Have you treated yourself to yet another luxury car? There are few things quite as exciting as adding a new set of high-performance wheels to your ever-expanding collection. But when making such a sizable purchase and spending a large amount of cash on it, one of the most important things to consider before you drive it off the forecourt is whether you have the right type of insurance policy in place to keep it protected from harm.
From accidents to theft, the thought of anything bad happening to your most prized possession isn’t pleasant, and high-end, luxury cars often require a particularly robust policy to ensure that all the boxes are ticked when it comes to keeping your investment safe.
On top of the everyday risks associated with driving, high-ticket vehicles often attract the wrong kind of attention, putting them more at risk of vandalism and joy-riding – so making sure your policy offers optimal protection against such occurrences is key.
Here, we cover all of the things you should look for when seeking out the ideal policy for your new luxury car.
Agreed value
A good insurance policy will include an ‘agreed value’ for your vehicle – that is to say that you and your insurer will agree on how much your car is worth, which is the amount you’ll get when making a claim should it be written off or stolen during your first year of ownership. Make sure you choose one that not only includes an agreed value, but also that the numbers are satisfactory for you should the worst occur. The agreed value of your car is reviewed each time your policy is due for renewal.
Specialist repair and parts
Some, but not all, policies will allow you to nominate your own repair garage should any damage occur to your car. In the case of luxury supercars, you should only ever consider letting a specialist loose on your investment, as not only will they have the skill and experience required to bring your car back to its original standard, but they will use only quality parts when doing so. On that note, you should also choose a policy that allows you to choose whether new or recycled parts should be used in repairs, the former being favourable when it comes to high-performance vehicles that require the best of everything to run smoothly.
Like for like replacement car
Should your car be off the road for any amount of time, you’ll more than likely want access to a replacement vehicle you can drive in the meantime. Some insurance policies will only provide you with a basic model should this occur, which can be disappointing when you’re used to driving a particular calibre of car. So, opt for a policy that offers a like-for-like replacement to ensure you’ll get the use of a car that is the same make and model as yours until your own car is back in action.
Driving abroad
If you plan on driving your car abroad, then make sure your policy includes unlimited driving in Europe – as while you might assume you’d be automatically covered when driving on the continent, this isn’t always the case. The best policies, however, will impose no limit upon how long you take your car to Europe for, which countries you drive in, and the mileage you rack up whilst there – so if it’s important to you, then don’t forget to check.
Legal costs
Any legal costs that arise – say, for example, as the result of hiring a car accident lawyer to support you following an accident you have been involved in – can quickly begin to rack up, so make sure the insurance policy you choose will cover these for free if needed.
Just renting?
If you’ve decided to rent a luxury car for a special occasion rather than buy one outright, or perhaps have just been given the opportunity to drive one for a day, then you might want to consider taking out temporary day insurance. This will cover both you and the car for the short amount of time you need it to, and is an easy way to share a long drive or borrow someone else’s car without having to go through the hassle of being added to their policy. Fully comprehensive cover can be sourced for as little as one hour, and it only takes a few minutes to arrange online
