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Luxury car insurance policies are more expensive than non-luxury vehicle insurance.  To put this into perspective, a 5-year-old standard sedan could be insured for around $1,000 to include the minimum liability coverage, collision and comprehensive auto insurance. The same policy for a high-end BMW would require a premium of around $2,000-$3,000.

In general, luxury vehicles require the same coverage options as more common cars—i.e. liability, collision, comprehensive auto insurance, and personal injury protection (PIP).  However, you might want to include gap and new car replacement coverage if you can reasonably afford these optional coverages.

Liability Insurance for Your Auto Insurance

In Massachusetts, many independent insurance agents believe that the minimum liability coverage is woefully low: for bodily injury it is $20,000 per person or $40,000 per accident; for property damage it is $5,000; and for PIP it is $8,000.  To err on the side of caution, they suggest that you increase your coverage based on the auto insurance rates that you can reasonably afford.

In the case of Weiner, on the advice of his insurer, he purchased liability insurance that’s enough to cover his at-risk assets. This is anything he might lose if he was held liable for damages.

For anyone who owns a luxury car, an alternative is to purchase umbrella liability insurance which provides additional liability coverage should the damages go beyond the limit of the automobile insurance policy.  Basically, it kicks in when your liability sum has been exhausted.

Collision and Comprehensive Auto Insurance for Your Luxury Vehicle

Also referred to as full coverage auto insurance, it covers damages to your vehicle in the event of collision, natural disaster, vandalism, theft, hitting an animal, and falling debris.   Because premiums are based on the value of the vehicle, expect to pay extra when insuring your luxury car on this basis.

Other Optional Coverages: Gap and New Car Replacement

Gap insurance coverage is ideal if you still owe money on your luxury vehicle.  Take note that insurers only pay for the car’s actual cash value, not how much you spend for purchase. This can be problematic if your car is stolen or totaled since cars almost always depreciate in value once purchased and driven.

If budget is not an issue, you may also purchase new car replacement coverage, which covers the cost of buying a replacement car.  Nonetheless, many experts suggest that full comprehensive and collision coverage is sufficient for most luxury car owners.

Lowest Car Insurance Rates Are Still Possible with Luxury Vehicles

Insurers offer different premiums for the same amount of coverage so make sure you always compare insurance rates or visit cheap online car insurance sites if you want instant quotes for expensive cars.

Bundling insurance policies (e.g. home and auto insurance) is another great way to enjoy a huge discount, with surveys suggesting that you can enjoy 16-35 percent off your premium.

You may also reduce your coverage, or even drop some optional coverages.  For instance, exotic cars that are kept in storage most of the time may not require collision coverage.

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