Insurance for High Value Cars
Car insurance for supercars, luxury cars, and high-performance cars offers specialised coverage due to the significant value and complex features of this type of vehicle.
Naturally, this type of insurance tends to be more expensive than standard car insurance. But what exactly qualifies as a high-value car, and how does the insurance process work?
What is classed as a high value car?
A high value car in the UK usually refers to high performance, luxury, or classic vehicles.<br>High value cars require a greater level of coverage and higher limits than an average vehicle.
What does car insurance for expensive cars usually cover?
Insurance for high-performance cars or ‘supercars’ is not typically offered by standard insurers. However, some insurers will offer this more specialist type of policy.
The level of cover you can get for high-performance cars will depend on the type of car you have and the insurance provider, but it often includes:
- An “agreed value” for your car
- Tailored protection designed for premium and luxury cars
- Repairs made by a specialist garage of your choice
- Rebuild costs
- Extra protection to cover any claim differences in the agreed value
- European cover – often up to 90 days but this depends on the policy
- Like-for-like courtesy car
- 24/7 support
- Transit cover – to protect it whilst it’s being delivered to you
Do high value cars need specialist car insurance?
The first thing to consider is the value of your car. With standard car insurance, the upper agreed value limits will be too low for more expensive vehicles. This means that any loss would be underinsured. With high value car insurance, extra emphasis is placed on the agreed value for your vehicle, so you’ll know its higher value will be covered.
Insurance policies for high value vehicles also tend to factor in potential issues specific to these kinds of cars. Because they are worth so much money, they’re at much more risk of theft. Specialist insurance policies often offer unlimited cover for this eventuality, which isn’t the case with standard policies.
And finally, repair costs are much higher for high value cars because the parts cost more and are often harder to source and require specialist repairs. This will be factored into your premiums as well.
With car insurance for higher value vehicles, you also usually have more flexibility with your choice of garage in the event of a claim. This means that you may be able to choose a specialist garage that has experience dealing with this type of high-performance car.
What is the most expensive car insurance can be?
The cost of car insurance depends on a range of factors, such as where you live, your age and your driving history, not just the make and model of the car you own. For a high-performance car, it’s not uncommon for car insurance to be well over £1000 a year1.
Most expensive vehicles to insure
You’ll typically find the most expensive cars to insure are the most luxurious makes, such as Porsche, Tesla and Range Rover2.
What makes insurance high on a car?
A range of factors are considered when calculating the cost of car insurance, such as your age, address, type of car, and how long you’ve been driving.
But with a high value car, insurance policies have distinct differences from standard car insurance policies. For example, they typically offer higher limits for accidents and repairs due to the higher value of the car.
Other factors that make insurance premiums higher on more expensive cars include:
- An agreed garage for repairs: With high value insurance, supercar owners can insist on a specific specialist garage fixing their vehicle.
- Transit cover: Supercars are often custom-made and delivered directly to their owners. They need to be covered during this journey if anything happens to them.
- Rebuild costs: If a supercar, luxury car or high-performance car is damaged in an accident, it may need to be rebuilt at a significant cost. The insurance would need to cover this.
- Cost of repairs: Luxury and supercars need specialist parts to make them perform to the level they do. These can be costly to source if anything goes wrong.