Do I Need Luxury Car Insurance If My Car Is Valued At €200k?

Caeva O'Callaghan | February 13th, 2023

You might be tempted by that new luxury vehicle – but will it cost more to insure?

Not necessarily – but most car insurance companies have a maximum value limit on the cars that they will accept onto a policy.

If you have an expensive luxury car, you will want to protect that investment. We have access to specialised markets which value and insure high value cars. No matter if your vehicle is vintage, luxury or high-performance, we can help you find the perfect insurance for your make and model.

In this article, we’ll answer the following queries:

  • Can I get car insurance for my luxury car?
  • How do I insure my vintage car?
  • Is car insurance more expensive for luxury cars?

The best way to get a quick and accurate quote is always to give us a call on 0818 224433 or 042 9359051. We’ll be happy to help, and can help find the right policy for you.

Get an accurate valuation

The first step to any successful car insurance quote is to value your car as accurately as possible. Overvaluing will make it harder for your claim to be successful – and undervaluing could leave you badly out of pocket if your car is a write-off.

Not only that, but getting the value of your car wrong can affect the price of your premium. When making a claim the insurance company looks at the open market value (OMV) of your car, not how much you say it is worth. Unfortunately, they won’t just take your word for it, and they will also take depreciation into account.

The good news is you can check the OMV of your car yourself, using the Revenue’s VRT Calculator. You can use this as a guide when valuing your car with the insurance company.

Choose the right cover for you

By law, the minimum level of motor insurance required to drive any vehicle on the road is third party cover. However, Fully comprehensive cover is usually a lot more expensive than third party only and third party, fire and theft.

Instinctively, you may think that comprehensive cover is the best way to go. But that might not be the case in your situation.

For example consider your car’s age, value and how often you use it. It may be the case that fully comprehensive insurance with all the bells and whistles is a bit much for models you hardly take out on the road.

On the other hand, if you commute to work every day in your expensive Ferrari, it’s worth getting full comprehensive cover just to make sure. It’s all about the amount of risks your car faces on a typical day.

Check out what is covered with each level of the policy, and work out what you realistically need. You could save a lot by downgrading your cover.

Other Car Insurance Factors

It’s not just the value of your vehicle which affects the car insurance premium you pay each month. Pay attention to the other elements involved, and you may be able to save money in other areas.

For example, the age of the main driver is a large factor when it comes to generating a car insurance quote. Young drivers (under 25) are typically charged more according to statistical evidence that they get into accidents more frequently.

If you have a no claims bonus intact, this may help to lower your premium. And of course, you need to make sure you keep your car somewhere safe at night. On the side of the road is fine if brightly-lit, and a driveway or garage is better.

Does your vehicle have added security such as a GPS tracker or advanced alarm system? This could help to lower your premium by keeping your car safer overall.If you need advice when it comes to ensuring your luxury car has protection, give us a call today and talk to our car insurance experts on 0818 224433 or 042 9359051. We are available from Mon-Fri between 8.30am and 5.30pm.

All Information in this post is accurate as of the date of publishing.