Owners of a luxury car should think about protecting it against everyday disasters by taking out specific car insurance. What are the guarantees of luxury car auto insurance? What is the price ? Our answers.
What is luxury car insurance for?
Aston Martin, Bentley, Buggati, Corvette, Ferrari, Lamborghini, Maserati, McLaren, Rolls-Royce… The French luxury car market brings together nine major brands.
Luxury in the automotive sector is synonymous with comfort, innovation and also safety. These vehicles are distinguished in particular by their finish, the presence of superior quality materials in the passenger compartment and their numerous options (top-of-the-range safety devices, armored glazing system, heated steering wheel, heated leather passenger compartment, etc.).
Luxury car owners, like other drivers, are required to carry auto insurance. They must at least provide proof of third-party car insurance covering their civil liability for damage caused to third parties while driving or parking the vehicle. This compulsory insurance therefore covers material, bodily and immaterial damage that the driver could cause with his vehicle to other people. But it does not cover bodily injury or material damage caused to the driver himself or to his relatives.
Lack of car insurance is punishable by a fine of 3750 euros, possibly accompanied by a suspension of the driver's license for 3 years or the confiscation of the vehicle. For luxury car owners, taking out car insurance is all the more important because in the event of damage, repairs can be particularly expensive.
Luxury auto insurance coverage
The guarantees included in the auto insurance contract for luxury cars depend on the formula chosen. Most insurers offer three types of formula:
The third party formula: the mandatory minimum
In France, the only compulsory guarantee in terms of car insurance is civil liability. Third-party car insurance includes this guarantee and therefore allows the driver to meet regulatory obligations. It has the advantage of being much more affordable than other insurance formulas. However, in return, this formula does not cover bodily injury and material damage to the insured.
The intermediate formula: tailor-made insurance
Policyholders who wish to benefit from optional guarantees corresponding to their needs can turn to third-party or third-party plus auto insurance. In addition to the civil liability guarantee, this insurance generally includes a theft guarantee, a glass breakage guarantee, a fire guarantee and a natural disaster guarantee. On the price side, extended third-party car insurance allows the insured to pay the fairest price for the guarantees he really needs.
The all-risk formula: comprehensive insurance
Motorists who have a luxury car and want to take advantage of better coverage can take out all-risk car insurance. With this formula, they will benefit from compensation in the event of an accident resulting in material damage, including in the event of a responsible claim. When taking out such a contract, it is advisable to be vigilant in order to fully understand the extent of the guarantees offered.
Which insurance formula to choose?
Luxury car owners have every interest in taking out all-risk car insurance for two main reasons. First, high-end vehicles are more exposed to the risk of theft. Then, they are also more exposed to the risk of an accident linked to speeding. By subscribing to this formula, drivers will be able to take advantage of more comprehensive guarantees than those of conventional car insurance. Several of them prove to be essential, such as 0 km breakdown assistance, the vehicle's replacement value guarantee, the legal protection guarantee, the vehicle content guarantee or even the equipment guarantee.
To take stock of the guarantees offered by insurers, do not hesitate to use an online comparator. This tool sorts the offers for you and offers you 100% personalized luxury car insurance quotes .
High-end auto car insurance: at what price?
The cost of a luxury car insurance policy is generally high. It depends on a set of criteria studied by the insurer:
The characteristics of the vehicle: make, model, power, series, new value, year of entry into service, engine;
The use of the car: number of kilometers traveled in the year, type of journeys made daily, place of parking;
The driver's profile: age, sex, family and professional situation, driving history (bonus-malus), date of obtaining the driving licence;
The guarantees chosen: the more guarantees taken out, the more the price of the insurance is likely to increase.
As you have understood, different factors can cause the amount of your car insurance premium to vary, hence the importance of competition between insurers.
The documents to provide to take out luxury car insurance
If you are about to take out car insurance to protect your high-end vehicle, you will need to provide several documents to the insurance company:
Your driver's license
The insurer will ask you to bring a copy of your driver's license to verify that you have the right to drive and have access to the date of obtaining your license. Thanks to this element, he will be able to establish your level of driving experience.
The registration certificate
It is an essential document to provide in order to be able to travel on the roads. The registration certificate contains several pieces of information such as the model, power, version and age of the vehicle. The insurer will take this into account when setting the amount of the insurance premium.
The information statement
The information statement lists all the claims that have occurred over the past 5 years, your insurance history and your possible claims. By consulting this information, the insurer will know your level of responsibility for each of the claims indicated.
