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.
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
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.
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.
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.
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.
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.
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
It’s easy to get in touch with a BrokerLink broker:
Get a Quote 1-855-451-8748 Visit a local branch
Pro tip: No exotic car is the same. Work with a licensed insurance broker who has experience with insuring different exotic cars and luxury cars.
FAQs on exotic car insurance
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?
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.