Whether you’re mad about Mercedes, bonkers over a Bentley or more than ready for a Rolls Royce, buying the car of your dreams is a rather exciting and rewarding experience.
A high-performance car is most likely something you’ve been looking forward to purchasing for some time and you should be able to enjoy every part of the experience, so making sure you are prepared when it comes to insurance is key.
Considering this is no run-of-the-mill vehicle you will need to purchase specialist insurance to ensure it is financially protected should anything happen. Obviously, this will come with a higher price tag than your typical insurance as it will take into account exclusive parts for repairs and replacement of such a high-priced item if anything major should occur.
Here, we’ve highlighted our top three most important considerations when seeking out insurance for your new luxury vehicle to ensure you get the best possible options for you and your beloved new possession.
Always compare prices
It can be time consuming and confusing trying to search around for the best car insurance, entering the same details over and over again is arduous and prices and policies will all differ. You’ll want to make sure you shop around to compare the best deals and comparison websites tend to be the best option for this as you can let someone else do that hard work for you. You only have to enter your details once and they will search the current market to find the cheapest insurance cover to match your requirements. You can also compare different quotes yourself in a matter of minutes on direct insurer sites, saving you a lot of time while finding a cheaper car insurance quote.
Consider an extended warranty
All cars come with some sort of warranty when they’re brand new, but what happens when the car’s warranty comes to an end? While you may be able to get away with not extending the cover on a cheaper model, it’s a bad idea to leave yourself unprotected when you’re dealing with a luxury vehicle.
Therefore, you’ll want to look into extended warranties from ALA to ensure you have adequate protection and the peace of mind that your car will be cared for to the level it should be.
Ensure you understand depreciation values
One of the biggest risks with luxury cars is depreciation. All cars lose a portion of their value the minute they’re driven out of the car dealership, and with luxury models the depreciation can be quite high. This means you’ll want to make sure it’s covered by your insurer so check the policies to see how depreciation factors in as some insurers will offer additional depreciation protection, while others will simply miss it out of their policies.
The depreciation value certainly matters when it comes time to sell the car, or if you happen to get into an accident, you may therefore want to consider investing in GAP insurance, which aims to pay out the difference between the value of the car when you bought it and how much it’s worth at the time of an accident.
Due to how much it would cost you if you were to have an accident, you’ll want to make sure you have the best level of cover possible and these are just a few of the aspects to keep in mind when you’re looking at car insurance for your treasured new vehicle. Luxury car insurance will always cost more, but there are good deals to be found online.
Image credit at the very top of the article: Ivan Kurmyshov/Bigstock.com
