The fact that you spent a whole lot on that exotic car doesn’t mean you should go bankrupt trying to insure it. If we take a close look at it, what truly differentiates exotic cars from the moderately nice ones are high-quality production materials and the brand integrity status. Exotic car owners in the UK share their experience with a couple of insurance companies on Car Insurance Reviews UK. Check it out!
Of course, you should expect to spend a few extra on ensuring exotic cars than a simply nice vehicle. This is because the insurance company has to consider a few possible factors that may arise in the future. These companies work with numbers, and for the numbers to add up they sometimes have to inflate the insurance coverage of exotic cars.
If you have ever bought a “regular” car, it starts reducing in value the second you move it out of your garage. This is not so with exotic cars. Instead, they are assumed to always appreciate, other than reducing market value. For this reason, exotic car insurance has a completely different market. So, maybe you shouldn’t’ try consulting a nationwide car insurance organization to insure your latest Benz car. Most exotic car owners who do not ensure these vehicles have them locked up more often than they take them out. Hilarious but true!
Since you are ready to ensure your exotic car, your best bet is picking a highly recommended insurance company. You don’t just stumble on companies with such financial strength on the internet these days. Your one of the two options is to consult exotic car dealers or speak to members in clubs with exotic cars. These folks will have one or two referrals that no amount of time spent on any search engine will give.
Here’s how to spot a fraudulent exotic car insurance company. If by chance you walk into a website with a couple of stock pictures and can’t find a profile to BritainReviews, stay skeptical. If you decide to go with getting a company online, thoroughly make research and watch out for a few reviews from car owners who have partnered with them.
Exotic cars are valued by insurance companies based on two criteria: The “stated” value and the “agreed” value. The agreed value is the standard evaluation gotten through a detailed analysis of the vehicle by a professional. On the other hand, the stated value is the specific cash value of the vehicle in question. Most times, it is always advisable to go with the agreed value policy.
The process for exotic engaging exotic car insurance is very easy.
- Take pictures of the car engine, the interior, and outer part of your vehicle
- Get your car appraised. This time you want to be sure your car doesn’t a theft record and the appraisal points the agreed value.
- Know the basic requirements of you to keep your end of the deal. This varies in all insurance companies.
- Annually check your car and update the insurance company with the necessary details.