Owning a luxury vehicle is an aspiration we all have, but if you’re about to actually go through with the purchase of a lifetime, there’s probably a little voice in your head hassling you to think about the additional costs involved.
It’s easy to assume, for example, that insuring a luxury car is seriously expensive, so even if you can afford the sticker price, you might think twice.
So is this actually the case, or can you justify buying a high end automobile while keeping down the other costs of ownership?
Getting a great value deal on your car insurance
First off, the days of being limited in terms of the number of prospective insurance products you can compare are over. With modern tools for finding cheap auto insurance, you can get the most convenient quote online in a jiffy.
Whether you’ve got a cheap and cheerful family vehicle or a sports car, by playing different insurers off against one another, the price of a policy doesn’t have to hold you back.
Considering the car’s features
Another point to make about insuring a luxury vehicle is that often there are integrated technologies available which actually make it less risky when it’s out on the roads than a more affordable equivalent.
From self-driving capabilities to vehicle tracking to prevent theft, top tier cars don’t always cost the Earth to protect with a policy because they are built to avert the usual quirks that can cause accidents or encourage thieves.
Then there’s the rise of electric cars, which have benefits compared with combustion engine-powered counterparts in terms of safety, security and reliability. If you pick the right model and get the right insurance quote, savings are within reach.
Looking into the issue of performance
The thorn in the side of many luxury car buyers is the fact that some of the classiest, most advanced models are also the most powerful. And more horses under the hood usually makes insurers nervous.
Thankfully, choosing an efficient luxury car which trades a quick zero to 60 time in favor of better fuel economy is always an option. So as well as paying less to fill up, you can trim down your insurance bill as well.
Exploring your own driving habits
Even if you buy a luxury car which is super-safe and not performance-focused, your premiums could be eye-watering simply because of circumstances that are specific to you as an individual.
For example, if you’ve been involved in an accident, your driving record could increase what you pay to insure your car going forward. Thankfully in most states there is a limit on how long incidents like this are a factor, so it’s a matter of sticking to safe driving practices and being patient.
Another aspect that has a lot to do with car insurance quotes creeping upwards in price is the number of miles you cover annually. More time behind the wheel means a greater chance of crashing, so insurers will charge customers more if they have long commutes to cover each day in their luxury car.
If possible, it could be wiser to have a more basic vehicle for getting from A to B on a regular basis, and insuring a luxury car for short weekend drives and special occasions, as this will be reflected in the price you pay to get cover.
There’s never been a better time to insure a luxury car affordably. So long as you compare quotes and don’t stick with the same provider indefinitely, you’ll avoid being priced out of owning the vehicle of your dreams.
Information sourced by the author for luxuryactivist.com. All content is copyrighted with no reproduction rights available. Images are for illustration purposes only.