If you drive an exotic car, you know that it is way more than just an investment or sweet ride. It is your passion that drives you (so to speak) when it comes to owning an exotic car, not your common sense. Chances are, your exotic car is your most prized and valuable possession. Consequently, making sure you are protected against loss by a good exotic car insurance policy, is imperative.
So first let’s talk about what we mean by “exotic car.” The term itself is downright controversial amongst enthusiasts. I tend to think that regardless of how it is defined, most of us know an exotic car when we see one.
According to Merriam-Webster, “exotic” means out of the ordinary. When it comes to cars here are some of the main differences between exotic and ordinary:
Cost. Exotic cars are more expensive than standard cars. Way more. A brand new exotic car costs at least $100,000 and some can run up to $400,000 or higher. There is no such thing as an affordable, new exotic car.
Unique. Exotic cars are either very limited in number or completely one-of-a-kind. This could mean that they have unique parts that require specific or custom tools. Or they could have been custom-made to the owner’s exact specifications. Or, they could have been produced as part of a limited edition to commemorate a special event. Regardless of how or why, there is something about every exotic car that makes it unique or rare.
Speed. Exotic car owners tend to value power and performance over fuel economy. The top speed of an exotic vehicle can thus be quite high when compared to ordinary cars. A Ferrari’s top speed can be as high as 270 miles per hour. A Bugatti can top 280 miles per hour.
Looks. Simply put, exotic cars have looks that are out of this world, both inside and out. Most are equipped with state-of-the-art, chic, stylish interiors and sleek, stunning exteriors.
Parts and repairs. Exotic cars require exotic parts. Exotic car parts almost always need to be ordered from a specialty parts provider and installed by a specialty car repair shop with highly-experienced specialty mechanics.
Servicing. Exotic cars need specialty maintenance and servicing. These are not cars you take to Jiffy Lube for an oil change.
Due to all of the above, exotic cars pose unique insurance risks. Accordingly, exotic car owners require unique coverage and protections above and beyond that provided by a regular auto insurance policy.
Consider this. Do you want to run around finding three estimates for repairing your Aston Martin before your insurance company will authorize the work? Or, do you want to take your Lamborghini to an insurance company-approved repair shop, and have your adjuster in the middle of it haggling over the price of specialty parts? No.
Fortunately, there are excellent exotic car insurance providers who understand the special circumstances and expanded needs associated with owning these types of vehicles. A good broker can help you find one that can set you up with exactly the type of policy and coverage you need.