Luxury Vehicle Insurance: What Makes It Different

With luxury car insurance, of course, things are a lot farther than basic auto insurance. Luxury vehicle insurance focuses uniquely on the specific needs and risks that come along with luxurious cars, offering substantially more comprehensive coverage compared to standard policies. Here\'s a closer look at what separates luxury vehicle insurance from the rest. 1. Higher Coverage Limits Spending on a luxury car can easily go above six figures, sometimes even reaching higher heights. Standard auto insurance is likely not sufficient for such a vehicle. Luxury vehicle insurance usually comes with more coverage limits so the owner is fully compensated if a claim needs to be made, by repairing or even replacing a part of a vehicle. 2. Specialty Coverages Luxury cars will have features which would be different and advanced technologies, for which, therefore, specialized coverage is a must. This can include: i.) Agreed value coverage. Most standard insurance policies usually pay out the depreciated value of the car, but luxury car insurance often offers agreed value coverage, whereby the owner and the insurer agree on the value of the vehicle at the inception of the policy to ensure full compensation in case of a total loss. ii.) Collectible Car Insurance A few rare, expensive cars are collectibles. Collectible car insurance will pay for restoration costs, fluctuation in the market value, and unique components from which such a vehicle would benefit from its being in a given condition and state at all points in time. 3. Superior Restoration and Replacement Ends Luxury vehicles require special care and, in most cases, must be restored by dealerships or technically competent mechanics. Luxury vehicle insurance provides clauses that ensure such restoration at the hands of certified experts with thorough knowledge of luxury cars. The policies may also include coverage for OEM parts to restore the vehicle so that its integrity is preserved. 4. Additional Benefits Extras on Luxury Car Insurance: Most high-end policies would have featured that average, run-of-the-mill policies would not. Some of these inclusions are: i.) Roadside Assistance: Most road-side assistance provided is more comprehensive, usually including towing to a certified repair shop, changing flat tires, and even concierge services to have alternative transportation organized for you while your luxury car is serviced. ii.) Replacement Car Coverage: In case your expensive car goes in for repair after an accident, most car insurance policies for luxury vehicles would offer a rental vehicle of comparable standard during the time when the expensive vehicle is being repaired. 5. Higher Premium and Deductible Because luxury vehicles require higher values and specialized coverage, the premiums for luxury car insurance are typically higher than standard automobile insurance. Deductibles may also be higher. However, owners of luxury automobiles often view these as worthwhile expenditures in order to