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Because high-end cars are more expensive to repair, luxury car insurance premiums can be higher than other cars on the market.
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By Daniel Robinson By Daniel Robinson Writer Daniel is a writer for the Guides team and has written for a number of automotive news sites and marketing companies in the US, UK and Australia, covering the topics of car finance and car care. Danielle is the guide team’s authority on car insurance, loans, warranty options, car service and more.
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Edited by Rashon Mitchner Editor Rashon Mitchner Managing Editor Rashon Mitchner is an editor on the Guides team with more than 10 years of personal finance and insurance experience.
Luxury cars are usually the most expensive to insure. We, the team of guides, explain why luxury car insurance premiums tend to be much higher than average and what factors affect these costs. We’ve reviewed the best auto insurance companies in the country and offer recommendations on where to start shopping for premium auto insurance.
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Our team of guides are committed to providing you with reliable information to help you make the best decision for your car insurance. Because consumers trust us to provide objective and accurate information, we’ve created a comprehensive rating system to rank the best auto insurance companies. We’ve collected data from dozens of auto insurance providers to rank companies based on a wide range of ranking factors. After 800 hours of research, the final result was an overall rating of individual service providers, with the insurers with the highest scores at the top of the list.
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Luxury cars are generally high-performance cars with more amenities than standard cars. The price for them is usually much higher than for ordinary cars. For example, the manufacturer’s suggested retail price (MSRP) for the 2022 Mercedes-Benz C-Class sedan is $43,550. By comparison, the minimum starting price for the 2022 Honda Civic is around $23,000 – almost half of the original price. Mercedes is worth it.
As with any vehicle, in order to legally drive a luxury car, you must have minimum public liability insurance. Because you have a more valuable car, you will pay higher insurance premiums than you would for a regular car.
You’ll likely find coverage from most major carriers, but you can get quotes from companies that specialize in insuring sports cars, convertibles, and other high-value vehicles.
The process for insuring a luxury car is the same as for a regular car. Start by comparing auto insurance quotes from multiple providers, then choose the coverage you need.
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After entering your details through an online portal or directly to an insurance agent, you will receive a quote. Here you can choose your provider and policy.
A luxury car is usually more expensive to insure than a regular car. Below is a table showing the average annual premiums for comprehensive insurance for some popular luxury cars.
The national average for comprehensive car insurance is $1,730 per year, and as the chart shows, insurance premiums for luxury cars can often be much higher. For example, a 2022 Tesla Model 3 costs about 85% more to insure than the national average.
In the sections below, we’ll highlight the cheapest luxury car insurance rates for the models we’ve featured. The annual average values in each table are based on the driving profile of a 35-year-old with good credit and a clean driving record. These averages apply to casco.
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The tables are sorted by the cheapest insurers for the 2022 model year. To give you an idea of the average cost of insurance for previous model years, we’ve also included those prices in the table.
Based on our research, USAA offers the cheapest luxury car insurance rates. Please note that USAA policies are only available to current military members, veterans and their families.
The Tesla Model Y wasn’t available until 2020. This table shows the average annual fees for each available model.
Agents consider many factors when calculating auto insurance prices. Because these factors vary so much, your auto insurance quote is almost guaranteed to be different than any other.
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In many cases, you can choose to have a deductible included in your insurance policy. If you choose a higher deductible, you will get a lower premium, and vice versa.
As your luxury car comes with extra features and more expensive parts, you may want to consider additional types of insurance to ensure your vehicle is fully protected.
A comprehensive policy usually includes collision and comprehensive cover, but it’s worth checking. Experts recommend that drivers take out both types of insurance if the premium is less than 10% of the car’s value. Collision insurance covers repair costs after an accident, regardless of who is at fault. Comprehensive insurance covers the cost of non-collision damage such as fire, theft or falling objects.
If you are leasing or financing your luxury car, it may be worth supplementing your insurance policy with deficiency insurance (also known as loan/lease payment). If the car is totaled or stolen and you owe more than the car is worth, deficiency insurance can cover the difference. When you make a full claim, the insurance company will pay the actual cash value (ACV) of your car. If the ACV is less than the rest of the car loan, the deficiency insurance will pay it.
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Some insurance companies offer special coverage to protect classic cars and exotic cars. Classic car insurance, sometimes called antique car insurance or collector car insurance, has different requirements than standard car insurance. These often include strict mileage limits and a professional car appraisal.
Depending on where you live, your policy may already include uninsured/underinsured motorist coverage. This coverage helps pay for damages caused by a driver who does not have auto insurance or has policy limits that are too low. Since luxury cars are more expensive to repair, it’s a good idea to make sure the vehicle is fully protected so you don’t have to pay out of pocket for damages.
Insurance premiums for luxury cars are generally higher than for regular cars. Luxury car insurance is essentially the same as regular car insurance in the sense that you need to carry everything required by the state to legally drive the car. If you own an antique or exotic car, you may want to consider classic car insurance.
When you’re looking for luxury car insurance, it’s important to compare more than one provider. This way you can get the best possible price for your vehicle and situation. We recommend two car insurance companies below.
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On average, Geico offers the lowest auto insurance rates in the country. In our industry review of leading insurance companies, we found that Geico’s average insurance premiums are about 24% cheaper than the national average. In addition to a wide range of coverage, Geico offers many discounts. Drivers who have safety features in their cars, have safe driving habits or have a new car can save money on premiums.
Like most major auto insurance companies, Travelers offers standard options such as collision coverage, personal injury coverage, and liability coverage. The company also offers a number of insurance options, including accident forgiveness, breakdown cover and two levels of roadside assistance. Policyholders can save money by bundling their car insurance with another insurance product, such as home or life insurance.
Yes, luxury car insurance costs are usually much higher than a normal car. Luxury cars have more expensive and specialized parts, so they cost more to repair. Since the purpose of car insurance is to protect your car in the event of property damage, it makes sense that a more expensive car would cost more to insure.
High-end car brands such as Mercedes-Benz, BMW, Audi, Porsche, Maserati, Lexus, Tesla and Lamborghini are all considered luxury brands. Because they cost more to repair, they tend to be more expensive to insure than other brands.
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Based on data from Quadrant Information Services, the average price of comprehensive coverage for the 2022 BMW X3 at certain carriers can range from $779 to $7,144 per year. The 2022 BMW X3 costs an average of $2,337 per year to insure. That’s about 35% higher than the national average for comprehensive insurance, which is $1,730 a year.
Because consumers rely on us to provide objective and accurate information, we’ve created a comprehensive rating system to rank the best auto insurance companies. We’ve collected data from dozens of auto insurance providers to rank companies based on a wide range of ranking factors. The final result was an overall score for individual service providers, with the highest scoring insurers topping the list.
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