Are you shopping for quality insurance but at affordable rates. This is common regardless of what type of product you need to insure.
If you have an unusual vehicle, it may need exotic car insurance. This type of coverage is specific to the insurance needs of that specific vehicle.
If you live in California, regardless if you reside in Huntington Beach CA, or Los Angeles CA, you understand the vintage vehicle market.
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If this sounds like you or what your searching for then continue reading on.
We will review some of the guidelines to help you understand the components of your classic or exotic car insurance policy.
Underwriting guidelines is what you are dealing with when shopping for insurance rates.
Because of the rarity of the vehicle, not all insurance carriers will take on that risk.
There can be many reasons for this, but the most obvious is they don’t want that piece of the insurance market.
Good News Alert
The good news is if you are an exotic car owner, there are companies that will cover your baby. These companies will rated an exotic vehicle when the value of it is at $100,000 or more.
There are cases can range into the high $400,000s. There are also vehicles that are classified under the antique and exotic category with prices ranging into the millions of dollars.
So, insurance to cover these specifications will vary tremendously from your standard personal auto insurance policy.
Some of these toys that are considered into the exotic vehicle classification are known as:
- Aston Martin DBS Volante,
- Lamborghini Gallardo,
- Ferrari 599 GTB Fiorano,
- Maserati Gran Turismo,
- Porche 911 to name a few.
These vehicles obviously are driven faster than the normal vehicle, which is why special provisions will accompany these vehicles on their exotic car insurance policy.
Exotic Car Insurance California
An Exotic car insurance policy will normally carry special provisions for specialty parts, accidents and replacement value.
If you are an owner of an exotic vehicle, you wouldn’t purchase parts for your vehicle from an average car parts store for your specialty part.
Normally, these parts are purchased from a specialty provider and in some cases will need to be customized to fit your order.
The replacement value of an exotic car also varies from your standard auto insurance policy, due to the value of the vehicles.
Obviously this type of vehicle is unique in every way. Insurance companies know this and have different guidelines in order minimize claim loss. The cost to repair your rare vehicle may depend on a number of factors.
This is why it is important that certain regulations are followed on the policy.
Your specialty vehicle will cost a lot more to repair in the event of a loss, so the value of your exotic car will be negotiated and determined by an exotic car insurance carrier.
Exotic car insurance carriers are not only well versed in this market, but are also labeled as experts in the valuation process of your exotic car insurance policy.
Exotic Auto Insurance — Valuation Process
If you are curious into the valuation process of your exotic car, continue reading on to understand the tools and factors that exist within the underlying framework of your exotic car insurance policy.
Accurate, and up to date pricing without bias is what most exotic car owners are seeking when shopping for affordable exotic car insurance. These tools that value your vehicle are as followed:
- Asking Prices — These prices are constantly monitored to ensure accuracy from underwriting.
- Insured Values — Exotic Car Insurance companies have access to hundreds if not thousands of classic vehicles in order to determine the value range of your vehicle.
- Peer to Peer Sales — Some Exotic or Classic Car insurance companies, have transactional data that assist in the process of valuation.
- Dealer Sales — Some Classic Car insurance carriers will develop valuation based on an established dealer who trades solely in the classic and collectible vehicle market.
- Auctions — Some Exotic Car insurance carriers will review worldwide auction activity , and perform onsite inspections of classic, exotic, antique, and collectible autos.
How your Exotic Vehicle is Classified
Making sure that your exotic car is correctly being classified based on condition is huge, since ensuring quote accuracy depends on this method.
This method, along with other rating factors such as the number of owners listed on insurance policy:
- the originality of your vehicle,
- any additional factory options,
- and supporting documentation of the cost of any modifications or restorations,
- that can affect the value of your vehicle and determine the valuation for your exotic car insurance policy.
Below you will find the rating system of the condition of your vehicle that most exotic car insurance companies utilized.
Vehicle Condition Ratings
Concours — these vehicles are labeled the best in the world, in perfect mint condition, all the way down the tire treads. The paint and chrome on the vehicle are mirror like, with no existence of dirt and dust, with all parts and materials being superbly fitted. The interior of the vehicle is as new, which means mint condition with no flaws.
Excellent — this category list vehicles that can win a local or regional car show if entered. If flaws do exits, it would only be seen on close examination. The paint, chrome, glass and interior, will be in excellent condition and drive as through you just purchased it in the original era it was built in.
Good — These vehicles will drive and run well, but may posses some incorrect parts, however, the visible flaws will not be seen by a person just walking by casually. Vehicles under this category are not used for daily transportation , but instead are used more for the trade or show events they may be registered for. However, an occasional long tour can be justified under this group.
