For the most part, prestige car insurance is a standard car insurance policy (like comprehensive or Third Party Fire & Theft) that’s been taken out for a prestige or luxury vehicle. There are, however, specialist providers who offer specific prestige car insurance products.
A prestige or luxury car is a high-end performance vehicle, usually from European or UK makes. These can include vehicles made by Ferrari, Lamborghini, Porsche, Aston Martin Bugatti, and more.
If this is the kind of car you deeply desire, you’ll need insurance that matches the prestige of your luxury ride.
Prestige car owners can benefit from having comprehensive car insurance, the highest level of car cover. While features differ between providers, some common cover for prestige cars include:
However, you should always read the Product Disclosure Statement (PDS) of any insurance product before purchasing. The PDS will include the full details of the inclusions, exclusions, terms and conditions of your cover.
Like any insurance, the cost of car insurance differs across policies and providers. For example, a comprehensive policy will cost more than a Third Party Property one, because it is the highest level of cover available.
Your premiums are calculated using several factors, like:
The same reason you should get car insurance for any vehicle: cover for when something goes wrong on the road. Prestige and luxury cars are a substantial investment, so surely you’d want to make sure it’s properly protected?
A considerable number of prestige car models have a legendary status in popular culture. Being a car owner’s dream, even the most basic luxury car models typically carry significant insurance fees on top of a hefty price tag and upkeep costs.
Fear not, however, as there are ways you can save on insuring your high-powered beauty. These include:
Not as many as you’d think, at least according to the Australian Bureau of Statistics’ (ABS) Motor Vehicle Census. Of the top 30 car makes by registered passenger vehicles, there are only eight prestige car makes.¹
|Car makes in the top 30||Number of registered passenger vehicles|
|Source: ABS – Motor Vehicle Census, 2019¹|
Repair and replacement costs will vary depending on what type of prestige or luxury car you have, but it’ll likely be fairly pricey. Because these vehicles are usually more expensive than conventional, economy vehicles, you can expect the replacement costs to reflect this.
Repair costs could be just as expensive; because prestige and luxury cars aren’t as common, sourcing replacement parts may be more difficult and will, therefore, add to your repair costs.
Comprehensive car insurance typically includes cover for your vehicle’s repair and replacement costs, regardless of who is at fault for the damage.
¹ ABS – 9309.0 – Motor Vehicle Census, Australia, 31 2019. Published July 2019. Accessed November 2019.