Auto insurance for exotic cars: car insurance can be personalized to provide special protection to unique cars. And vehicles that are known as exotic cost more and go faster than the average cars on the market today. They are also manufactured in a limited amount. This page provides information related to the special coverage needed due to their value.
Auto insurance for exotic cars: when people think of exotic cars, they think of expensive cars that are fast. However, there are some slow antique cars that can be considered as exotic as well. An exotic car usually costs more than $100,000. There are even some models that are priced as high as $400,000. Some antique cars under the exotic category can cost up to a million dollars. That’s why auto insurance for exotic cars is different compared to insurance for typical cars.
Auto insurance for exotic cars: car owners know the standard car insurance that’s required by the state where they reside. And the common extra coverage includes property liability, collision coverage, comprehensive coverage, and personal injury liability.
Auto insurance for exotic cars: when it comes to exotic car insurance however, policies often have provisions for certain parts, replacement value, and accidents. The owner of an exotic car can’t go to an average car parts shop to find replacement parts. One needs to order it from a specialty provider.
Auto insurance for exotic cars: the replacement value of an exotic car is also a lot different from the replacement value of a typical car. That’s why an auto insurance for exotic cars carrier is prepared to negotiate the value of the vehicle when drawing up the policy.
Auto insurance for exotic cars: if you own an exotic car, it is important that you find an insurance provider that specializes in auto insurance for exotic cars policies. They know the value of the cars, as well as the costs to replace them. If a claim has been made, the underwriter already knows the factors involving the costs of exotic cars.
What You Need to Know about Auto Insurance Exotic Cars Policies:
Auto insurance for exotic cars:
another thing to keep in mind is that the cost to insure any car depends on the car, frequency of use, and the driver. It doesn’t matter whether it is an exotic car or not. An exotic car is not driven as often as your daily car. And if the driver has a good credit record, then the insurance for the exotic car might be cheaper. On the other hand, a person with bad credit will have to pay higher insurance premiums for an exotic car.
Auto insurance for exotic cars: most policies let the exotic car owner have the car repaired at a specialty shop of their own choosing. Comprehensive and collision coverage limits are higher compared to a standard policy, while premiums remain the same. Exotic cars owners can save money by personalizing the coverage of their policy.
Auto insurance for exotic cars: this is the information you need to know when it comes to auto insurance for exotic cars policies. You can do a quick search to find what is available in your area, and then compare them to find the right one that suits your requirements and preferences.
Auto insurance for exotic cars: if your car is damaged in an accident, you will want either your own or the other driver’s insurance company to take care of the costs. As anyone who has gotten into an accident can attest though, that may not always be so simple.
Auto insurance for exotic cars: getting a fair payout can be tricky. You may have the best car insurance around, but still, a claims adjuster, no matter the company, wants to pay you the lowest reasonable amount. Reasonable is relative however. Anytime you feel what the auto insurance company is offering if below what your car is worth, you are allowed to negotiate. So what are some tips for doing so?
Know the Value of Your Car
Auto insurance for exotic cars: how much is your car worth? Can you answer that question off the top of your head? Most likely you can’t. When you enter negotiations with a car insurance company you will want to know how much your car is actually worth. Is it a $50,000 luxury vehicle or a $500 clunker? Knowing how much your car is worth is a good way to know you are getting a good deal. If the claims adjuster gives you an initial settlement way under the value, you know you’re in for a long negotiation process.
Auto insurance for exotic cars: so how do you get the value of your car? There are several places to turn. On the Internet, you can go to kbb.com or Edmunds.com where you can look up your car and get a value. Edmunds is better if your car is older than 5 years. You can also go to a trusted mechanic where they can give you an estimate on your car’s value.
Knowing Your Leverage
Auto insurance for exotic cars: yes, you as a customer have leverage when negotiating with the auto insurance company. That leverage comes from the company not wanting a lawsuit as much as you not wanting to sue them. Remember, a negotiation does not mean a lawsuit. A lawsuit is actually a last resort you employ only if the company absolutely refuses to give you a reasonable amount you seek. The hassle and expense of a lawsuit actually makes it so neither side wants to enter one. They are willing to negotiate outside of the courts, and will not want you to pursue a suit.
