How to Get the Best Rate on Luxury Car Insurance

Car insurance is a significant expense, even if you’re driving the most reliable, accident-proof vehicle on the market.  However, if you’re driving a classic or luxury car your premiums can skyrocket.  Luxury cars cost more to repair, are more prone to theft, and are often driven at higher, riskier, speeds.  All of these factors make them more difficult to insure.  Yet by keeping the following tips in mind, you can make sure that your luxury vehicle is safely covered on the road without spending a fortune for the privilege of ownership.

Consider Limited Mileage Policies

Do you use your luxury car for your daily commute; or only for joyriding on special occasions?  Many insurance providers will offer plans based on your annual mileage, so it’s worth looking at low mileage plans if you don’t plan on using it as your main car.  The majority of collisions occur in heavy traffic or during commuting hours, so if you refrain from driving your luxury vehicle during these times you will be a less risky driver in the eyes of the insurer.

Look at Who’s on Your Policy

Don’t put your teenage drivers on the policy if there is little chance of them ever taking your car out for a spin.  Likewise, if your driving record is a bit spotty it can help to put a more experienced or reliable driver on the policy along with your own name.

Clean Up Your Credit

There are many factors that insurance companies look at when determining how great a risk it will be to insure you.  No matter what type of vehicle you drive, you’ll want to look at your credit report regularly and dispute any inaccuracies.  Keeping a clean credit record will help make you look more trustworthy both in the eyes of lenders and insurers.

Wipe Traffic Violations from Your Record

Similarly, your driving record is an important factor in determining rates.  Even a single ticket can potentially boost your insurance rates by up to 22%, according to a survey conducted by  Always follow up on minor infractions and find out if they can be taken off your record in exchange for attending traffic school or community service.

Pay for Minor Damage Out of Pocket

If you can afford it, paying for small scratches or other minor damages out of pocket will help keep your premium low.  It’s better to cover the small service bills yourself rather than risk a 20% increase in your future insurance payments as a result of a few dents.

Purchase Anti-Theft Gadgets

You may have taken advantage of low Bentley offers at Carsales to find an affordable luxury car, but to an insurer that same Bentley looks like an expensive prospect, particularly if it is stolen.  Reduce your bills by splashing out on anti-theft devices, such as tracking gadgets or car alarms.  Etching your car’s VIN into the windows can also lower coverage rates.

These strategies will prove effective no matter what type of car you drive, but for owners of higher end vehicles they are essential for lowering monthly bills or ownership costs.  It’s also a good idea to shop around to find the best rates for your particular make and model, as these can vary widely between providers.


Arnel Ariate is the webmaster of Money Soldiers.

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