TUESDAY, JANUARY 26, 2021
Maybe you have been saving all your life to buy a dream car. A custom-built Porsche®, Bentley® or Maserati® could represent years of hard work and commitment, not to mention a huge sticker price. By buying a high-value vehicle, you make a significant investment that you cannot afford to lose as a result of an accident, theft or other costly problem behind the wheel.
If you have a high-value automobile, then your car insurance needs to reflect that value. A high-value auto policy will make certain that drivers with a lot of assets to protect have the means to do so. Here’s how it works.
Why Consider High-End Insurance?
Many vehicles can cost well over six figures, and the more custom you make your set of wheels, the more of an investment it will represent. Specialty parts, custom designs, personalized features and parts could all drive up the value of your car, and you will also face a significantly higher cost burden when it comes to both maintaining the vehicle and repairing it following any damage.
Even if you have the money to make these repairs, you still probably don’t want to shell out a significant sum of money to fix or replace this precious asset. By buying a high-value auto policy, you will have coverage limits that will enable to you to pay off a higher amount of your property damage costs without a significant personal cost burden.
Benefits of Higher Coverage Levels
The higher benefits of a high-value auto policy are numerous:
Higher physical damage insurance limits (collision, comprehensive coverage) will pay for a higher amount of your vehicle’s physical damage following a wreck or other hazard.
By carrying increased liability insurance limits, you will have more ability to pay for the damage done to third parties when an accident is your fault without a significant personal loss. Because you have a high-value vehicle, someone might attempt to sue you for a significant sum of money, because they assume you have the money to pay them.
Because your vehicle has significant value attached, someone else’s auto liability insurance might not be adequate to pay for your own losses if an accident is their fault. Still, if you have uninsured/underinsured motorist coverage on your policy, you will be able to pay the difference between the amount that someone else’s liability insurance will pay and what you actually need for damage cost.
On one hand, a high-value auto insurance policy will often be more expensive than a standard auto policy. However, the added cost of your policy will be far and away more affordable than the cost of any uninsured vehicle damage. If you need resources for determining your coverage, browse our website for more information.
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