As you probably suspected, a Ferrari or Porsche is not insured in the same way as a Honda Civic. And, just like high-value homes, luxury cars require special attention, both at the garage and when it comes to insurance! Unfortunately, some auto insurers are reluctant to insure high-end cars. Because the degree of risk is too high, owners of these speedsters find themselves at a dead end…

But don’t worry! Unlike standard auto insurers, specialized insurers understand your lifestyle and needs. They will compare the different options on the market for you to ensure you get the perfect coverage.

In this article, Assurances Multi-Risques informs you about the various advantages of choosing a specialized insurer and why it is important to do so, both for you and for your luxury car!

Why choose a specialized insurer over a standard insurer?

Insurer X doesn’t necessarily have the same definition of “luxury car” as insurer Y does. As a result, one insurer may agree to cover it with special insurance, while others will cover it like any other vehicle, with no benefits or special features specific to your situation. Auto insurers all have different standards regarding the maximum value they will agree to cover for a vehicle.

For example, in the event of an accident, a standard insurer will have a lower insurance limit. You will therefore be forced to rent a more common vehicle. An insurer specializing in the high-end market will understand your situation. They will grant you a higher insurance limit for vehicle rentals, allowing you to continue driving as you normally would. You will then be able to drive a car that is similar to your own.

In short, it is important that your auto insurer understands your lifestyle. This will make your life easier in the event of a claim and help you avoid any problems or surprises. At AMR, our independent brokers specializing in luxury car insurance will find an insurer that suits you. They will look for the best policies so that you can enjoy optimal and advantageous coverage.

The main advantages of choosing an insurer specializing in luxury cars

Replacement cost insurance

A clause called “vehicle value lock-in for the year” is included in many luxury vehicle insurance policies. This means that in the event of theft or total loss following an accident, the insurer will compensate you based on the replacement value of your car, rather than on an expert’s estimate of its current value.
Puisque les voitures de luxe déprécient beaucoup plus vite que les véhicules standards, une telle clause vous évitera de perdre plusieurs milliers de dollars par rapport au prix d’achat ou au solde de votre contrat de location. Un avantage absolument non négligeable.

A much higher amount of “deprivation of enjoyment

In the event of a claim, the deprivation of enjoyment amount provides a budget enabling you to rent a replacement vehicle while your car is being repaired, or while you receive compensation.

By choosing an insurer specialized in luxury cars, you can be sure of obtaining a higher amount of deprivation of enjoyment than with standard insurance. In the event of a claim, you’ll be able to drive in a vehicle that corresponds at least to your usual level of comfort.

Choosing the right garage and parts

In the event of an accident, most insurers give you complete freedom to choose the garage where repairs will be carried out. In addition, you can request that replacement parts come exclusively from the manufacturer, ensuring that they are genuine.

Advantageous additional options

You’ll be able to take out a number of optional coverages that may well be of interest to you! Here are just a few of them:

No deductible for loss or replacement of keys, locks or airbags;
Coverage for non-owned vehicles;
Variable deductibles;
Valet service to deliver the courtesy vehicle to the location you require;
etc.

Insurance premium for a luxury car

Insurance for a luxury car is certainly more expensive than for a standard car. But it is still possible to make some savings! Here are some tips from Assurances Multi-Risques:

Do business with a broker specialized in the luxury vehicle market;
Evaluate your deductible options. In your case, having a high deductible will certainly be unavoidable, but could prove far more advantageous in the event of a claim;
Have a tracking system installed: several insurers require this, but it will also give you additional protection in the event of theft.
Evaluate the difference between replacement value and compensation without depreciation: you can then assess which risk you prefer to take and what is more profitable for you in the short and long term;
Combine your home and auto insurance with the same insurer.

Finally

While automobile insurance is a standardized product, some coverages are at the insurer’s discretion. Remember that choosing to insure your high-value vehicle with a standard insurer will always cost you more in the event of a claim.

If you pay top dollar to enjoy the luxury and comfort of a beautiful car, it makes sense to also opt for insurance that will guarantee you priority treatment, easy claims processing, and optimal coverage! The price paid for something is always commensurate with the service or product received in exchange.

To help you see things more clearly and receive appropriate advice,
contact an AMR Assurance Multi-Risques Insurance broker, who will find THE best insurer for you while you enjoy revving up your engines!