You just bought one of the most expensive cars on the market – a Lamborghini. Whether it’s a Murcielago or a Gallardo, chances are you just spent more than $200,000 for your new car. Now, the question is how much will your auto insurance quote be for your new luxury vehicle.
LUXURY AUTO INSURANCE COSTS MORE
Just as you spent much more than the average cost of a vehicle on the market, you can expect to pay more than the average cost for auto insurance – perhaps 20 to 25 percent more. Insurance companies factor in most of the same variables to set regular car insurance or luxury car insurance rates. The cost of repair and maintenance, theft statistics and accident statistics all go a long way toward determine the cost of your insurance policy. The Lamborghini you just bought isn’t likely to far well in any of those categories. Because the vehicle costs so much to begin with, repair and maintenance bills are inevitably going to be higher than the average for all cars. The vehicles are theft risks because they are so valuable and unusual, and anything with up to 630-horsepower and the ability to hit 120 mph in just a few seconds is likely to be involved in its share of accidents.
TIPS TO SAVE ON LUXURY AUTO INSURANCE
But just because the insurance won’t be cheap doesn’t mean there are a number of ways a Lamborghini owner can reduce the cost of auto insurance. Do some research to determine which luxury vehicles have the best accident rates and repair and maintenance costs. Every little bit counts when it comes to auto insurance, and the less likely the vehicle will get into an accident and the cheaper the cost to repair and maintain means a lower insurance bill. Decide how much you are likely to drive your Lamborghini. Just like regular vehicles, the amount of mileage on a Lamborghini has a direct relationship to the cost of insurance. In fact, some luxury auto insurers will offer special policy rates depending on how many miles you put on your Lamborghini in a year. For example, if the vehicle is destined for a collection and may drive less than 1,000 miles, some insurers have policies that cost less as long as you guarantee you won’t put more mileage on the vehicle in a year. Costs rise somewhat for policies with limits of 3,000 and 6,000 miles.
SEARCH OUT SPECIAL AGREEMENTS
Many luxury car dealers will give a discount if you agree to one or more conditions that insurance companies believe promote vehicle safety. One such agreement is to park your Lamborghini in a closed garage out of view of the street. This not only makes it less likely someone can run into your vehicle while it’s parked for the night, but reduces of the theft risk, because the Lamborghini is no longer visible on the street. Dealers may also ask you to install certain safety devices, such as engine immobilizers. These are designed to cut off the engine once the immobilizer is activated, making it all but impossible for the vehicle to be stolen. Other safety devices, such as the LoJack security system that helps to recover a stolen vehicle, can also reduce insurance costs. Don’t forget to check your credit report to correct any errors that might lower your score. Insurance companies include credit scores as one element of many in setting policy premiums. Correcting an error in your credit report can lead to cheaper auto insurance. You should also get a copy of your driving record to make sure the information is correct. Driving records also are used to determine overall risk for insurance companies. The better the driving record, the lower the insurance premium.
To begin your search for the most reasonable auto insurance for your new Lamborghini, use the Free Car Insurance Rate Finder tool at the top of the page.