Lucy 29. 5* Trustpilot review, May 2020
If you’re a car connoisseur, one who appreciates the world’s finer motoring marques, then you’ll be looking for prestige car insurance that matches the excellence of your vehicle.
At Principal Insurance when arranging prestige car insurance quotes, we understand that owners truly value their luxury and high value cars. We get that they’re not simply a means of getting to work, but a cherished motor.
To find you the most appropriate insurance and the best value premium, we will discuss not just your car, but how you use and drive it. We will then use that information to compare prestige car insurance quotes offered by our panel of specialist insurers.*
We may also be able to offer you discounts** for:
Car off the the road? Click here for details of specialist SORN car insurance.
Additional cover options – Pick and choose your cover options to get the exact level of protection that you want, with an extensive range to protect you and your vehicle. Options include Breakdown & Accident Assistance, Motor Legal Protection, Excess Protection, Key Care and Road Halo licence defence.
DRIVING IN THE EU IF THERE IS “NO DEAL” AFTER BREXIT TRANSITION: Please click here for advice on the documents you may need to travel in the EU after the Brexit transition period.
* Please ask if you would like details of the panel of insurers we use to compare high performance car insurance quotes. ** The availability and size of discounts offered varies between insurers and policies and underwriting conditions will apply. Please ask for details of discounts when getting your high performance car insurance quote. *** The cost per car can be lower when taking out multi car insurance than when insuring car separately.
There are many things you should look out for when you compare prestige car insurance.
Let’s face it, yours is no ordinary vehicle. You’ll want to take as much care when choosing your insurance provider, as you do of your cherished car.
You might have your own particular wishes. If your beloved motor is off the road due to a claim, you’ll likely not want to be offered a ‘bog standard’ hire vehicle to see you through.
Then there are the varying limits and exclusions which are applied by different insurers and policies. Given your passion you’ll want to know what you’re doing when looking to compare high performance car insurance quotes. Not all policies are the same and some may be better suited to your specific needs than others.
A limited mileage policy might suit some, but by no means all. For many, your precious motor is there to be driven, not stowed away in the garage.
Then there’s your premium. You may have invested £50,000, perhaps £100,000, or more, in your car, but that doesn’t mean you are willing to pay over the odds to insure it. No one wants to pay more than they need.
So, let’s take a closer look at what’s important and can impact your prestige car insurance quote.
We’re talking high end models offered by premium marques.
We’re talking Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Jaguar, Lamborghini, Lexus, Maserati, Mercedes, Porsche, Range Rover….
We’re talking supercars, luxury cars, exotic cars.
Cars are insurance rated according to a number of factors. These include power, security and, if you have a prang, how much its going to cost to fix.
It should comes as little surprise then that prestige cars tend to top the ratings table. Thatcham Research, the independent body that runs the Group Rating Panel, places every model on the market into one of 50 insurance groups.
All other things being equal, group 1 cars are the cheapest to insure, group 50 the most expensive.
This is one high performance car. It turns out over 400 bhp, offers all but warp speed acceleration and carries a price tag north of £120,000.
Which insurance group? Correct. Group 50.
But let’s face it, if you’ve invested in a Vantage you’ve taken into account the not insignificant running costs – tax, fuel consumption, servicing and insurance. That group 50 rating is not likely to be a deal-breaker. After all you’re not going to instead plump for a Micra because it’s group 1 rated!
Other prestige and high performance cars filling that group 50 slot include the Audi R7 Sportback, BMW 7 series, Jaguar F Type, Range Rover Sport, Lexus RC F, Mercedes AMG GT, Porsche 911 and Tesla Model S.
Parkers car guide provides a handy list of group 50 rated cars – your insurance broker will also be able to advise which group your car falls into.
Yours is no ordinary car. That being so, you should watch out for policy benefits that might suit you.
Mods matter. If you’ve modified your car then a standard car insurance policy may not cover you.
Whether you’ve enhanced the performance or look of your vehicle, it’s important that you detail these modifications when getting a prestige car insurance quote. If they’re street legal it shouldn’t be a problem, but if you fail to declare any tweaks your cover may not be valid.
Watch out too for whether a policy offers new-for-old cover for your modifications. Not all policies do.
Why? Because if your car gets written off or stolen and not recovered, on settlement of your claim it becomes the property of your insurer – including its registration.
Some policies offer cover to allow you to buy back your private plate from your insurer.
• Left-hand drive car insurance
Again, specialist cover will enable you to protect imported left-hand drive cars, whereas standard car insurance may not. This may be because imported left-hand drive cars can be more expensive to repair than those produced for the UK market.