Knowing the Amount You Want
Auto insurance for exotic cars: when you enter negotiations, you want to come with an desired settlement amount in mind, as well as a minimum amount. These numbers should be realistic and reflect the research you’ve done online and through a mechanic.
When you get the claims adjuster’s initial settlement, you need to consider it rationally and see how it matches up to the offer you had in mind. You should ask the adjuster to justify their reasoning. As they do so, consider the strengths and weaknesses of their argument. There are a few things they may argue though that can hurt your own argument.
They Can Argue 'Betterment'
Auto insurance for exotic cars: if your car is older, new parts may be required to repair it. When you add new things to something old, you’re making it more valuable. Essentially the auto insurance company would now be spending more than what the car is actually worth.
What many will do in this case is charge you for the excess value or reduce their payment in proportion to the value increase. Betterment is admittedly hard to argue. You are gaining value in a case where you should just be getting the same value back. To counter their betterment charge, you will need to prove that the parts will not in fact increase the value of your car. Testimony from your mechanic or an expert witness would help in this case.
They Can Argue 'Fault'
Auto insurance for exotic cars: if you are seeking a third-party claim, as in, you are filing through the insurance of the driver who hit you, your payout is determinate on how "at-fault" the other person was. Some states, like Maryland, require you to be 0% at-fault to receive any sort of compensation. Car insurance in Massachusetts is a bit more lenient, only requiring you to be less than 50% at-fault to receive compensation. Then there are states likeMissouri where you pay directly in proportion to how at-fault you are, be it 14% or 86%.
In negotiations, the company is going to want to say you were more at-fault then you may have actually been. To counter that argument, it is important to enter negotiations with as much information as possible. Be it police reports, photos from the scene, and witness testimony can go a long way in saving you money.
Auto insurance for exotic cars: after figuring out your counter argument, you should continue to push for a settlement above your minimum amount. If this process feels tiresome to you, or that you cannot adequately negotiate, then hiring an attorney may be the way to go. You really should only do that however if the claim is large. If the pay out you is seeking is less than the fees associated with a lawyer, then it’s not really worth it. An attorney would also be very helpful in cases where proving fault is tricky.
After You Agree to a Settlement
Auto insurance for exotic cars: after you agree with the adjuster, make sure you get it in writing. You will want to draft up a brief letter stating the amount settled for and what it is being used to prepare.
The article Negotiating With an Auto Insurance Company: The Best Ways to Do It originally appeared on ValuePenguin.
(Note: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.)
Auto insurance for exotic cars: so you’ve gotten that big bonus, cashed in your 401(k), or won the lotto, and now you want to buy the car of your dreams. Great! There are so many incredible performance and luxury cars out there that you could fill your dream garage in an afternoon if you’re not careful.
But not so fast, because while the buy-in for your dream car is high, and you’ll probably get familiar with your local gas station attendant pretty quickly, there’s another cost out there that most people forget to consider when shopping for a new car: insurance.
Auto insurance for exotic cars: luckily, the cars with the priciest insurance premiums also happen to be reserved for some of the priciest on the road. Nonetheless, the figures are still striking, and on top of fuel and maintenance, there’s a good chance you’ll also be paying your insurance company enough money to buy a 10-year-old Corolla — and that’s if you don’t get into an accident or collect any speeding tickets.
Looking at 2,300 different models and comparing six different insurance companies, Insure.com fielded this list of 10 great, but fantastically expensive cars to insure. From “cheapest” to priciest, these are the 10 most expensive cars to insure in 2016.
10. Porsche 911 GT3 RS
For most gearheads, the $176K GT3 RS is the ultimate street-legal race car. Not only does it dominate the class it’s named for, but Porsche successfully sued Aston Martin to stop using the GT3 name on its road-going racers. Understandably, insurance companies are a bit nervous to cover these beasts, and as a result, owners pay an average $3,212 a year to keep their cars on the up-and-up.
9. Audi RS7 Quattro
Audi’s A7 is one of the prettiest sport sedans out there, but in RS trim, it becomes a 605-horsepower, all-wheel drive beast. In top performance spec, the RS7 will set you back a cool $129K. But if you’re in the market for one, be sure to budget an extra $3,229 a year for insurance.
