Prestige Car Insurance

Why do you need prestige car insurance?

If you drive a luxury or prestige car, you need to make sure you have the right insurance cover. Owners of high-end cars may benefit from a specialist prestige car insurance policy.

Prestige cars are usually classed as those which are of particularly high value or power. Often European-made, prestige car insurance can also be referred to as luxury car insurance, or sports car insurance.

If your luxury car is older than 25 years, you could find that it is better classified as a ‘classic car’ and choose this type of insurance cover instead.

Who needs prestige car insurance?

If you own any of the following cars, makes or models, you might need prestige car insurance:

• Porsche
• Bentley
• Lamborghini
• Lotus
• Aston Martin
• Bugatti

What does the cover include?

All motorists need to have a minimum level of insurance coverage in place to drive legally on the roads. As prestige cars often represent a significant investment, most owners opt for fully comprehensive insurance, rather than third-party only, or third-party fire and theft.

Comprehensive insurance means that in the event of an accident, the costs of repairing or replacing your own vehicle are covered, as well as any damage to third parties.

What additional cover is available?

Depending on your circumstance, you might wish to add a cover to your prestige car policy.

Accidental damage – if your car is accidentally damaged e.g. scratched whilst parked, your insurance will cover the cost of repair.

Theft, or attempted theft – replacing prestige cars can mean big costs. Your policy will cover against theft, or attempted theft if your vehicle is stolen and needs repair after it is recovered.

Windscreen cover – replacing a windscreen can be expensive. Most prestige insurance policies will cover the cost of replacing the windscreen.

Vandalism – If your car is damaged deliberately, this policy will cover the cost of repairs

Towing or recovery costs – if you are involved in an accident and your car cannot be driven, this policy will cover the costs of towing your car

How to find cheap prestige car insurance?

If you drive a prestige or exotic car, you may find that as well as the high costs involved with buying such models, insurance tends to also be expensive.

By following a few simple principles, you could save money on your insurance.

• Compare quotes

Many insurers are able to offer specialist policies for prestige car owners. It is worth checking quotes from a range of different insurers. Make sure you are comparing like for like the cover.

• Keep your car secure

The risk of theft is high for performance and luxury cars. Reduce the risk of making a claim by always keeping your vehicle stored securely when not in use. Parking in a garage or secure compound may lower the cost of your premiums. Fitting an immobiliser may also help lower costs.

• Increase your excess

The excess is the amount you pay in the event of a claim. By raising the amount of excess you pay for your premium car, you could cut the overall monthly cost of your cover.

• Take an advanced driving course

If you are able to demonstrate that you are a ‘safer’ driver, some insurers could offer reduced premiums in return.

• Multi-vehicle discounts

If you are lucky or hardworking enough to own more than one, or a collection of prestige cars, you may be able to negotiate a discounted rate with your insurer to insure more than one of your vehicles.

• Agreed mileage cover

If you only use your prestige car for shorter journeys, you could reduce your premium costs by sticking to an agreed mileage. This type of policy is suitable if you only drive your exotic car at the weekend, for example.