You bought a luxury car because you thought it would be fun to drive. It turns out you were right! Your BMW, Jaguar, Lexus, or other model of luxury car is a blast to drive, especially when you take passengers out for their first ride. The look of awe on their faces as they take in the features of your special vehicle for the first time is priceless.
Unfortunately, finding a company willing to offer luxury vehicle insurance hasn’t been as fun. Between researching insurance companies, submitting quote requests, and making phone calls, you may feel like finding a great policy is a full-time job. Just when you think you have found an insurance provider, you learn that your policy cannot replace the value of your high-end car after all.
We Are Here to Help
At Arnold Insurance, we don’t think finding luxury vehicle insurance should be so challenging. Our team of experience agents will be more than happy to take the time to learn more about your luxury vehicle insurance needs before recommending a specific policy.
Your car needs love just like any other car. A good luxury vehicle insurance policy is one of the best investments you can make to protect your investment. After dreaming about owning a car like this for years, protecting it with a robust policy that includes actual replacement value cost just makes sense. If your car meets the definition of exotic, which is a vehicle with few of the same year, make, and model in circulation, you have probably struggled to find insurance too.
Why You Need Luxury Vehicle Insurance
You worked hard to afford your new luxury car, but sadly not everyone feels they should have to do the same. Luxury cars are a magnet for would-be car thieves. This is just one reason why special insurance is necessary but can also be costly. The value of the car and the cost of repairs are additional factors that make insuring a luxury vehicle different from a more typical vehicle.
Types of Insurance Coverage to Consider for Your Luxury Vehicle
Below are a few types of insurance we recommend for luxury car owners:
- Collision/comprehensive insurance: This coverage reimburses you for damage that you caused to your own vehicle in an accident or from hitting a structure such as a tree or road sign. Your collision and comprehensive coverage also reimburse you for damage to your car not caused by an accident. Severe weather, theft, and vandalism are three examples.
- Liability insurance: With liability insurance, you want to make sure to purchase enough to provide replacement value for what you could potentially lose if you’re the at-fault party in a car accident. If the other party incurs personal injury and/or property damage, your luxury vehicle insurance policy reimburses those costs. Per-person and per-accident rates may apply.
- Medical payments insurance: Since Tennessee is at-fault state for car accidents, you would be eligible for medical payments insurance and not personal injury protection. This policy pays for medical costs incurred by your passengers in an accident.
- New car replacement/Gap insurance: Should your car become non-drivable and non-repairable, this type of policy can pay up to the remaining balance that you have financed on it. With a luxury car, the likelihood of owing more on the vehicle than it’s worth after an accident is high.
The Game Plan
Looking for insurance for your luxury vehicle in the Franklin/Nashville Tennessee area? We've got you covered! Set up a meeting with Alyssa here to discuss your insurance needs! If you're outside of Tennessee, click the button below for more information.
