Exotic & Sports Car Insurance

There’s no experience on earth quite like driving an exotic sports car.  Driving one makes you feel like you’re on top of the world, no matter what traffic or the weather is throwing your way.

These cars come in all shapes and sizes and across many brands. They include cars from names you know and love, such as:

  • McLaren
  • Bugatti
  • Aston Martin
  • Ferrari
  • Lotus
  • Maserati
  • Porsche
  • Lamborghini
  • Jaguar
  • Bentley

These cars are investments in your image and style. It is essential to protect them with insurance designed with exotic and sports cars in mind.

Why is Insurance for Exotics and Sports Cars so Critical?

With any vehicle, insurance is important. With high-value vehicles, like these, it is essential that you not only have insurance but that you have the right kind of insurance protection.

Below are just a few key reasons exotic and sports car protection is different from other types of insurance.

  1. Exotics and sports cars often rise in value over time rather than decreasing in value. There are many contributing factors, most related to rarity. Over time there will be fewer of these limited edition vehicles on the road, making each one rarer. Traditional auto protection depreciates over time corresponding with the falling value of standard vehicles. You need specialized coverage to address your unique needs.
  2. Exotic vehicles require specialty parts and technicians to repair and/or restore. This can come at an added cost and inconvenience.
  3. They are attractive targets for thieves as well as people hoping to cash in on accidents. The average person understands the high worth of exotic cars, and some will seek to turn that to their advantage.

Not only do you need to have specialized insurance for exotics and sports cars that consider higher repair costs, increased targeting for theft and lottery by lawsuit, and the rising value of the vehicles over time; but you also need to invest in adequate liability and umbrella insurance protection as well.

Insurance Costs for Exotic and Sports Cars

One of the most important things to understand about these cars is that they represent significant risks to insurance companies. In addition to being attractive targets for thieves and having higher than average repair costs should accidents occur; they are also accident magnets by right of their existence.

These cars aren’t designed to be driven at low speeds. They’re made to drive fast. With all that power, it is easy for drivers to find themselves driving at incredibly high speeds without even realizing it.

The numbers don’t lie. People who drive cars with higher horsepower are more likely to have accidents. In fact, the Insurance Institute for Highway Safety (IIHS) reports that high-horsepower vehicles are more likely to speed and that faster speeds increase not only the risks of accidents but also the severity of injuries.

Insurance companies need to protect themselves so they can provide protection for all their customers. This is why you will pay more for quality insurance coverage on your sports car than you will with your family minivan. Also, the value of these cars is much higher than other vehicles on the road.

Getting More from Your Exotic and Sports Car Insurance Protection

Not all insurance companies are equipped to manage the unique needs of high-value sports cars and exotics. Which is why it is important to seek out companies that have specialized insurance products designed to meet your needs with specialty coverages like:

  • Agreed value coverage
  • Spare parts protection
  • Mileage options
  • Multi-vehicle discounts (especially if you have a collection of exotic vehicles)

You may be able to get a discount if you have multiple exotic cars. Discounts exist for many of the following:

  • Anti-theft devices
  • Membership in certain national car groups
  • Accident prevention classes

Don’t wonder if you have the right protection for your exotic & sports cars.

Contact Insurance Center of North Jersey today to learn more about our exotic & sports car insurance protection and to make sure your cars are adequately covered.