Exotic Car Insurance

Your guide to getting the best rates on exotic car insurance

Exotic car insurance guide

The characteristics associated with exotic cars make them appealing to drivers of all ages. These machines are often expensive, fast, powerful, attractive and prestigious to own. While premiums are based on an individual's age, driving record and location, the materials and craftsmanship that go into exotic cars remain expensive in terms of repair or replacement. This can sometimes drive up the cost of your car insurance, depending on the type and amounts of coverage you get.

According to statistics, some of the most popular exotic cars found in Canada priced under and over $50,000 in recent years include:

  • BMW 1 Series M Coupe
  • Cadillac CTS-V Coupe
  • Hyundai Veloster
  • Porsche Boxster
  • Porsche 911 Turbo S

The majority of Canadian insurance companies willingly insure exotic vehicles. However, price typically varies greatly between companies. Though the Financial Services Commission of Ontario reported a .03 percent decrease in vehicle insurance rates beginning in 2013, individuals desiring exotic car insurance may not realize the effects of this decision. Each province determines the minimal amount of insurance a driver must obtain. Territories may require that drivers carry Accident Benefits coverage and/or Third-Party Liability coverage. Protecting your investment may influence the purchase of both types in order to get adequate protection.

Other factors that determine collector car insurance rates include the exotic woods and precious metals used in the trim work. Certain models are only manufactured in limited numbers, which also increases the price of parts.

Tips for the cheapest rates on exotic auto insurance

Raise the Deductible - One of the easiest methods of reducing premium costs involves choosing the highest deductible rate that you can comfortably afford.

Comparison Shop - While it remains possible to get quotes from various companies by phone, the majority of agencies also afford drivers the option of acquiring quotes quickly online. Keep in mind to specify the type of classic vehicle insurance you desire and resist the urge to settle for what a company offers. Get quotes from as many different companies as possible. Using websites like Rates.ca provides vehicle owners the chance to compare rates with dozens of companies. Visiting with individually owned agencies may only offer quotes from a handful of companies. By effectively comparing quotes, consumers may save $1,000 or more annually.

Limited Use - Many exotic vehicle owners purchase their prized possession as a second car, which often lowers premiums. Drivers who intend on merely driving the vehicle on weekends, holidays or special occasions may qualify for decreased rates. As the car appears only sporadically on the nation's roadways, the likelihood of becoming involved in a motor vehicle collision also decreases, which equates to lower rates. Agents can easily add mileage restrictions to policies, which may bring down premium costs.

Honest Applications - When shopping for quotes for exotic car insurance, resist the urge to falsify information. Submit all driving convictions when asked. Enter fault and no-fault accidents if requested. While providing inaccurate information may provide an initial lower quote, owners receive an unpleasant surprise when choosing a company. Agents perform background checks concerning this information and calculate rates based on each driver's actual record.

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