Owners of High-Value Cars Have Unique Insurance Needs

What Are High-Value Cars?

High-value cars are those produced by luxury brands and may include supercars, megacars, and hypercars. Examples of luxury brands are Rolls-Royce,  Lexus, Lamborghini, and Mercedes. Generally, supercars are defined as those that have between 550 and 750 horsepower, weigh between 1000 and 1700kg, and handle well. Examples include the Porsche 911 Turbo, Aston Martin Vantage, and the Mercedes AMG GT. Megacars are those with more than 1340 hp.  Some examples are the Bugatti Chiron and Nio EP9. Hypercars are generally produced as limited edition vehicles, with more than 800 hp, a 0 to 60 time of fewer than 3 seconds, and a top speed of more than 215 mph.  Examples are the Ferrari LaFerrari and the Porsche 918 Spyder.

Antique and classic cars, generally considered those older than 25 or 30 years old, also can be considered high-value. High-value cars are prone to theft and have other unique characteristics. Auto insurance for high-value cars must protect the car’s value and also have some unique provisions.

Insuring A High-Value Car

Owners of luxury cars, supercars, hypercars, and megacars should have insurance in the following categories:

  • Liability insurance. This pays the medical expenses and property damage to others if you are considered at fault in the accident. Owners should buy enough to cover their at-risk assets.
  • Collision and comprehensive insurance.  Collision covers the value of your car in an accident. Comprehensive provides coverage if forces other than collision damage or destroy your car. These might be natural disasters or theft.
  • Personal injury protection or medical payments insurance. This coverage pays for the medical bills of you and your passengers in the event of an accident. This coverage is particularly critical because the risk of injury increases when accidents occur between high-powered cars.
  • Gap or new car replacement insurance. Gap coverage helps in case your car is totaled.  The insurer would pay only the value of the car, but, you may still owe more to the lender. Gap coverage provides these funds. New car replacement gives you enough money to buy the same make and model.

In addition, owners of classic cars should be careful to have inflation-guard coverage, which compensates for classic cars increasing in value, spare parts coverage, and flexible use coverage to allow you to drive the car for more than just parades.

Insurance for high-value cars costs more than insurance for standard cars because the replacement value of the car is higher. However, the higher rate is not necessarily proportional to the price of the car. For example, a luxury car might cost 400 percent more than a standard car, but the auto insurance might be only about 65 percent more. High-end cars often have standard safety features that decrease the likelihood of serious injury.

High-Value Car Insurance in Atlanta

Atlanta Insurance provides insurance for high-value vehicles. We are an independent Atlanta car insurance dealer, which means that we shop around for the insurance that best meets your needs at the lowest price. Contact us online or at 404-352-0304 for a consultation and quote.