High-end Luxury Car Insurance Providers

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Because high-end vehicles are more expensive to maintain, you can expect luxury car insurance rates to be higher than other vehicles on the market.

High-end Luxury Car Insurance Providers

Written by Daniel Robinson: Written by Daniel Robinson Daniel is a Group Writer for Guides and has written on the topics of auto finance and car care for a number of automotive news sites and marketing organizations in the US, UK and Australia. Daniel is a Guide Group authority on auto insurance, loans, warranty options, car services and more.

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Edited by: Rashaun Mitchner Edited by: Rashaun Mitchner Managing Editor Rashaun Mitchner is an editor for the Guides team with over 10 years of experience covering personal finance and insurance topics.

Luxury vehicles are typically the most expensive cars to insure. We at The Guide team explain why luxury car insurance costs are so much higher than average and the factors that influence those costs. We’ve reviewed the best auto insurance companies in the country, and we offer recommendations on where to start when shopping for luxury car coverage.

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The Guide Team is committed to providing you with reliable information to help you make the best decision about insuring your vehicle. 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 the companies on a variety of rating factors. After 800 hours of research, the final result was an overall ranking for each carrier, with insurers with the most points at the top of the list.

Luxury cars are typically high-performance vehicles that offer more service than standard vehicles. They tend to have much higher price tags than regular cars. In the year The 2022 Mercedes-Benz C-Class Sedan has a starting Manufacturer’s Suggested Retail Price (MSRP) of $43,550. For comparison, the starting MSRP for the 2022 Honda Civic is around $23,000 – almost half of what the Mercedes costs.

As with any vehicle, you need to carry the government-minimum liability coverage to legally drive a luxury car. Because you have a more valuable vehicle, you should expect to pay higher insurance premiums than you would for a regular car.

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You may be able to get coverage from most major providers, but it may be worth getting quotes from companies that insure sports cars, convertibles, and other high-priced vehicle types.

The process of getting luxury car insurance is similar to getting coverage for a regular vehicle. Start by comparing car insurance quotes from a few providers and choose the coverage you need.

Once you submit your information in an online portal or directly to an insurance agent, you will receive a quote. From there you can select your provider and policy.

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Insuring a luxury vehicle is more expensive than insuring a regular car. Below is a table showing the average annual prices of a full coverage car insurance policy for some popular luxury cars.

The national average for full coverage auto insurance is $2,008 per year, and as the chart shows, luxury auto insurance can often cost less. A 2022 Tesla Model 3, for example, costs about 85% more than the national average to insure.

In the sections below, we show you the cheapest luxury car insurance rates for each of the models we offer. The annual average in each table is based on the driving profile of a 35-year-old person with good credit and a clean driving record. These averages are full coverage auto insurance policy.

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The tables are sorted by cheapest insurance companies for the 2022 model year. To give you an idea of ​​the average cost of insurance for past model years, we’ve included those rates in the chart.

Based on our research, USAA offers the cheapest insurance rates for luxury cars. Note that USAA policies are only available to current military members, veterans and their families.

The Tesla Model Y isn’t available until 2020. This table shows the annual average for each model.

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When calculating car insurance rates, agents weigh many factors. Because these conditions are so variable, your car insurance rates are guaranteed to be different from anyone else’s.

In many cases, you can choose a deductible on your insurance policy. If you choose a higher deductible, you will have a lower premium and vice versa.

Because your luxury car has more features and more expensive components, you may want to consider additional types of coverage to ensure your vehicle is fully protected.

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A full coverage policy generally includes collision and comprehensive coverage, but it’s worth checking. Experts recommend that drivers carry both types of insurance if the premium is less than 10% of the value of the vehicle. Collision insurance covers repair costs after an accident regardless of who is at fault. Comprehensive insurance covers damages from non-collision events such as fire, theft or falls.

If you’re leasing or financing your luxury car, it may be worth adding gap insurance (also known as loan/lease coverage) to your insurance policy. If your car is totaled or stolen and you owe more than the value of the car, gap insurance can help cover the difference. When you file a total loss claim, the insurance company pays the actual cash value (ACV) of your car. If the ACV is less than the rest of your car loan, gap insurance kicks in to pay off the payments.

Some insurers offer separate coverage to protect classic vehicles and special cars. Classic car insurance, sometimes called antique car insurance or collector car insurance, has different requirements than regular car insurance. These usually include strict distance limits and a professional evaluation of the vehicle.

Reasons Your Car Could Be Uninsurable

Depending on where you live, you may have uninsured/underinsured motorist coverage included in your policy. This coverage helps pay for damages caused by a driver who doesn’t have auto insurance or a driver with very low policy limits. Because luxury cars cost more to maintain, you want to make sure the vehicle is fully protected to avoid paying out of pocket for damages.

Luxury car insurance rates are higher than standard vehicles. Luxury car insurance is basically the same as regular car insurance in that you need to carry whatever the state requires to legally drive. If you have an antique or exotic vehicle, you may want to look into classic car insurance.

When looking at luxury car insurance, it is important to compare more than one provider. That way, you can get the best possible size for your vehicle and situation. We recommend two car insurance companies below.

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Geico offers some of the nation’s lowest average car insurance rates. In our industry-wide review of top insurance providers, we found that Geico’s average rates are 26% cheaper than the national average. Apart from the wide range of coverage options, Geco offers many discounts. Drivers who have safety features in their vehicles, practice safe driving practices, or own a new car can save money on their premiums.

Like most major auto insurance companies, Travelers offers standard options such as collision coverage, personal injury protection, and liability insurance. The company offers several optional covers including accident waiver, gap insurance and two-tier roadside assistance. Policyholders can save money by bundling their auto coverage with another insurance product, such as homeowners or life insurance.

Yes, the cost of insuring a luxury vehicle is typically much higher than the cost of insuring a regular car. Luxury cars have very expensive and special parts, so the maintenance of their parts costs more. Since car insurance is designed to protect your car in the event of property damage, a more expensive vehicle will cost more to insure.

The True Cost Of Auto Insurance In 2024

High-end car brands such as Mercedes-Benz, BMW, Audi, Porsche, Maserati, Lexus, Tesla and Lamborghini are all considered luxury brands. Because of their high maintenance costs, they are often more expensive to insure than other brands.

According to information from Quadrant Information Services, some providers’ average rates for full coverage on the 2022 BMW X3 can range from $779 to $7,144 per year. On average, the 2022 BMW X3 costs $2,337 per year to insure. This is 35% higher than the national average for full coverage insurance, which is $2,008 per year.

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 the companies on a variety of rating factors. The final result was an overall ranking for each carrier, with insurers with the most points on the list. What do MyV and Mercedes have.

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