8. Range Rover SV Autobiography Black LWB
We spent a week with the long-wheelbase Autobiography in January, and absolutely loved it. And who wouldn’t? Big, powerful, and good enough for the British Royal Family, Range-Rover’s flagship isn’t cheap — our tester rang in at $148,601. If you want one in your garage, it’ll cost you an average $3,245 a year to keep it insured.
7. BMW M6 Gran Coupe
BMW’s M6 Gran Coupe made a huge stir when it was released in 2014, acting as the lean, athletic counterpoint to the heavyweight bruiser that the M5 has become. Almost unanimously considered to be one of the best driver’s sedans on the planet, the $120K Gran Coupe will set you back an additional $3,309 a year to insure.
6. Nissan GT-R Nismo
The $150,000 GT-R Nismo is the stuff of dreams: a 600-horsepower twin-turbo V6, all-wheel drive, an aggressive aero kit, and a top speed of around 190 miles per hour. But as much as we love it, all that power falling into the wrong hands could be a nightmare for insurance companies. Be prepared to spend $3,476 a year for coverage. Hopefully the refreshed 2017 model won’t cost you much more.
5. Porsche Panamera S Executive
Love or hate its styling, it’s hard not to be impressed with Porsche’s 420-horsepower, 177-mile-per-hour luxury sedan. In S Executive trim, the $125,600 car can run with the world’s best luxury flagships while still offering a pure Porsche driving experience. If you’re fixing to own one, be prepared to shell out $3,484 a year to your insurance company for the privilege.
4. Mercedes S63 AMG 4Matic
The Mercedes S-Class has long been the standard by which all other luxury sedans have been judged, and after AMG has its way with it, the big car becomes the AMG 4Matic, a 577-horsepower, twin-turbo, all-wheel drive beast that takes its occupants from zero to 60 in 3.7 seconds. Neither luxury cars or performance cars are cheap to insure, and since the $143K S63 is both, it’ll cost you $3,513 a year to insure.
3. Mercedes S600 Biturbo
The S63 is a real tire-roaster with its twin-turbo V8, but for some Mercedes fans, an S-Class is nothing unless its powered by a mighty V12 engine. With a 6.0-liter, 523-horsepower twin-turbo V12, the $170K S600 is the range-topping S-Class before you hit the Maybach line. But for all that power and luxury, you’ll also have to shell out $3,539 to your insurance every year.
2. Mercedes SL65 AMG
While it’s often overshadowed by the Mercedes-AMG GTS, the $220,000 SL65 is a 621-horsepower V12-powered grand tourer that can roast some of the world’s most formidable supercars. The downside? It’ll cost you $3,797 a year to insure.
1. Dodge Viper SRT
There may be more powerful cars out there, but the 600-horsepower, 200-plus mile per hour Dodge Viper is the most visceral, all-American performance car money can buy. It also has a 25-year reputation of sending inexperienced drivers hurtling backwards into trees if it’s not treated with respect. As a result, the $87K Viper is the most expensive car in the U.S. to insure, setting owners back an average $4,048 a year.
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If you can’t afford to buy a Lamborghini, you could shell out big bucks to rent one for a day!
(By James Sullivan Globe correspondent August 29, 2015)
Auto insurance for exotic cars: Bob Cohen’s wife has never shared his love for exotic automobiles.
“She just wants a car that gets her to the store,” says Cohen, a jeweler based in Hampton, N.H.
Cohen learned to drive a performance car years ago in a rear-engine Porsche 911 Turbo. He now owns a rare, pearl orange Lamborghini Gallardo SE — “my dream car” — which carried a sticker price of almost $250,000. Last year he bought a second attention-grabber, a new yellow Corvette Stingray.
This year Cohen and his sons began renting out their cars in their new venture Seacoast Exotic Car Rentals. The insurance costs have been daunting, Cohen admits, but he’s not really looking to make a paycheck from the business. Not yet, anyway.
“We’re trying to justify having them,” he says. “My goal is to pay for the insurance.” He charges $1,800 for 24 hours with the Lamborghini, with 175 miles included. A four-hour rental, with 100 miles included, is $800. The Corvette is a bit friendlier on the wallet: $350 for a four-hour rental and $800 for 24 hours. Weekdays are 10 percent off those prices.
