Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insuran...

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager Chris Harrigan

UPDATED: Sep 13, 2020

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Key takeaways...

  • Saving a few hundred dollars each year can be a catastrophic mistake if a major accident occurs
  • A collectible car must have a market value to other collectors
  • Drivers of expensive vehicles should consider the cost of repairs and replacement

Drivers have a different idea of which cars are considered expensive. Anyone who cannot afford to replace the vehicle out of pocket must carry replacement-value auto insurance.

Mitigating loss is the goal of every auto insurance policy. The person who is least able to recover from a significant loss should carry sufficient coverage.

Drivers of expensive vehicles should consider the cost of repairs and replacement of the vehicle prior to selecting the car insurance coverage.

No matter what type of expensive car you won we can help you find the best car insurance for your needs.

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Legal Requirements

Each state has existing laws that dictate which auto insurance model will be used within its borders.

No-fault auto insurance models are designed to reduce insurance costs by limiting the size of court-ordered litigation awards.

All drivers are required to carry insurance.

Lawsuits were causing insurance rates to increase every year, so certain states have implemented the no-fault insurance model. Controlling costs ensures that every driver will be able to afford to carry sufficient auto insurance.

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Liability Coverage

Property damage and bodily injury liability coverage are required. These subcomponents of the liability policy will pay for damages incurred by third parties.

Each state sets a minimum level of liability insurance that is required.

Owners of expensive cars are not exempt from this law. Insurance companies encourage people to carry more than the minimum levels of liability coverage.

Lender Terms

Financial institutions can require sufficient replacement-value car insurance to be carried on an expensive car.

A loan can be called if the insurance company provides proof that a liability-only policy was purchased.

Drivers of expensive cars must be aware of the terms of the loan agreement prior to purchasing auto insurance coverage.

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Types of Expensive Vehicles

The insurance industry maintains statistics for all mass-produced vehicles.

Repair and accident statistics are tracked for every make and model of vehicle.

All cars that fall outside of these categories are considered “specialty cars.”Standard insurance companies underwrite one of the following three categories.

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Antique Cars

Any vehicle that is more than 45 years old is considered an “antique car.” Vintage vehicles, which were made between 1919 and 1930, fall into this category.

Specialty insurance companies offer insurance for these treasured vehicles.

The wise owner will find an experienced insurance agent with a specialty in antique cars.

Collectible Cars

This extremely broad category is defined by the “collectible car market.”

A collectible car must have a market value to other collectors.

Specialty auto insurance companies offer policies that pay an “agreed value” to the policyholder if a loss occurs.

Vintage replacement parts must be used to repair these rare vehicles, so the insurance costs are higher.

Luxury Cars

These mass-produced automobiles are famous for the extra features and superior craftsmanship.

Standard insurance companies will underwrite policies for these automobiles, but the premiums can be very expensive:

  • Drivers of luxury cars can afford a higher deductible in most cases.
  • Asking for a low-mileage discount will reduce the annual premium.
  • Specifying the drivers that are allowed to drive the luxury car will lower the premium.

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Companies That Underwrite Expensive Vehicles

An insurance shopper will discover that quote websites are helpful in finding the best auto insurance for an expensive automobile.

Companies that underwrite these vehicles fall into two major categories:

Standard Insurers

Famous automobile insurance companies advertise to the public through many different means.

Trust is built through keeping the name and logo fresh in consumers’ minds.

Quote websites will ask for the make and model of the vehicle and then return the names of companies willing to underwrite the policy in the shopper’s state.

Specialty Insurers

Most consumers will never know the names of these insurance companies.

Experienced auto insurance agents work with clients to find the best policy for non-standard vehicles.

Terms of the auto insurance policy will be different from the common auto insurance components. Savvy shoppers will learn everything possible about the insurance rules that govern specialty insurance.

Final Word

Various clubs and organizations exist for drivers who own expensive vehicles. Group auto insurance is offered through some of these organizations.

Another benefit of membership is the knowledge that can be gained through other members.

Referrals to experienced auto insurance agents might be found through a fellow member.

Sufficient auto insurance will provide peace of mind for the owner of an expensive vehicle and unexpected events can cause significant loss even when the car is not in use.

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  1. https://www.esurance.com/info/car/no-fault-car-insurance
  2. https://www.allstate.com/tools-and-resources/car-insurance/property-damage-liability-insurance.aspx
  3. https://www.statefarm.com/insurance/auto/coverage-options/liability-coverage
  4. https://www.geico.com/
  5. https://www.iii.org/article/what-covered-basic-auto-insurance-policy
  6. https://www.forbes.com/2010/06/07/exotic-car-clubs-lifestyle-vehicles-autos/