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It is the dream of many people to own a luxury vehicle. These very beautiful cars include Ferraris, Lamborghinis, Jaguars, Porsches, etc.
We know that these vehicles are very expensive to buy, but a question that few people ask themselves and which is important: how much does car insurance cost for a luxury vehicle?
We therefore challenged our partners to do price simulations with some of the most expensive vehicles on the market.
Here you will find all the information you need to know about auto insurance for luxury cars as well as more than 100 price examples for some very popular vehicles.
There are so many brands of luxury vehicles manufactured from all over the world. We often hear about Italian cars, German cars, American cars, Japanese cars, etc.
In Canada, some models are extremely popular and enjoy an excellent reputation. Here are some examples:
Of course, these are vehicles with exorbitant selling prices and reserved for an extremely well-off clientele.
In auto insurance, motorists have the choice of two types of insurance – civil liability insurance or all-risk protection.
Liability insurance, also called Chapter A, is one-way insurance that only covers damage to third-party vehicles in the event of an accident. This is REALLY NOT suitable for luxury vehicles.
The majority of luxury vehicle owners will choose all-risk insurance which includes Chapter A and B, and offers 2-way insurance protection. You will then have maximum coverage for damage to other vehicles or property in an accident wherein you are at fault. At the same time, the damage to your own vehicle will also be covered.
Insuring a vehicle from $150,000 to $500,000, does it come with any special features with insurers in Quebec? The answer is yes.
Further analysis of the vehicle may be required before the risk is accepted, and certain conditions may be requested.
In general, here are the elements often requested by insurers:
Mandatory tag system
An anti-theft security device may be required on the vehicle in order to drastically reduce the risk of theft.
Minimum deductible of $5000
A higher deductible amount may be required to limit claims.
What risks and claims are covered by an auto insurance policies specially designed for vehicles worth over $100,000?
In fact, the risks are the same as for any other type of vehicle, but the damages in the event of a claim are only more expensive.
Among the risks covered by most policies are:
It is practically impossible to find specific examples of car insurance prices online for luxury vehicles like Ferraris, Porsches, Lamborghinis, etc.
To solve this problem, we asked our partners to create “typical” customer profiles and to do simulations. Here you will find the results (for information only) grouping more than 100 price examples.
The parameters used to calculate the premiums are:
Driver #125-year-old man – Quebec Region | Driver #235-year-old woman – Sherbrooke region |
Driver #345-year-old man – Montérégie region | Driver #455-year-old woman – Chaudières-Appalaches region |
Source: Ferrari Canada
Price of car insurance for Ferrari California Convertible Good driver record – All-risk insurance | ||||
Vehicle Year | 25 years old | 35 years old | 45 years old | 55 years old |
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*The above prices are for information only. No price guarantee offered. To get actual quotes, fill out our form.
Source: Lamborghini Canada
Price of car insurance for Lamborghini Aventador Good driver record – All-risk insurance | ||||
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*The above prices are for information only. No price guarantee offered. To get actual quotes, fill out our form.
Source: Porsche Canada
Good driver record – All-risk insurance | ||||
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*The above prices are for information only. No price guarantee offered. To get actual quotes, fill out our form.
Source: Tesla Canada
Car insurance cost for Tesla Model S Good driver record – All-risk insurance
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*The above prices are for information only. No price guarantee offered. To get actual quotes, fill out our form.
Source: Chevrolet Canada
Good driver record – All-risk insurance | ||||
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*The above prices are for information only. No price guarantee offered. To get actual quotes, fill out our form.
As you may have seen, insurance premiums for luxury vehicles can vary significantly.
But what can cause the auto insurance premiums to vary?
There are many factors, the main ones being:
There are many factors, the main ones being:
The secret to finding the best price is to compare, because prices vary from one insurer to another. Assurance Quotes is a free platform that allows you to get 3 quotes in 2 min.
A deductible is the portion you will pay out of pocket if you need to make a claim from your insurer. If you have a $2,000 deductible, you first pay for this portion in case your car gets damaged.
Luxury cars have higher repair costs which accounts for their higher insurance premiums. You can lower your premium if you choose a higher deductible but of course, you will pay a higher amount if you ever file a claim. You can talk to an insurance broker from our network about the best car insurance and the right amount of deductible.
Are you planning to buy a luxury vehicle or have you just done so and are looking to insure it at the best price?
We have auto insurance brokers specializing in luxury vehicles who can compare market prices for you so you can save time and money!
Fill out our free, no-obligation form to get 3 auto insurance quotes for your vehicle in 5 minutes!
Take the time to shop around and compare to find the most advantageous offer on the market!
Compare Insurances Online is an online bid solicitation service for insurance brokers and direct insurers. Our network of partners covers Quebec: Montreal, Quebec, Laval, Longueuil, Sherbrooke, Trois-Rivières, Gatineau, etc. All types of insurance are available for all kinds of budgets.
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