Most people think that the hardest part about buying a luxury vehicle is buying it until when it comes to finding the right exotic car insurance.
For those who don’t know, exotic cars are those which come with hefty price tags and are not for the average earning person. Most of these begin at an average price of $100,000 to millions of dollars, and it is only those who have money to splash around can afford.
For example buying a luxury car from brands like Rolls Royce, Ferrari, Porsche, Lamborghini’s BMW, Mercedes means that you should be ready to bleed your bank account because the price tag placed on their models is no joke.
If you own one am sure you already know the headache that comes with finding the right insurer but if you are planning to purchase one, below are a few things that you should probably have in mind regarding an exotic car insurance.
Reasons why exotic car insurance is expensive and hectic to find
First of all, you just don’t see exotic cars on the roads on a daily basis. Thus their insurance comes at a higher price than the regular vehicle because they quickly become the target of theft and robbery. Besides the name itself says it all, it’s a luxury car and thus it will come at a higher price and that attracts higher insurance rates.
More power more costs, better materials, increased costs
Ninety percent of luxury vehicles have unique features from the ordinary ones. For instance, they have a higher horsepower, speed, torque among many other features which distinguish them from your average SUV. Thus they tend to have higher chances of crashing or getting into collisions than the other ones additionally, they are made from unique materials such as jet aluminum and carbon fiber to enhance their durability and at the same time make them lightweight while on the road. When exotic car insurance providers put this into consideration, they come up with crazy figures just to offer you coverage.
Better performance means rare parts
As mentioned above, they have high-performance features which means that most of their parts are made with utmost precision thus coming across spare parts will be difficult and more costly. Furthermore, they require special tools and technicians to work on them. And this is another reason why finding exotic car insurance will be complicated, and if you do, you may have to pay extra bucks for it.
Factors to keep in mind
Your driving habits affect the price of the insurance cover in ways you cannot imagine. For instance, if you are not a regular driver, where you park and store your exotic vehicle will also count. Because it is a luxury car, your provider will consider the security of where you usually park it when you are at home and work will also be part of the entire coverage.
Your health, age, traveling distance, and even your credit history are some of the factors which fall under the driving habits and ones which you should have in mind while choosing the insurance provider.