Getting a high-value car is more often than not a dream come true. Unfortunately, the fine details of insuring this type of vehicle can sometimes be missed. Our guide to High value car insurance goes over some of the main factors you need to consider when protecting your luxury car.

What is high-Value Car Insurance?

High-Value car insurance is a type of insurance policy aimed at protecting your high-value vehicles. This type of insurance is mostly the same as a regular car insurance policy, but the main difference is that it is aimed at luxury, high-value vehicles.

What type of vehicle needs High-value car insurance

There are a variety of car types that would sit as high-value vehicles. For example:

  • Sports cars
  • High Spec 4X4’s (Range Rover, Lamborgini trucks etc.)
  • High Spec Executive cars
  • Vintage and Classic Cars (although they may need a specialist cover)
  • High-Performance cars
  • Luxury brands such as Aston Martin, Rolls Royce, Ferrari, etc.

How does high-value car insurance differ from regular car insurance?

Luxury car insurance has all the same features as regular vehicle insurance. You will need to select the level of cover you want (third party, third party, and fire, comprehensive) but most high-value vehicle owners will require a higher level of protection than regular car owners. Theft of high-value vehicles rose by 117% from 2018 and 2019, so there is no time like now to give your high-value vehicle the highest level of cover.

How much will my high-value car insurance premium cost?

This is a popular question but one that can’t be answered immediately. The value of your premium will depend on a wide range of factors including, but not limited to:

  • The make and model of the vehicle
  • Vehicle Safety ratings – Use Thatchma’s vehicle security and safety checker as a point of reference for your vehicle
  • Where the Vehicle is kept
  • Average annual miles driven
  • Drivers history
  • Cost of replacement parts
  • Excess value

Depending on this information insurance brokers will provide you with a tailor-made quote based on your vehicle and driving habits.

Start a quote today and find out how much you would pay for your high-value car insurance with Three Castles!

What add-ons are recommended when insuring high-value cars

Most high-value car owners will want to give their vehicles the highest level of cover. As well as having comprehensive cover on your vehicle there is a wide range of Insurance add ons you can choose from.

  • Breakdown Cover
  • Legal expenses
  • Home Start Cover
  • No Claims bonus protection
  • Key Care
  • Excess protection
  • Hire car cover

Tips to reduce your high-value car insurance cost

Adding a tracker device

Tracking devices like telematic boxes can be useful to reduce your insurance price. This is because as well as being able to offer a good indication of driving habits, they will be able to track the correct location of the vehicle in case it is stolen. This will then by default increase the chances of the vehicle being recovered

Limit mileage policy

The more miles you drive the more likely you are of being in an accident. Quite often private clients don’t use their high-value vehicles on a day to day basis, so it’s worth relating this to your insurer. Try to minimize your miles driven, but don’t underestimate your mileage, as this could invalidate your insurance.

Increased Excess

This one is simple. The higher your excess is, the lower the overall cost will be for insurers in case of a claim. But be aware, it is important to have a realistic excess value you are prepared to pay as if you don’t, insurers can refuse your claim.

Hopefully, our Guide to High Value Car insurance was able to inform you on the best ways to insure your vehicle. Three Castles is a specialist insurance company that can provide your high-value vehicles with the highest level of protection in the market.

Our high-value car insurance policy offers full UK and European breakdown cover including Home Start, Motor legal expense for loss of license, as well as multi-car insurance options for up to 20 cars.

To speak to one of our experienced advisers call us on 03300 948 781 and they will go over your options.