26 Apr 2012

Exotic car insurance

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Exotic car insurance

Owners of exotic cars know that these very special cars also come with very special price tags, so if you want to make sure you've got the best cover to protect your four-wheeled investment. 

Considering how much you've already paid for your exotic car, it's worth ensuring that you can cover the costs of repair or replacement if you're involved in an accident, with the right car insurance for your vehicle.

 

Car insurance options

Considering the financial value of your exotic car, you may want to look at the benefits of comprehensive car insurance. This means that your car could be fully covered and potentially some of the property within the car that is damaged at the time of accident (you will need to check the limits and exclusions within the Product Disclosure Statement) could also be covered, even if you caused the accident. It will also cover your legal liability for damage caused to other people's vehicles and property in that accident, usually up to a specified limit.

Comprehensive car insurance premiums for an exotic car could be much higher than a regular vehicle due to your car's accordingly higher value, but it is most certainly worth the extra peace of mind.

If you normally garage your car and don't drive it often, you may be able to find a more affordable cover that takes into consideration the fact that it is not often on the road, and therefore out of danger.

If you always garage your car and never drive it, you may wish to consider Third Party Fire and Theft, which can cover your car if it is stolen or damaged by fire, but not for a road accident.

 

Tips for exotic car insurance

Check for a preferred repairer

As an exotic car owner you will most certainly be choosy about the people you trust to work on your car. Check to see if your insurance policy allows you to choose your own repairer, or that there is a reputable repairer of exotic cars on the list of preferred repairers provided to you by your insurance company.

 

Find affordable car insurance

Fortunately for exotic car owners, the measures that will reduce your car insurance premium are also measures that will protect your car.

For example, by keeping your car in a garage and equipping it with a quality car alarm and immobiliser, you may be able to reduce the cost of your exotic car insurance, and at the same time as protect your prized possession.

 

Take an approved driving course

An approved driving course, like Defensive Driving, could reduce the cost of your premium while the skills you learn will always come in handy on the road.

 

Restricting the age of the youngest driver

Choosing a restriction on the age of drivers could also help lower your premium.

Compare different options to find affordable exotic car insurance, as quotes can vary greatly between insurers.

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.
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