How To Find The Best Price For Luxury Car Insurance
Are you the type of person who likes to enjoy the finer things in life? Do you love to spend your spare time driving or maintaining your vehicle? If so, it may be time to think about purchasing a luxury car.
Driving a luxury car is undeniably empowering — few things feel as satisfying as handling a perfectly-designed vehicle.
That being said, if you’re thinking about purchasing a luxury car, then you should take a moment to learn about luxury car insurance in Canada.
START A QUOTEContinue reading to learn more about how to get competitively-priced luxury vehicle insurance in Canada.
What is luxury vehicle insurance in Canada?
Luxury vehicle insurance is a unique type of insurance that can financially protect exotic and high-value vehicles from unforeseen events that take place on the road.
Much like luxury vehicles, luxury car insurance can be quite expensive; it’s not uncommon for drivers to pay $3,000 or more per year for this high-end type of insurance (depending on where you live, this could be even higher!).
Thankfully, you don’t need to break the bank in order to get car insurance for your luxury vehicle.
You can make use of the tips and tricks listed below to reduce your premium by a significant amount.
Four things that you can do to save money on luxury auto insurance in Canada
Here are four simple things that you can do if you want to save on car insurance for luxury vehicles in Canada:
Tip #1 — Use your luxury vehicle as a secondary car
If you want to save money on luxury car insurance in Canada, you should consider using your luxury vehicle as a secondary or occasional mode of transportation.
Car insurance companies look at a variety of individualized factors, like the amount of time a vehicle spends on the road and daily commuting to determine car insurance rates. If you use your luxury vehicle regularly, you’re at a greater risk of getting into an accident.
So, if you want to reduce your luxury car insurance premium, you can start by using it less frequently. We suggest using your luxury car for special occasions like car shows and holidays. You can also ask your Surex insurance advisor about setting up a kilometre restriction for the vehicle.
Tip #2 — Increase your car insurance deductible to get lower rates
The following tip doesn’t just apply to policyholders who want insurance for luxury cars; it’s a fantastic tip for anyone that wants to save money on car insurance in Canada.
As a reminder, a car insurance deductible is the predetermined amount that you need to pay for the repairs when you submit an at-fault claim. Drivers can set their deductible as low as $500; however, most car insurance brokers suggest opting for a $1,000 (or more) deductible (more on this shortly). Most car insurance companies require a higher deductible once the MSRP value of the car goes over a certain amount. Some automatically require higher deductibles with a car value over $70,000, some $100,000. Luxury car drivers can expect at least a minimum of $2500-$5000 deductible if their car is valued over $100,000.
So, how does opting for a higher car insurance deductible help you get lower luxury car insurance rates? It boils down to the data.
By assessing data and past events, car insurance companies have learned that drivers that have lower car insurance deductibles are more likely to submit small or frivolous claims in comparison to drivers with high car insurance deductibles.
Car insurance companies will cover smaller claims, but they take up time and energy, which could be spent on more important or serious claims.
To minimize the number of small claims, car insurance companies incentivize drivers to choose higher car insurance deductibles by offering lower rates.
So if you want to start saving on car insurance for luxury cars, you should speak with your Surex insurance advisor about increasing your deductible.
Bonus tip — Increasing your home insurance deductible can help you reduce your home insurance rates as well.
Tip #3 — Be honest and transparent
While shopping for luxury vehicle insurance, you need to be honest and transparent with your provider or broker regarding the use of your vehicle. As tempting as it may be to falsify information during the car insurance application process, doing this can have serious consequences.
If a car insurance provider figures out that you’ve falsified information during the application process, they will either quote you at the correct rate (this rate will most likely be a lot higher) or choose not to offer you a quote at all.
On the other hand, if the insurer finds out that you’ve falsified information after providing you with coverage, the consequences will be more severe. At best, your car insurance provider will increase your rates. However, under most circumstances, your car insurance provider may drop your policy or charge you for insurance fraud.
With this in mind, it’s easy to see that drivers should always be honest and transparent during the car insurance application process.
Tip #4 — Compare luxury car insurance quotes with an online insurance brokerage
Have you ever used an online insurance brokerage to compare insurance quotes before? If not, you should consider using one the next time you want to shop around for coverage.
Online insurance brokerages, like Surex, make it easier for policyholders to find competitive quotes in Canada.
Instead of spending hours contacting one car insurance company at a time, you can save time and energy by getting multiple quotes at once from an online insurance brokerage.
If you want to shop around for low-cost car insurance, contact your personal Surex insurance advisor today!
Do you want to save as much as 25% on car insurance? Team up with Surex!
At Surex, helping policyholders find the best insurance quotes is kind of “our thing”. So whether you need help finding quotes for standard car insurance, luxury car insurance or anything in between, we’ve got you covered.
Within ten short minutes, our team can supply you with a collection of quotes from the best car insurance companies in Canada.
Contact one of our advisors today to get started. While comparing quotes with your advisor, don’t forget to ask how we can help you reduce your car insurance premium by as much as 25%!
