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Insuring a prestigious vehicle

There are numerous reasons to own a prestige car. Perhaps you simply enjoy driving sporty vehicles. Or perhaps you like having a comfortable, yet very stylish form of transportation. Or perhaps you are using your luxury vehicle as a means of creating a specific image or to reflect your social status. Or perhaps you're among the many wealthy people who are investing in collections of prestige cars, such as Porsches and Ferraris, rather than investing in volatile equity markets. Whatever your reasons may be, you still have to obtain car insurance which complies with UK legislation as well as protecting your asset.

You'll certainly want your insurance cover to be just as tailored to your needs as your prestige cars are. This means you'll have to be very selective in your choice of insurers. Sadly we live in the real world and your car may be a target for both thieves and vandals so you'll want to find quality cover of real value that provides full protection at a reasonable cost.

Comparison shopping is as essential to finding the right insurer and insurance cover as it is to finding the right vehicle. However, you most likely live a very busy lifestyle, and have little time left for in-depth research of insurance offers. Fortunately, there are ways to save time, effort, and the expense of finding just the right insurer and car insurance cover. Even if you think you've already found the right insurer and cover, you should consider the following tips and advice when it comes time to renew your policies.

Tips and advice

Since you own a valuable car, you will have to take into consideration many factors when purchasing insurance. You'll have the usual factors to consider, such as what type and amount of liability coverage is necessary. To determine an adequate amount and the right type of liability, you'll have to decide who is likely to be driving your car. You'll also have to determine how far and how often it will be driven.

If you're like most UK luxury car owners, you probably don't drive your prestige car often. Thus, it may not be necessary to keep full comprehensive insurance year round for each car. You'll need protection against theft and accidental loss year round, but will only need third party liability and fully comprehensive protection during the periods the car is actually driven. Thus, a combination of insurance policies might be best, including short term or temporary cover instead of just year round policies. However, if the car is driven daily or quite frequently, you'll need fully comprehensive cover for anyone who drives it.

Features

If you are going to use fully comprehensive cover year round, you should consider getting a policy that offers these features:

? Cover for any named or authorised driver (however, you should remember that a person has to be 25 years old and have several years of driving experience to qualify for prestige car insurance at a reasonable cost)

? Includes the right to choose your own auto repair shop in case of breakdown or damage due to an accident

? Free use of a courtesy car until your car is repaired or replaced

? Includes being paid the estimated value and not the book value if the car is stolen or damaged beyond repair. This way, all gadgets and extras added onto the standard car, such as stereos and DVD players are covered as well as the car itself. The book price can be considerably lower than the estimated value price.

? Should include all legal expenses involved in any accident or court case related to the vehicle.

? Should include cover for European driving and breakdown, even if with a limited period or mileage

However, if you wish to lower your premiums a bit, you may want to ask your insurer to remove any extra services that you may never use. For instance, the European driving and break down services may not be needed if you seldom drive your car or seldom drive outside of the UK. Paying a higher voluntary excess will also assist in lowering the upfront premium.

You may also wish to lower your premiums by seeking other discounts. Some insurers offer a discount for belonging to an owners club specific to the make and model of your car. You may also be entitled to discounts due your driver's record, history of claims, your vehicle's maintenance, and its security system. You may get special discounts for low mileage or limited driving. It's also possible to get discounts by combining your home and car cover onto one policy with the same insurer.

There are numerous insurance options available to you. You can purchase long term or short term cover. You can purchase separate policies or combine them, either with a home or as a multi-car policy. The best way to find and compare these offers is to visit several insurance comparison sites and insurance brokers online. Instead of you having to contact each and every insurer, you simply fill in a form and the insurers all contact you. Numerous insurers have web sites nowadays, and even offer discounts to people who purchase or renew their insurance cover online. Although you do need to be cautious, you can easily find the right insurer and prestige car insurance if you do some comparison shopping online.

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