Exotic Cars: Ways to get insurance premiums down
It will probably come as no surprise to learn that it is very expensive to insure an exotic car. In large part this is going to unavoidable but there are things that you can do to reduce the cost. In large part these are the same things that you would do to reduce the cost of insuring any vehicle. However there are some things that apply specifically to cars that have a high value and which are expensive to repair.
The main reason that it costs so much to insure an exotic car is that it is very expensive to repair them. This is especially true with today’s exotic cars which are usually made of monocoque construction. That means that the whole body is one solid piece which makes fixing it very expensive. You can greatly reduce the amount that you have to pay for insurance if you are willing to pay for these repairs yourself. If you go with a very high deductible it will dramatically reduce the amount that you have to pay for insurance.
Another way that you can get cheap car insurance for your exotic vehicle is to register it as s secondary vehicle. There is a pretty good chance that your exotic car is not your everyday transportation so there is no need to have it insured as if it were. When you register a vehicle as a secondary vehicle it will limit the amount that you can drive it but it will also reduce your insurance simply because the less time that you spend on the road the less likely it is that you will be involved in an accident.
You can also reduce the cost of insuring your exotic car by going through a company that specializes in covering them. They will have far more experience in writing policies for these types of cars so they will be able to make sure that you are getting the best rate possible. In particular they will know about the things that you can do to reduce your premiums like registering your car as a secondary vehicle. They are also more comfortable with these types of cars and won’t automatically quote you an excessively high rate. If you have more than one exotic car you can often get a substantial discount from these companies if you insure them all as a group.
Learning how to drive your exotic car properly will also help you to reduce your premiums. In part you can do this by taking a driving course that specializes in these types of cars. However there is no substitute for experience so you will find that after you have owned an exotic car for a few years that your premiums will go down. That is of course assuming that you have a good driving record over that time.