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Even if you only plan to drive your exotic car on limited occasions, you should still plan to get the required auto insurance coverage for it so that you are sure you are following the state law.
It is true that coverage for an exotic vehicle generally costs more than for a regular car or truck, but there are specific things you can do to make sure that you do not pay more than you have to for your insurance policy.
Compare car insurance quotes today to find the best deal for the coverage you need.
If you drive an exotic car, there are some optional insurance coverages that you should consider to make sure that you are not paying for an expensive repair on your own after an auto accident.
While you are required to have at least a basic auto liability policy, you should also consider getting comprehensive and collision insurance.
When you are the cause of an accident, your auto liability coverage will pay for the damage that you cause to another car, but it will not help to pay for any repairs to your own car or truck that were your fault.
On the other hand, when you damage your car and have comprehensive and collision insurance, you will be covered for the cost of the repairs up to the limit of your policy.
The difference between comprehensive and collision insurance is that collision insurance is specifically used when your car is damaged because you collided with another object.
Comprehensive insurance is for other types of incidents, such as damage to your car or truck from a severe weather event.
With both comprehensive and collision insurance, you will have to pay a deductible out of your own pocket when you go to file a claim. This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay
This means you will have a set amount that you are responsible for chipping in before the car insurance company is required to pay the balance of your repair.
For example, if you have a $500 deductible, you would have to pay the first $500 of your repair bill before you get any reimbursement or coverage for the rest.
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If you are looking for ways to keep your car insurance premium affordable, here are some suggestions:
Specialty insurers are typically more familiar with the risks involved in insuring these types of vehicles and can offer specific discounts to exotic car owners.
In addition, you should make sure to check into more than one car insurance company before getting a policy for your exotic car.
Without shopping around for different auto insurance rates, you cannot be sure that you are paying a reasonable price in your area for coverage.
There are free tools that you can use to compare rates online, which means that you can have an auto insurance quote set before you even step into the dealership to purchase an exotic vehicle.
Another way that you can keep your car insurance premium in check is to let the car insurance company know if you only plan to drive your car for limited purposes.
For example, if you are not commuting to work daily in your exotic car, you may be able to pay a lower rate for auto insurance coverage than if you used it like a regular car every day.
A car insurance company will also be pleased to see if you are keeping your car in a safe area when you are not driving it. You will often be able to get a lower rate on your car insurance policy by showing that you have your exotic car or truck stored in an enclosed private garage.
Given that an exotic car is more of a liability than a regular car, you will want to make sure that your policy limits reflect the increased risk. If your policy limits are set too low, then you could end up having to pay more out of your own pocket than you can afford.
You might also want to consider gap coverage if you are financing your exotic car. This type of coverage helps you out in the event that you still owe payments on your car that was damaged beyond repair in an accident.
With this coverage, you will not have to worry about having to make payments on a car that you can no longer drive.
If you are going to buy an exotic car, you should be prepared to pay a little more for car insurance coverage than what you would be able to get for a regular car.
You can take precautions to get your car insurance premium as low as possible for your exotic car, such as making sure the auto insurance company knows that you store it in a safe place and only driving it on special occasions.
The best way to know that you are not paying too much for exotic car insurance coverage is to look into more than one car insurance provider and compare the rate options. Compare today using our free rate tool.
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