So far, he’s been pretty successful, renting them out most weekends over the summer. Ideally, he’d love to add a car a year to his modest “fleet,” which he keeps in his driveway when the weather is good.
Cohen’s little family business is one example of a growing trend in car rentals. National brands such as Enterprise and Hertz have been boosting their fleets of high-end cars in big-spender destinations including Los Angeles, Las Vegas, and Miami. RelayRides, a coast-to-coast network of private car owners who rent their vehicles, features occasional listings for Hummers and Maseratis among its more conventional rides.
This fall the entrepreneurs behind the Cape Cod-based Classics & Exotics will launch their marketplace for classic car owners and renters, becoming the first to market, they claim, with what amounts to an Airbnb for car rentals.
Co-founder Peter Zawadzki says it’s a natural progression from the rental property listings of Airbnb and the rental network of Boatbound.
“I was a Boatbound customer, renting my boat very successfully,” he says. “I thought, why not rent my classic cars?”
Now his small team is set to debut in Detroit and Arizona, with a New England rollout due in spring. They’re signing up car collectors who are willing to rent their vehicles to “prescreened, highly qualified” renters.
Auto insurance for exotic cars: there are plenty of reasons clients want to rent Jaguars, Ferraris, and Bentley convertibles, says Brice Adamson, a senior vice president at Enterprise who oversees the company’s exotic cars. Events such as weddings, anniversaries, and birthday weekends top the list, but he’s seen other customers who want to test-drive a certain make and model before buying, or high rollers who simply want to park an impressive car in the driveway during their stay in London or L.A.
Seacoast Exotic Car Rentals
Bob Cohen rents out a rare, pearl orange Lamborghini Gallardo SE and a yellow Corvette Stingray.
“Sometimes they don’t even drive them,” says Adamson.
His company recently accommodated the wife of an actor who was in Atlanta on a long movie shoot. She wanted a “very specific vehicle we didn’t have,” he says.
“We went to our dealership partner and got the color and specs she wanted, and she rented it for six months.”
That cannot have been cheap. At Hertz, prices start at $450 per day for renting a Porsche 911 or a Mercedes-Benz G550, with 75 miles included. According to findexotic.com, a luxury and exotic car rental site, it costs about $4,200 to rent a Bentley for a week and $5,000 for a Ferrari F430 Spider.
Don Buchholtz found out the hard way that there are some considerable obstacles to renting luxury cars. The owner of Classic Cars and Byways in Newton, he still makes his replica 1957 Speedster available for photo shoots, but he no longer lets customers drive off in it.
Auto insurance for exotic cars: the high cost of insurance was the major issue behind scaling back, he says. But after a few years in business, he also began to feel he was “pushing my luck, so to speak.” Although he never had a bad experience with a customer beyond a bent pushrod, he was starting to think an accident or some other type of damage was inevitable.
Now retired from his “real” job with United Way Boston, he says he drives his beloved Speedster about 500 miles a year.
“It’s literally a toy,” he says. He drives it as he thought renters would when he started the business: “I take it to the country for picnics.”
Zawadzki, the CEO of Classic & Exotics, says his company will insure all car owners with a comprehensive blanket policy guaranteeing full replacement value and $1 million in liability. They’ll also offer nationwide roadside service, and the company will monitor drivers using GPS, to ensure responsible renters.
As they prepare to launch, they’ve been actively recruiting car collectors. Zawadzki recently met with a man who owns 16 luxury vehicles, “and that’s not un-normal.”
The collector car market has skyrocketed in recent years, as the economy recovers and investors take note of the rapid appreciation rates. It’s a “natural fit,” Zawadzki says, to combine those collectors with the burgeoning sharing economy.
Zawadzki, who personally owns a Ferrari 308, a 1968 MG, and a ’71 Mini Cooper, says he and his partners are enthusiastic about introducing new drivers to the classic car hobby.
“We want to get more people behind the wheels,” he said. “The more classic cars I see driving down Route 6A on the Cape, the happier I’ll be.”
James Sullivan can be reached at firstname.lastname@example.org. Follow him on Twitter @sullivanjames.
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