Exotic Car Insurance

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If you are lucky enough to be in the driver’s seat of an exotic car, you know what a great feeling it is. You also know how important it is to keep your exotic car protected. In this article we’ll talk about the basics of exotic cars and how to make sure you get the right insurance.

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Basics of exotic car insurance

There are several differences between exotic car insurance and regular car insurance. Unlike regular cars, exotic cars don’t depreciate. In fact, it’s the opposite. Their value increases over time! When it comes to insurance, this means the approach to determining valuation is completely different.

Coverages for exotic car insurance

If you plan on driving your exotic car, you’ll need the insurance required by law in your province. Since an exotic car is so valuable, you will also want to consider some additional coverages. Here are some of the coverages you might want to consider:

Coverage for repairs
Coverage for choosing a body shop that can do the repairs
Coverage for the cost of a rental car if you temporarily cannot drive your vehicle

Exotic cars are all unique. It’s important to call an insurance broker to get the right insurance for your specific situation. Your exotic car is an investment and our brokers will treat it as such.

Types of auto insurance coverage

Insurance brokers will help you determine the right coverage for you and your needs. There are many types of auto insurance coverage available. Depending on where you live, certain types of insurance coverage are required by law, and others are optional. Before purchasing insurance coverage, you should find out what kind of car insurance coverage is required where you live. You can find out if you have the right insurance coverage in your province by speaking with a broker who understands the laws in your home province. Let's learn more about each one to help you find the best coverage available:

Recommended

Additional

Liability insurance, also known as third-party liability coverage, helps pay for accidental injuries and property damage that occur in a car accident. It might also cover medical expenses or lost wages, as well as legal defence and court fees if necessary. This mandatory coverage is required across Canada, with its minimum amount varying depending on your province.

[Not mandatory in Newfoundland] With accident benefits coverage, you and any passengers who were in the vehicle at the time of the incident will receive compensation if someone gets hurt or killed as a result of the incident. It covers medical expenses, such as rehabilitation programs, caregivers, income replacement and funeral expenses if necessary.

[Not mandatory in Alberta] Like other insurance products, this type of coverage is mandatory. Uninsured automobile coverage will come into effect if you get into an accident with an uninsured or underinsured driver. It helps pay for damages caused by the accident even if the other driver leaves the scene in a hit-and-run and there's no one at fault for the collision.

[Not mandatory in Ontario] Also known as no-fault insurance, direct compensation coverage will help pay for damages if you get into an accident that was not your fault. This can include injuries and damages to your vehicle. However, you will only receive coverage when you are at fault if you have collision and comprehensive coverage.

Collision coverage is a popular type of optional coverage. It provides compensation for damages if your vehicle collides with another driver, a stationary object, or if your car rolls over. While this coverage is optional, you may be required to carry it if your vehicle is leased or financed.

Comprehensive coverage is another popular type of optional car insurance. It will help if your vehicle is damaged for reasons other than an auto accident. Expenses covered by comprehensive insurance can include theft, vandalism, fire, water damage, or even hitting an animal like a deer. You may also be required to carry this if your vehicle is leased or financed.

When you get into your first at-fault accident, accident forgiveness coverage prevents your insurance company from raising your rates after going through the claims process. It will allow you to maintain a clean driving record as you stay with the same insurance company. This is another popular type of optional coverage.

If you're buying a new car, adding this coverage to your policy is worth considering. It ensures you're covered for the full value of your vehicle without factoring in depreciation. That means if your car is stolen or totalled, you'll be reimbursed for the cost of a brand-new vehicle—not just what it's worth after wear and tear.

If you ever get into an accident and your car needs repairs, loss of use coverage has your back. While your car is in the shop, this coverage helps pay for other ways to get around—whether that's hopping on public transit, using ride shares, or renting a car. It can be a real lifesaver, especially if your car ends up being out of commission for days or even weeks.

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How can I save on exotic car insurance?

You will most likely pay more for exotic car insurance than you will for regular car insurance. However, there are a few tips and trick that might save you a bit of money on your insurance bill.

Discounts

Install an alarm

An anti-theft device may result in a lower premium. Talk to an insurance broker before you install, as not all alarms will qualify for a discount.

