Exotic car insurance is getting expensive, but some companies care about sports cars, and insure drivers pay affordable coverages, get discounts, and are fully covered. The whole insurance claims process on exotic cars is smooth.
A vehicle is defined as exotic based on its price, its design, the uniqueness of the interiors as well as the exteriors, the quality of the material used, and the number of similar cars manufactured in a year.
As a subcategory of luxury cars, some of the most famous top companies’ of sports cars are Ferrari, Alfa Romeo, Bentley, McLaren, Bugatti, Aston Martin, Porsche, and Lamborghini, to name a few. What makes a luxury vehicle different from a regular-use car is that the value of an exotic car increases with time.
And well, for this kind of sports car, luxury vehicles, their owners require different collector car insurance policies, one of which is Exotic Car Insurance. You must go through the end to know more about exotic car insurance and how to buy it.
Exotic Car Insurance: Overview 
Many insurance companies offer unique coverages for an exotic car insurance policy. Specialty auto insurance refers to the coverage options that provide for exotic cars. For these policies to function, you and your insurer must agree on the total loss sum needed to replace your exotic cars.
Hagert, Progressive, pure insurance, grundy insurance, and many collector car insurance companies are some of the most well-known insurance companies that provide coverage and several mileage plans for auto insurance for different vehicle types, like luxury vehicles and sports cars.
The vehicle’s state, whether it is used regularly, and whether any additional precautions are taken to keep it safe all play a role in determining the cost of exotic car insurance.
4 Types Of Coverage Offered By Exotic Car Insurance Companies 
Exotic auto insurance policies cover many luxury vehicles like sports cars, etc. The following are the main coverage options that an insurer must consider:
1. Medical Payment Coverage
In the event of an accident, getting this agreed value coverage is a must, for these exotic vehicle is at a high risk of speeding. Therefore, it is a must to get your medical bills covered under this.
2. Liability Coverage
In the event of an accident for which you were responsible, this insurance covers medical bills, bodily injury, expensive repairs, property damage, and total loss to the other vehicle.
3. Gap And New Car Replacement Parts Coverage
If you owe more on your car than it is worth, your insurance company, with agreed value coverage, will include the cost of replacing it if you have an accident. The insurance company would compensate you based on the car’s cash value. Consider a new replacement vehicle when buying a new luxury car so that the cost of buying a new one will be covered in the event total of the original vehicle.
4. Comprehensive Coverage And Collision Coverage
Exotic car insurance companies will pay the full cost of repairs of your vehicle and the other vehicle with which you crashed.
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How Much Does Exotic Car Insurance Cost? 
Exotic car insurance is one of the specialty insurers, so their costs can go very high. They cost more than the price of coverage for an equivalent regular model. Getting a Lamborghini insured can be 2-3 times more expensive than getting a standard car. For instance, the annual auto insurance charge for a Honda Civic is $2,406, which is $5,500 less than for a Lamborghini.
Car Brands That Qualifies Under Exotic Car Insurance 
Many high-cost car brands qualify for exotic car insurance policies. One of the best expensive sports car and other exotic car are The Maserati Quattroporte, Aston Martin, Bentley, Rolls Royce, Elio, Porsche, certain Audi models such as the R8 5.2L V10 Quattro and Audi RS7 Quattro, and AMG G63 4Matic, Nissan GT-R, and BMW M850i xDrive.
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Why Is Exotic Sports Car Insurance High? Top 4 Reasons 
Exotic car insurance rates can go very high for many reasons. Following are some of the reasons considered by insurance companies while determining rates for exotic cars:
- High repair costs: Exotic car insurance costs can go high because repairing exotic cars can be very expensive. The exclusivity of these vehicles, and the paucity of available spare parts, make it hard for insurance companies to procure them.
- Unique repair shops: Exotic car insurance costs can rise because these car insurance providers need authorized auto repair shops.
- High-risk customers: Since these vehicles have very high horsepower, the risk of having an accident due to overspeeding is very high. Due to this factor, exotic car insurance costs can go very high, for they are defined as high-risk vehicles.
- Higher risk of getting vandalized or stolen: Since the vehicle is very expensive, it is a high risk of either getting vandalized or stolen.
Factors That Contribute To The High Cost Of Exotic Car Insurance 
Multiple factors contribute to the high exotic car insurance costs. They go as follows:
- Manufacturing of the vehicle: The year of manufacturing and the number of manufactured cars make a lot of difference. The high-value car is, the higher risk it is to insure it.
- Monthly or annual mileage driven: An exotic car cannot be driven daily. Exotic car insurers will calculate the frequency of a vehicle driven and mention the maximum distance it can cover in a month or a year to determine the price.
Ideally, it must be a secondary means of transportation, not a primary one.
- Condition of the car: The exterior and interior condition of an exotic car must be taken into account when calculating the insurance payment. Both the vehicle’s value and age must be greater than $100,000 or more than 25 years. The car is assessed based on specific factors, and insurance payment is determined.
- Enclosed area: The vehicle needs to be kept in good condition. For maintenance, see its safety features, as the insurer will see that the vehicle is kept in a secure, enclosed space.
Compare Luxury Car Insurance Cost, MSRP 
The top 5 most expensive luxury cars and their insurance have been stated below:
- Maserati Quattroporte: The sedan has the most expensive cover, with the 6-month installments being around $2,500.
- Audi R8: The manufacturer’s suggested retail price of this vehicle is $142,000, and the policy insurance payment is $2,284. The theft rates of this vehicle are pretty high compared to cars under the same category; therefore, the insurance rates are very high.
- Mercedes-Benz S class: A six-month insurance policy for this fancy car with an MSRP above $170,000 would cost $1,871. With high-quality components and services, however, the cost of insurance can be substantial.
- BMWi8: This hybrid vehicle has a six-month installment worth $2,186, higher than many sedans and SUVs.
- Mercedes-Benz AMG GT: The owner of such a Mercedes might have to spend around $2,065 for a 6-month installment.
How To Get The Cheapest Exotic Car Insurance Quotes 
There are various ways in which insurance rates for exotic cars can be lowered, and they go as follows:
- Before buying an insurance policy, it is vital to compare quotes and be aware of the rates available in the market. Comparing rates, learning about discounts, and reading the terms and conditions are very important.
- Insurance companies offer bundling policies in which two or more items can be put together under the same policy. This reduces the price of the premium and makes the policy economical.
- Inform your exotic car insurance agency that a security system, like anti-theft technology installed in the car, prevents cars from being stolen. Also, if you live in a gated community, the chances of your car getting vandalized reduce, and the premium decreases significantly.
- Adjust coverage: If you are not planning to drive your car for some time, maintain comprehensive coverage, but you can drop the rest. For instance, you can do away with all coverages of a convertible during winter.
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Frequently Asked Questions
Is luxury car insurance worth buying?
Yes, it is worth buying a luxury car, but if you want to stay safe, you must sign up for exotic car insurance policies so that there will be a proper claim for the vehicle if it gets stolen, vandalized, or damaged due to an accident. Many high-risk drivers are out there, and you cannot control the other drivers.
Is Geico exotic car insurance expensive?
No, GEICO offers economical insurance coverage for exotic cars.
What are the requirements for import car insurance?
Imported automobiles are not subject to any additional regulations. You must choose a specialized insurer that will offer you a unique, helps you get those claims, and cost-effective policy because some insurers charge cheaper premiums because they specialize in rare and modified vehicles.