Bespoke car insurance is now offered by many car insurance companies for various specialist vehicle types. Instead of providing standard policies across the board, tailor made insurance can be found for the following types of situation and vehicle:
The prestige niche of car insurance is generally designed for executive-style cars that tend to be high end, luxury vehicles from manufacturers such as Jaguar, Rolls Royce, Bentley, Mercedes, BMW, Porsche, Lexus, Audi, Aston Martin and the like.
The average vehicle value of the prestige car insurance bracket is very high and therefore premiums tend to reflect this. In the event of an accident, vehicle parts and labor are generally higher than the equivalent in non-prestige vehicles, which coupled with the high average value of a prestige car results in higher premiums similar to those found in the other specialist insurances in the above examples.
Other factors also add to the higher than average premium for prestige car insurance such as the high desirability of the vehicle. The vehicle may be at a higher risk to thieves and vandals and this is the reason why an insurer may request certain terms in the underwriting such as the car being left in a garage or driveway over night, or having added security on the vehicle such as an advanced alarm system, global positioning device and immobilizer.
The best way to minimize a prestige cars premium is through no claims bonuses and by being in an above average age bracket. Younger drivers will incur higher premiums if they are inexperienced and no claims bonuses lower premiums if there has been no claim history on a particular policy. Further to this, female prestige car owners will tend to pay less than a male of a similar age and convicted drivers that have at some point had their license revoked will look at even higher premiums as they are classed higher risk in the eyes of the insurance company.
As always is the case, if looking for specialist prestige car insurance, it is well worth shopping around to find the best level of cover and lowest premium.
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