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Uzone.id – Exotic cars are somewhat similar to luxury cars, but the former is manufactured in lesser numbers as compared to the latter.
Some of the exotic car brands include; Ferrari, McLaren, and Lamborghini. In any case, not all exotic cars are developed for speed. Some are idea cars or just contain characteristics that are not essentially present in typical automobiles.
But luxury and exotic cars are somewhat related. Generally, both have better and higher-end options with better technology integrated into their products.
There is no fixed way that Auto Insurance Companies have of defining exotic cars but what has been known to be experienced is that the make, model, and horsepower among others are the most notingly used in defining exotic cars.
Because of their high value and efficiency, their claims in case they are damaged, totally wrecked, or stolen would translate to bigger values, and therefore not all car insurance companies offer insurance on exotic cars, but insurance on luxury cars is rather popular.
For instance, Progressive policy is operating under the condition that they will not insure vehicles that cost over $150,000, and therefore, to get an insurer for exotic or luxury automobiles then there is the need to look for insurance companies that deal specifically with cars with a price value more the fixed amount.
“You can expect more bells and whistles with a luxury car, but those upgrades will increase your auto insurance costs. It’s wise to shop for car insurance as you shop for your luxury car to make sure you can afford both,” said Car Insurance Analyst, Penny Gusner.
Here are some of the best luxury car insurance companies in the world:
Chubb
Chubb is an insurance company of wealth and provides several insurance solutions which also include luxury car insurance.
Generally, it has solid feedback from customers in terms of claims handling that is fast and efficient with branches all over the world with a special focus and efficiency on managing luxury car claims.
Although they are rare, elective covers that exist in Chubb’s standard offerings include agreed value coverage and what they refer to as “agreed value” insurance.
At Chubb, they have a Chubb Elite Tailored Auto insurance program, that is aimed directly at luxury as well as classic cars.
This program provides a full package with many options for individualization and has a team of professionals to explain all the offers and to help to choose the necessary coverage for your car and show you how to avoid risks.
AIG
AIG is an international insurance firm that deals with different insurance solutions among them being; luxury car insurance. The company has well-expanded agents and it can offer insurance for many high-end cars.
Collision ins coverage, comprehensive, and non-exempt ins are the major coverages that are offered by AIG and has special experience in dealing with luxury Auto Ins claims.
What AIG has included for private consumers is the Private Client Auto insurance plan meant for those who own exotic cars.
This is a full package service program where the customer has numerous choices of options/accessories and other related services.
There is also a risk advisory side in AIG that can assist you in comprehending all the containments bound to the possession of luxury cars.
Berkshire Hathaway
Some insurance companies are part of the Berkshire Hathaway group of companies which is a holding company with insurance subsidiaries such as GEICO and
Progressive insurance companies. The auto insurance products that this company provides include special coverage for exotic and classic cars and other luxury cars.
Sound financial position and the favorable policy of maintaining relatively low insurance rates can be listed as the major strengths of Berkshire Hathaway.
It operates through its subsidiaries which include GEICO and Progressive; they deal with a wide range of luxury auto insurance and their service delivery is good with customers attending to claims quickly.
High-end automobiles can be insured through a special program called “GEICO High-Value Auto.” This program has the flexibility to be customized to cover almost all the bases Ms.
Berkshire Hathaway has, therefore, a long-term focus on the financial position, that will give you the comfort that your insurance policy is going to remain active even in the unfavorable economic environment.
Hartford
Hartford Insurance is one of the leading insurance companies that deal in different types of insurance policies such as luxury car insurance. The subject is financially sound and has a certain reputation, and it provides the necessary insurance depending on the customer’s request.
Thus, Hartford has an insurance program named “Hartford Signature Auto” that is targeted at people owning luxurious cars.
This plan offers the widest range of protection alongside many choices for tailored services and extra services.
Getting a car insurance quote can be done in a few simple steps by filling out an online form; getting insured is quick, easy, and hassle-free With Hartford, you can get professional advice from their panel of highly experienced advisors who will assist in selecting a specific car insurance and guide on the best way to protect the car so that it will maintain its value.
FM Global
FM Global is a company that deals with property and casual insurance, particularly in high-risk insurance. It also provides luxury auto insurance to its people, especially car collectors, and is known to provide good customer relations, as well as efficient and prompt settling of claims.
Another insurance program given by the FM Global public is the FM Select program aimed at people and collectors owning luxurious automobiles.
This program offers complete coverage with many options for additional services and extent of customization.
FM Global has professionals in loss prevention in engineering who will evaluate the dangers and how to fix any issue around the premises.
These are just some of the best luxury car insurance companies in the whole universe. One must always look at the different available offers of insurance to compare the rates and the kind of coverage that comes with the various products.
Here are some additional factors to consider when choosing a luxury car insurance company:
1. What kind of insurance coverage to get?
Make sure the insurance company provides the type of car insurance that is necessary for your car including collision insurance, comprehensive insurance, and agreed-value insurance.
2. How much insurance money for the damages, they required?
Ensure that the insurance provider gives sufficient cover that will be able to replace the value of that particular model of car in case it is a total loss.
3. Deductibles you can afford
An excess is that pre-determined amount that the policyholder is expected to pay should there be a claim. Selecting a deductible amount that you would not mind losing every time there is an accident should coordinate with your pocket.
4. Insurance company reputation
Check around for insurance companies and their reputations especially on customer service and on their capacity to process claims.
5. Premium cost
Always try to shop around and look at the various insurance companies as they offer different rates to their clients.
Thus, the selection of an appropriate insurance company for your luxury car is a wise way to secure your investment.
