so you won’t have to keep paying these high deductible amounts. You should still insist on at least $1k in liability coverage, though.
Deductibles will also affect how much you pay for luxury car insurance, but it’s a good idea to try to get more than you need. There are always going to be times when you’ll need to make repairs to your prestige car or have it fixed. If you don’t have a lot of extra money laying around, you may want to consider making arrangements with a mechanic to make necessary repairs. Most mechanics offer a courtesy car service when needed, and many will come to your home or place of work in order to make these repairs. If this isn’t possible, it might be worth it to take out a small loan for these repairs, since most people won’t be able to afford these large repairs out of their own pocket.
Last, you can use your prestige car insurance policy to protect your other assets, such as your brand new car or expensive jewelry. Sometimes, your insurer might offer you a reduced excess, meaning that you’ll have to pay more money upfront if your vehicle gets damaged or stolen. If you add up the total cost of all your assets, such as your house, car, and jewelry, you may find that the difference between what you’d pay for standard car insurance policy and your prestige discount on your luxury vehicle is huge. This way, you’ll be able to enjoy your prestige vehicle without having to worry about having to dip into your own capital.