Fair — Vehicle’s that are mainly used for daily driving and has visible flaws to the naked eye are grouped under this condition category. Fair vehicles will have imperfections, such as pitting or scratched chrome, paint, or a chipped windshield, or a dent on the fender. The interior will also posses some imperfections such as splits in the upholstery, a crack in the dashboard. Remember, no major parts should be missing, but it is ok if they are not all stock parts.
Exotic Car Insurance Coverages and Features
We work with Exotic Car Insurance companies that guarantee the value of your exotic car insurance coverage, which in the event of a covered total loss, you would receive the full amount, less any deductible or salvage value, if retained.
Our classic car insurance companies have in house claims handling and repair shops of choice, which is huge when comparing exotic car insurance overage.
Collectible Car Insurance
Our exotic and collectible auto insurance companies rates are 45% lower than the standard exotic car insurance company, since this is their specialty market and can afford to pass on the savings to the customers.
- Not all insurance companies are the same and do not offer these features and programs so, make sure to ask what features and coverages are available when receiving online insurance quotes.
- Our classic car insurance policies have flexible usage, which allows limited pleasure used with no fixed annual mileage limits, with $0 deductible options, no appraisals antique.
- The term “antique” normally refers to vehicles that were built from 1896 to 1948, which include the Veteran and Brass era.
- In addition, postwar mass produced cars built between 1949 and 1961 are also defined as antique.
Types of Exotic Vehicles
- Classic fine or unique cars built between 1924 and 1948, and will most likely come with custom coachwork.
- Modified Vehicles are vehicles that are modified from their original condition.
- Modern Collector Vehicles, are vehicles that were from 1990 and newer, built in small numbers, and sold for a large and expensive prices due to the limited supply.
- Muscle cars are vehicles that have a powerful, factory fitted V-8 engines which were manufactured during the late 1960s to early 1970s.
- Vintage race cars were from the mid 70s and prior, and built for performance on the race track.
- Vintage Motorcycles are single or multi-cylinder, two wheeled vehicles at least 35 years old.
- Kit and Replica cars are built from kits and reproduced from an automakers manufactured vehicle.
- Classic Boats that are made from wood, fiberglass and steel, which include runabouts, cruisers and sailboats.
- Firetrucks and military vehicles are vehicles of light and heavy vehicles that are no longer used for work.
- Vintage Tractors and Trailers are either restored or retired from farm tractors in excellent condition.
Find Car Insurance Tips 101
Make sure to check insurance prices before buying a new vehicle.
Your insurance agent can tell you what vehicles have the best premiums. This can help you when choosing a used or new car. You’ll save a good amount of money if you buy an automobile that carries an excellent safety rating.
Many people do not purchase adequate coverage for their vehicles.
To ensure that you can recoup your losses in the event of an accident, have your insurance agent explain your policy and ask questions.
A new set of shiny wheels may cost you a lot of money, but they may also only add a small amount of value to your car. That difference in value will be lost if your car ends up stolen.
It is a common misconception that the cost of auto insurance automatically drops as the driver reaches 25 years of age.
The truth is that premiums start to decrease when a person reaches the age of 18, assuming that he or she is a safe driver.
It is always possible to purchase additional coverage in excess of what the law requires. Even though these may cost you a bit more, the peace of mind they will give you will be worth it.
For example, if you get uninsured motorist insurance, you are protected even if the other party involved is illegally driving without insurance.
It is better to pay your insurance in one lump sum each year rather than paying monthly installments. Insurance agencies frequently add surcharges to installment plans. This can be expensive over time. This can be troublesome with your other bills. IF you have less payments you are better off.
Increase your deductibles to cut down on your expenses. This strategy carries some risks, but as long as you’re willing to set aside money each month to cover the cost of your deductible in case of an accident, it can be an excellent way to cut costs.
Premiums and deductibles have an inverse relationship in that, in general, the higher your deductible amount is, the more you can save in premium costs.
You can also reduce your auto insurance premium by taking out other types of insurance through the same company. If you insure your car and life in a bundle, you can save money.
You will need to get good coverage and a good deal, you may need to get two insurance companies or policies to achieve this.
When you have good car insurance, it can make a world of difference if an accident occurs.
Choosing the right insurance and coverage options will help make sure you get the assistance you need.
This article no doubt answered some questions for you that will help you make the best policy purchasing decision that you can.
If you need help in comparing affordable classic car insurance or exotic car insurance in California, regardless if you live in San Diego CA, or Palm Springs CA.
Contact an expert in the collector and classic car insurance industry at 800-962-0085!
For over 30 years, we have been helping California find quality Exotic Car Insurance and we are confident we can help you too!
Insurance Service Areas: Riverside, Anaheim, Huntington Beach, Costa Mesa, Fullerton, Orange, Ontario and Los Angeles.
Car Insurance for Exotic Vehicles