This may be particularly true of so-called ‘grey imports’ – those brought in from outside the EU – such as prestige American cares. It’s less of an issue for ‘parallel imports’ which will satisfy EU and UK safety standards. This may change over time given the UK’s proposed departure from the EU and the potential for divergence of standards.
• In Car Entertainment (ICE) systems
If your vehicle is blessed with a particularly impressive and, therefore, expensive audio system, then watch out for policy limits. Factory-fitted systems tend to be fully insured under a policy but if you’ve installed a bespoke system make sure you declare it and its value when getting a quote.
• Agreed value
If your car is rare or modified then you might want to secure agreed value cover. This will mean that should the worst happen (your car get stolen and not be recovered, or it’s written off) you’ll receive a settlement (less any excess) for the sum you’ve agreed with your insurer.
To secure an agreed value you will need provide an insurer with evidence. This will include photographs of your car, inside and out. You may also be asked to submit receipts for any repair or customisation work and/or an independent valuation.
Remember too that the worth of your car may increase or decrease over time so make sure you regularly review your agreed value.
• Driving other cars
If you’re a car enthusiast you might associate with fellow enthusiasts – and want to get behind the wheel of their cars. Some policies will allow you to do this although you should always check the limits and exclusions.
• Track day insurance
Quite clearly this is not a feature of standard car insurance. But enthusiasts are often partial to testing their car and driving skills on private tracks.
Again some policies may provide cover. Expect it to be time limited – perhaps three days annually. Cover is also not likely to extend to third parties. This means that whilst your motor will be covered for fire, theft and accidental damage, any damage you cause to another vehicle is not.
• Choice of repairer
For understandable reasons you might be precious about who gets to mess with your engine or bodywork. Specialist insurers get this and so may allow you to specify who gets to reapir your vehicle following a claim.
• Multi-car insurance
Multi-vehicle insurance could be right up your street if your prestige motor is your second car, or you simply own more than one vehicle.
This is because The cost per vehicle – car, van, motorcycle – can be lower when taking out multi-vehicle insurance than when insuring vehicles separately.
There are a number of ways you might be able to squeeze your premium.
• Advanced driving qualifications
If you’ve secured a recognised advanced driving qualification some insurers will reward you with a discount. There are a number of such schemes offered by the likes of AnyDriver, the Institute of Advanced Motorists, PassPlus and Royal Society for the Prevention of Accidents.
Make sure you ask when getting your quote as the size and availability of discounts will vary.
Typically classic cars are cheaper to insure than their modern counterparts.
Part of the logic applied is that they tend to be owned by enthusiasts and not used for nipping to the shops or work. That translates into fewer miles – classic polices usually limit mileage – and owners who take more care of their cherished car.
For insurance purposes the definition of a classic is a car that is over 30 or 35 years old, although some insurers offer ‘modern classic’ car insurance for vehicles 15 years or older.
If you own a prestige classic car you might want to check out our classic car insurance quotes guide.
• After-market security
Many high-end cars come with their own sophisticated security systems. However, if you’re willing to invest in after-market security systems you’ll be expressing your intent to protect your prized vehicle. The same is true if you specify optional security features when buying your car. If we go back to that V8 Vantage, you can tick the box against Aston Martin’s own category 5 tracking system.
When going for after-market solutions, watch out for Thatcham tested and certificated devices kit.
Thatcham has also introduced a new rating system for keyless entry and ignition systems. This follows widely publicised issues with ‘relay attacks’ in which car thieves intercept the signal between fob and vehicle.
It has also issued advice on how to close this security loophole although some manufacturers have already addressed this vulnerability by introducing more secure wireless systems or programming fobs to deactivate when not being used.
Where you keep your car overnight is going to matter to any insurer.
It no doubt does to you too though. On-street parking is clearly not as secure as a garage or gated driveway.
Indeed, for some cars and some insurers, you might need to confirm your cherished car will be lovingly garaged to get it covered.
• Voluntary excess
If you’re willing to contribute more to the cost of settling any claim you might make – the policy excess – insurers will in return reduce your prestige car insurance quote. It’s a simple trade off.
• Limited mileage
Driver fewer miles, pay less insurance is the simple and easily understandable formula. Low mileage discounts are typically offered to drivers who commit to doing a maximum of 3,000 miles annually.
In any case the amount of miles you declare you’ll drive each year will be pertinent to your insurer. You should stick to what you say when you take out your policy and let your insurer know if you’re going to exceed your stated mileage.
If you have any questions or concerns about securing prestige car insurance make sure you raise them before you take out a policy.
You’ll find our specialist car team will be pleased assist and advise you on the best and most appropriate policy available through our panel of insurers. For a personal consultation please call 0330 024 0093.
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