Luxury Cars Insurance: Insurance for high-end cars has a higher price than for more conventional cars.
For any car lover, owning a high-end vehicle can be a dream, although acquiring one also involves a significant expense. If we are lucky enough to have one of these cars, we must take into account not only this initial outlay but also the costs that will entail repairs, changes of parts and a long etcetera that surely you can imagine.
In fact, and since it is a high-end vehicle, it is more than likely that any technical repair or visit to the workshop involves a much higher cost than that of ordinary tourism. For this reason, the insurance companies offer for this type of car will also be notably more expensive, almost proportional to the price we pay for the purchase of the car.
Luxury Cars Insurance
The luxury vehicles of the current market are far from reaching the sales of more conventional cars. In fact, the most expensive cars in the world have a very limited production. For example, we find the Lykan Hypersport model, one of the most expensive (3.1 million euros) of which only seven units are sold.
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Normally, this type of car has a sporty and aerodynamic design, with a style that we do not usually see in everyday cars. They are designed for lovers of speed and, in fact, some reach four hundred kilometers per hour in a few seconds.
The manufacturers of luxury cars take care of the details and accessories to the millimeter. Some have rear opening doors, nothing usual in the passenger cars that we usually see on the road. The upholstery is usually covered with leather and there are many who have wooden details carved by hand throughout the interior.
Other accessories that we can find are cloth curtains to separate the back or a system of mirrors that allow its female occupants to put on makeup before reaching the most glamorous events in the world. But these special models do not stop there. Inside we can find more surprises, such as a small refrigerator located between the rear seats. Everything is designed for the comfort of the driver and the rest of the passengers.
These vehicles are, above all, a test of social status, so the most common buyers – who can afford it – are famous and athletes in general (you only have to see what players spend on their cars ), big businessmen or aristocrats Are some of these characteristics, precisely, which make the owners opt for this type of luxury sports compared to others.
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What is the price of luxury and exclusivity? The most expensive cars usually exceed one million euros, even reaching around four million. This is the case of the Aston Martin Valkyrie model, the most expensive car in the world with a price of 3.6 million euros.
Most of these models are supercars destined for racing and their design is similar to that of the cars of Formula 1. However, there are some more affordable cars whose price starts at 200,000 euros. In any case, a luxury car usually has a cost up to twenty times higher than any other conventional.
The maintenance of a luxury car
Maintaining a luxury car is not cheap. Its buyers not only make an economic effort at the time of acquiring it but throughout the life of the vehicle. In later years you will need revisions, parts changes, repairs and new accessories. The price to be paid in these cases far exceeds that of a low-end tourism.
All the expenses associated with a luxury vehicle multiply notoriously. Routine activities such as refueling at the gas station can cost us around one hundred euros every two days, obviously depending on the number of kilometers traveled per day and the brand, but the average cost is usually around twenty liters per hundred kilometers.
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A car so luxurious and expensive, that with total certainty will require a huge investment in its maintenance, you need insurance with all the benefits. Most insurers do not consider this market niche a priority and therefore do not strive to offer adjusted rates nor does it exist as such a policy for luxury cars despite its high value.
Covers for high-end cars
Securing a high-end car costs much more than ensuring any other. This is because the calculation of the price is based on a possible compensation for total loss, in which case the price of the vehicle, which by its nature is a high figure, would have to be paid. In addition, the possible repairs that are necessary in case of an accident will also be more expensive in a luxury vehicle than in another standard range.
A widely used option among drivers of high-end cars, due to the economic conditions that present, is the insurance at all risk. In general, insurers include in this type of insurance theft, fire, own damages, patrimonial liability, moon breakage, mechanical assistance, roadside assistance, legal defense, and replacement.
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The franchise insurance can be very useful in the case of luxury cars because it lowers the premium a lot. If we have agreed with the insurance a fee of 300 euros, this will remain fixed although the expense to fix a luxurious car exceeds 10 thousand. Including the franchise is especially helpful because, in case of need, the insurance covers the expenses.
This type of insurance has the same coverages as those of full insurance without excess. The difference is found when there is an incident with own damages, since, in this case, the insured must pay a fixed part of the expenses, which will be established in the conditions of the policy. Therefore, the insurance company and the insured share the risks.
Regardless of the franchise, it is important to always read the fine print of the all-car insurance contract before you sign it. It is recommended that, in the case of insurance for luxury vehicles, as many accessories as possible be covered. Those that come standard and those that have been added to the dealer or after the purchase must be indicated in writing.
As with all types of policies, we can reduce the amount of our insurance if we have not given many parts a year or if we have a certain length of service as a driver.
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In any case, we must be aware of the expense involved in the purchase and maintenance of a sports car. There are buyers who find extra money in their account and decide to buy a luxury vehicle. In most cases, they try to sell them – for a quantity considerably lower than the initial one – after a year when they can not afford the expenses.