Exotic Car Insurance Shopping Case Study
There is one defining characteristic that separates exotic cars from regular ones: they appreciate rather than depreciate. While regular cars lose their value when you drive them, exotic cars gain value the older they get.
Of course, owning an exotic car is different to owning a regular car. You have to treat the car differently, use it less frequently, and get the right insurance coverage for maximum protection. The latter is what we are going to focus on in this article.
The Value of the Car
The soon-to-be-replaced Ferrari 488 GTB is the car we are going to use as an example in this article. While the Ferrari F8 is just around the corner, the 488 GTB still holds its value as one of the fans’ favorites. In red, the car simply looks stunning.
The release of the upcoming F8 also means that the 488 GTB will become rarer on the road. This is a car to dream about not only for its sleek look, but also for its capable chassis and the roaring 3.9L V8 engine under the hood.
One of the first things you want to figure out when shopping for an exotic car insurance policy is the value of the car itself. The sticker price of the 488 GTB we are using as an example is around $350,000, but that’s before options and other extras.
The Insurance Options
You have a few options to choose from when it comes to insuring a 488 GTB. You can either insure it as an expensive car – one that you can use frequently – or an exotic/classic car. Classic car insurance will lead to lower premium, but you have to drive the car less for it to qualify in this way.
As for finding insurance options, the process is a lot simpler now that you have Insuranks at your disposal. You can use the Insuranks quote search tool at https://www.insuranks.com/Auto-Insurance/Car-Insurance-quotes and begin getting quotes from multiple insurance companies.
You can personalize your search too; this is where knowing the value of the car comes in handy. You can make adjustments to the coverage types and amounts. This is how you set the insurance policy to provide maximum protection for your 488 GTB.
Buying an Insurance Policy
When insuring a car as exotic as the Ferrari 488 GTB, you can’t simply pick a plan that suits you and make the purchase immediately. Depending on the insurance company you choose to engage, you may need to submit additional documents and photos of the car.
This is because the insurance company will also review the value of the GTB, including the options you have installed in the car. The valuation will then be used as a benchmark for providing you with a more detailed insurance quote.
You also have the ability to modify the insurance. Lowering your annual mileage, changing the coverage amount, and securing the car better are some of the things you can do to lower the insurance premium of the Ferrari 488 GTB.
Don’t get me wrong; there are a lot of headaches associated with owning an exotic car. Thanks to Insuranks and the tips we covered in this article, however, getting the right insurance policy should not be one of them.