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Prestige car insurance

Whether you drive an Aston Martin, Jaguar, Bentley, Mercedes or any one of the prestige cars available in the UK, chances are you will have high demands from your car insurance to ensure your cherished possession is well protected.

So does insuring a prestige car have to be expensive? Here we look at prestige car insurance policies, what affects premiums and how to get a competitive quote.

How much will you pay for prestige car insurance?

As a rule of thumb, you will pay more to insure a prestige car than you would for a more conventional model. This is because prestige vehicles generally have higher values meaning they cost more for an insurer to replace in the event of a theft or write-off and more expensive to repair should they be damaged. Many prestige vehicles also have powerful engines, which makes them more of a risk in the eyes of insurers - high performance vehicles are deemed more likely to be involved in high impact accidents.

If you`re yet to buy a prestige car and want to factor insurance costs into your budget then search for the models you are interested in on the Association of British Insurers` database. This classifies vehicles into insurance groups from 1-50 (previously 1-20) - the higher the insurance group, the higher the premium is likely to be. Among the factors taken into account are repair/replacement costs, parts, security and engine size.

The vehicle is not the only factor that influences premiums. Insurers also take into account: your personal circumstances, such as your driving history, whether you are in full-time employment and so on; your address, such as if you live in a heavy traffic or high crime area; your annual mileage; and how you plan to use the vehicle.

Where can you get prestige car insurance?

Most insurers offer their cheapest quotes online due to the savings they make on overheads. It is sensible to use a comparison website to compare the deals available from a range of insurers - the leading websites can compare deals from more than 100 providers.

However, not all conventional insurers will cover prestige vehicles - and those that do may not offer the level of cover you require. As such it`s well worth considering specialist insurers that tailor policies towards prestige car owners. Some of the incentives available may include:

- Agreed valuations: If your vehicle is considered a classic or rare model you may be able to secure a guaranteed valuation so you know exactly what the car is worth in the event of a write-off or theft. This can be reassuring so you don`t receive a payout based on market value.

- Hire cover: You may wish to rent your vehicle for special events such as weddings.

- Limited mileage discounts: If you keep your prestige car for special occasions and use another vehicle for run-arounds and errands then you may be able to agree to a mileage cap to earn a discount.

- Owners` club discounts: Several specialists offer discounts if you are a member of an owners` or manufacturer`s club.

- Track/event cover: If you plan to take your vehicle on to a race track or to enter into a special event such as a hill climb or rally you`ll need specialist cover as this will normally be excluded from standard policies.

The key is to assess whether these additional features are worth paying for by comparing these policies like for like with conventional deals. Also look into additional ways to save on car insurance such as by completing advanced driving courses, enhancing your vehicle`s security - such as by fitting a tracking device, raising your voluntary excess or by paying premiums annually to avoid interest charges.