That sleek red Ferrari or stunning black Lamborghini might be the car of your dreams, but chances are that just because you can afford an exotic sports doesn’t mean you wouldn’t prefer cheap car insurance over expensive coverage.
You probably already know that your best bet for getting any insurance is to contact a company that specializes in exotics, collectibles and antiques but you may not understand why. Here are a few reasons:
Agreed value. Instead of basing your coverage on the blue-book value of the car minus depreciation, your coverage will be based on a value, including any special features or modifications, that you and your insurer agree to, though in some cases an appraisal may be required.
Coverage. Exotic and collectible insurance extends to include some equipment and trailers, if you show your car, and sometimes even refunds your entry fees if you get stranded on the way to a show.
Low Deductibles. Deductibles for specialty cars tend to be low, and are sometimes non-existent.
Of course, there are also restrictions on such policies, such as:
You must have a clean driving record, and significant experience behind the wheel. In some cases there are also age restrictions.
