How to Insure Your Entire Luxury Car Collection
Many people like the idea of owning a high-priced luxury vehicle. Some even have two or more depending on how many drivers are living in their household and whether or not they prefer to utilize different sizes of cars for various activities. In truth, this is not an entirely exclusive position as many people can afford to purchase at least one luxury vehicle. However, having one or two everyday vehicles, even of a luxury class, is a little bit different than housing an entire collection of extremely valuable automobiles. So if you find yourself in the fortunate situation of owning several such cars, you might have to consider that insuring them is going to present more difficulty than the average driver faces. And here are just a few tips that will help you to find the right coverage for the expensive collection in your garage.
There are a couple of things you’ll need to consider before you even approach your insurance provider about a securing a policy. The first thing you’ll want to think about is the usage that each car will get. You’ll no doubt have your favorites that you take out frequently, so these may require a higher level of coverage than, say, an automobile that you only take on the show circuit. And what about antiques that are more like museum pieces (as in, you never take them out)? These may need either more insurance, depending on the relative value (rarity), or less, considering the lower mileage and the fact that they are unlikely to need liability coverage since they aren’t being driven.
If you have enough money to own multiple luxury cars, you may also have homes in other countries that house portions of your collection, requiring suitable insurance by country. Or if you store them with a garage facility, they may hold insurance of their own, alleviating you of some burden. The point is, the many uses and location of various cars in your collection could require that you have a number of policies in place.
Another thing to consider is maintenance and repair services, some of which could be covered by certain policies (especially in the event of an accident). Will you be able to take your cars to a mechanic of your choosing in such situations? For those who own luxury and classic cars this should be a sticking point since you’ll want to make sure that only qualified and trusted mechanics handle your high-priced vehicles. Although many insurers won’t want to cover such extras, it is imperative that you find out beforehand since some or all of your automobiles may require specialized services of this nature.
Finally, you absolutely must make sure that your policies provide full coverage in the event of damage or loss. The only real way to do this is to have your vehicles appraised and then compare auto insurance companies until you find one willing to offer you the coverage you seek (you might have to go with a company that specializes in collectible cars). The worst thing that could happen is to pay for insurance only to find that it doesn’t come close to covering the value of your car when you need it to. This is part of the risk associated with owning collectible automobiles, but as long as you do your homework you can find the policies that will properly cover your many luxury vehicles.