Limit customizations

Sometimes customizations can result in a higher insurance bill. Try to limit the amount of changes you make to your exotic car to keep the premium as low as possible.

Savings Options

Don’t drive your exotic car every day

If you drive less frequently, you will pay less for insurance. Consider only taking your exotic car out on special occasions.

Limit the number of drivers on your policy

A smaller number of drivers on the policy might mean a lower insurance bill.

Why is exotic car insurance more expensive?

You’ll probably notice the premium on your exotic car is higher than the premium on a regular car. There are a few reasons for this:

They often require more maintenance than a regular car
Repairs cannot be completed by a regular mechanic – specific parts and expertise are required
Because of their value, exotic cars are more likely to attract theft

Consult with BrokerLink about exotic car insurance

Why go with an insurance broker for your exotic car insurance needs? Here are a few reasons:

The great thing about going with a broker is we do all the work for you! We have connections with insurance companies across Canada. We will reach out to our extensive networks to ensure you get the coverage you need at a great price.
We are licensed insurance experts. We know the insurance rules and regulations so you don’t have to. When you deal with a broker, you’ll walk away knowing your investment is protected.
At BrokerLink, we offer insurance on your terms. We make it easy. You can reach us by phone, online or in person. We also offer extended hours in many of our locations for your convenience.

Contact BrokerLink today for your exotic car insurance

No exotic car is the same. Work with a licensed insurance broker who has experience with insuring different exotic cars and luxury cars. Contact BrokerLink today!

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FAQs on exotic car insurance

Have questions? Our FAQ section has the answers you're looking for. Find helpful information to guide you through your options.

Does exotic car insurance include luxury motorcycles?

If you’re looking for insurance for your luxury motorcycle, give a broker a call! We’ll help you find the right insurance for all your wheels.

I own an exotic car, but it’s for display purposes only. Does this affect my exotic car insurance rates?

Yes! Whether or not you drive your exotic car will have a big impact on the insurance rate. Even if you only drive it occasionally, you might pay less than if you drive it every day. Be sure to discuss how frequently you drive your exotic car when talking to your insurance broker.

Can I be refused exotic car insurance?

It’s true that exotic cars can be more difficult to insure than regular vehicles. However, a licensed insurance broker should be able to find coverage for most exotic cars.

Does exotic car insurance include luxury motorcycles?

If you’re looking for insurance for your luxury motorcycle, give a broker a call! We’ll help you find the right insurance for all your wheels.

Can I be refused exotic car insurance?

It’s true that exotic cars can be more difficult to insure than regular vehicles. However, a licensed insurance broker should be able to find coverage for most exotic cars.

I own an exotic car, but it’s for display purposes only. Does this affect my exotic car insurance rates?

More ways to find great car insurance

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Newfoundland & Labrador

New Brunswick

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Ontario

Vehicle Insurance

Property Insurance

Other Insurance

Exotic Car Insurance

Basics of exotic car insurance

Coverages for exotic car insurance

Types of auto insurance coverage

Third party liability insurance coverage

Accident benefits coverage

Uninsured automobile coverage

Direct compensation - property damage coverage

Collision insurance coverage

Comprehensive coverage

Accident forgiveness coverage

Waiver of depreciation

Loss of use coverage

Third party liability insurance coverage

Accident benefits coverage

Uninsured automobile coverage

Direct compensation - property damage coverage

Collision insurance coverage

Comprehensive coverage

Accident forgiveness coverage

Waiver of depreciation

Loss of use coverage

Why BrokerLink

Our reviews

Greg Silver

Andy Rohansingh

Ian Roome

Clara Furlano

Joyce Kivuyo-Kisamo

Terry Mason

Sandi G

DANI L

Anne Langevin

Peter Ayo

Chris Gelowitz

Digital Evolution

renee king

Andrea Case

Dan Hayes

Rana Najar

Mark Houston

Katherine Bedea

Jessie hansra

Ifedapo Adeniyi

David Ford

Michelle Hawgood

Trevor Hildebrand

Morgan Adekeye

Tyler Frisby

Steven Melowsky

Steve Payne

Matt & Sav Weetman

Brooklyn Seweryn

Craig Gillis

Cheryl Trush

Jinene Shinnicks

Geoff Aiken

Tony Hynes

Christine Fedrau

amanda

Lori Coffey