Insuring Luxury – Auto Insurance Considerations For Those Who Like To Drive Really Nice Cars

2021-04-20
By: Advocate Brokerage

We love our cars. Especially luxury vehicles that are equipped with finishes and features that allow us to get where we need to go in style and comfort. When you factor in enhanced performance features that are superior to the mainstream brands and technology that enhances the driving experience, it makes getting behind the wheel a delight.

Self-driving features and everything that allows us to see what is going on around us as we back up and merge into traffic certainly make driving easier, but they also contribute to the rising cost of auto insurance. Essentially, you are driving a computer on wheels! Insuring luxury can be costly. Cars that have bumper cameras cost up to 173% more to repair or replace after a fender bender than a car that isn’t equipped with the technology! This increase in pricing is due not only to the cost of the parts but is also a result of the specialized & training mechanics are needed when it comes to repairing the sophisticated technology.

We know you are concerned about the rising cost of auto insurance so, we thought it was important to discuss some considerations when it comes to purchasing auto insurance for your luxury vehicle.

We have not made it a secret that we prefer our clients insure their automobiles with one of our elite carriers whenever possible. Not all auto insurance policies are the same and after you have been involved in an accident, the last thing you need is the headache of dealing with a difficult claims process.

Consider This

Below are things you should consider when it comes to insuring your luxury vehicle.

• You can’t put a price tag on a personal touch. Many of our insurance partners provide concierge services that a standard insurance company doesn’t offer. One example is offering re-inspections after repairs are made to be sure the job has been done properly.
• You will want to send your car to a mechanic you trust. Some insurance carriers require you to take your car to in-network shops to have repairs made. Working with an elite carrier will not only allow you to take your car to a mechanic you trust, but you will also be working with a carrier that is focused on restoring your vehicle back to its pre-claim condition.
• Your vehicle can be restored to the same look, feel, and function as prior to the accident. In the event of an accident insuring with a premier carried allows repairs to be made with Original Equipment Manufacture parts.
• Safety standard of the car. The Elite carriers do not set a specific dollar limit when they determine a car to be a total loss (such as the 70% industry standard that mass-market carriers implement). Instead, they determine the car to be a total loss when it cannot be repaired to the original safety standards.
• Improved rental car experience. Many of our preferred carriers allow you to choose a rental car that is the same type of automobile you are used to driving. With the added advantage of offering no per day limit on your rental car, up to $15,000 total.
• Total loss considerations vary greatly depending on the carrier. A premier insurance carrier will deem an automobile as a total loss considerably earlier than a standard carrier will. This can make a big difference when it comes to replacing your car. Additionally, many elite carriers will offer agreed cash value to be paid in the event of an accident. This means that you can choose the coverage value before a loss, regardless of age or mileage.

Final Piece Of Advice From Advocate

We are here to provide you with as much information as possible so that you can make informed decisions regarding your auto insurance. We really do have your best interest in mind when we recommend certain coverage and certain carriers. In fact, we will obsess about providing the best coverage for your car. If you have any questions related to your automobile coverage, please get in touch with us at 914-723-7100 for a no-obligation review. The results may surprise you!