Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

Full Bio →

Written by

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

Full Bio →

Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

The lowdown...

  • If you already own or are thinking about buying a luxury vehicle, you are probably already aware that there are increased costs with owning this type of car
  • Car insurance may be more expensive for a luxury vehicle because they are more prone to being stolen or vandalized and are likely to be expensive to repair if they are involved in an accident
  • Before you commit to an auto insurance policy for your luxury car, you need to show around to find the most reasonable rate
  • If you are adding a luxury vehicle to your current auto insurance policy, you may need to increase the policy limits so that you are covered in the event of a claim
  • You may need to take special precautions to protect your vehicle in storage if you are going to be driving your luxury vehicle on a regular basis

If you are in the market for a new luxury vehicle, you should definitely factor the cost of insurance into the purchase price of your car.

The situation gets a bit more complicated if you are planning on financing or leasing a luxury vehicle because there may be additional auto insurance requirements from the dealership that you need to comply with in order to get your car.

The best way to make sure that you are set with auto insurance for your next luxury vehicle is to start looking for options early on in your luxury car search.

Compare auto insurance quotes to find the best rate for coverage.

Getting Auto Insurance for a Luxury Vehicle at an Affordable Price

AdobeStock_72047239-1600x1600

It should not be much of a surprise to anyone in the market for a luxury car that insurance costs are higher for these vehicles than for a regular car or truck.

One of the reasons for the increased cost is that luxury vehicles cost more to fix when they are involved in an accident. In addition, luxury vehicles are a more desirable target to be vandalized or stolen.

The following are suggestions for getting a lower premium:

  • Drive few miles
  • Park in a garage
  • Compare rates online

One of the ways that you can keep the price of car insurance for a luxury vehicle down is by letting the auto insurance company know if you only plan to drive this vehicle under special circumstances.

For example, if you buy a sports car that you only plan to take on limited trips or for special occasions, then you should inform the auto insurance company that you will not be putting regular mileage on your car.

You may be able to get a lower rate on your auto insurance premium by stating that you are only going to put limited miles on your car.

Along with special driving conditions, you can get a more reasonable rate on car insurance for a luxury vehicle by showing the auto insurance company that you are storing it in a safe location.

For instance, if you have an enclosed garage at your home where the car will be kept, the auto insurance company may give you a lower premium because it is less likely to be stolen or damaged when it is kept in a safe space.

The most important advice in getting a reasonable rate on car insurance for a luxury car is to get more than one rate quote to work with.

When you search for car insurance rates online, you will get a better idea of what the average market rate is for coverage in your area. Without getting multiple rate quotes ahead of time, you may end up paying more than you have to for coverage.

Free Insurance Providers Comparison

Compare Insurance Providers Rates to Save Up to 75%

 Secured with SHA-256 Encryption

Compare Insurance Providers Rates to Save Up to 75%

 Secured with SHA-256 Encryption

Some Companies Specialize in Providing Auto Insurance Coverage for Luxury Cars

If you are still having difficulty finding auto insurance coverage for your luxury car or truck, you may need to look for a company that specializes in providing these types of policies.

Each state has its own set of regulations for how auto insurance companies can operate, so you need to look in your specific area for auto insurance options.

Given that it might take more time to find coverage for a luxury vehicle than a regular car, it is best to start searching for options as early as possible in the car buying process.

The dealership may even have recommendations for you for insurance, but you should never settle on a particular company before you have looked into its track record.

Special Considerations on Optional Coverages

AdobeStock_66413216-1600x1600

For a luxury car, it is particularly important to have collision and comprehensive coverage. This is because it will cost you more out of your own pocket to have a luxury car repaired if it is involved in an accident.

The major benefit of adding these two coverages onto your policy is that you will get coverage for the cost of repairing your car even if you were the one that actually caused the damage to it.

If you lease or finance a luxury car, then you may actually be required to carry these two additional coverages. The lender or dealership will want to make sure that its asset is fully protected until you actually own the car outright.

It is important to comply with these requirements of your car loan or lease agreement because you could lose the right to drive your car if you do not.

The concept of shopping around for the best rate definitely applies to optional coverages, too.

You should let the auto insurance company know that you want to have collision and comprehensive coverage on the insurance policy for your luxury car so that you can get a more accurate price quote.

You might be surprised that your auto insurance premium may not increase dramatically by adding collision and comprehensive coverage to your car insurance policy.

Some Final Thoughts on Getting Car Insurance Coverage for Luxury Vehicles

There is no getting around the fact that your luxury vehicle will require a higher auto insurance premium than a regular car.

There are many reasons for the higher premium, including that it is simply more expensive to repair a luxury vehicle than a regular car or truck.

Even though you may have to pay a bit more for car insurance coverage for a luxury vehicle, you should still take the time to shop around for various quotes on car insurance policies so that you can be sure you are not getting charged more than necessary.

Many owners of luxury cars also make sure to have collision and comprehensive coverage on their policies so that the cost of repairing their damaged luxury car is covered.

Compare quotes from top insurers side-by-side. Enter your zip code below to begin for free.