Things to focus on when buying exotic car insurance in New Jersey

Finding the right exotic car insurance in New Jersey is nowhere near as simple or as straightforward as it should be.

For starts, buying for your expensive exotic is a world apart from buying coverage for a daily driver. With traditional coverage, you’re looking to protect and insure a vehicle that is going to watch its value depreciate on an almost daily basis. With an exotic (or a classic car), nothing could be further from the truth.

The value of these amazing cars almost always increased (or even raises, depending on the particular make, model, and year), so you need to be certain that you’re completely covered for any and every eventuality with this factored in.

Combine that with the fact that exotic cars are so expensive (not only to purchase, but also to repair and maintain) and you’re looking at a pretty stiff bill.

Thankfully, with the inside information we’re able to share with you below, you won’t have to worry about breaking the bank when it comes time to buy a policy for your pride and joy. We’ll show you exactly why this kind of coverage is so expensive to begin with, and then we’ll break down a couple of things you can do to save money along the way.

Shall we jump right in?


Let’s get to it.

Breaking down why exotic and classic cars are so expensive to insure in the first place

There are a lot of different factors that play a role in how expensive your exotic car insurance in New Jersey will be, and it’s critical that you understand them all to reduce the cost of your policy as much as possible.

For starters, these cars are tremendously expensive. You can expect to spend a few hundred thousand dollars on some of the rarest cars on the planet, and sometimes a lot more than that. Even used exotic cars command top dollar, and though they may depreciate a little bit, the odds are pretty good that the number isn’t going to come down near as much as it would with a daily driver.

On top of that, these cars are incredibly expensive to repair and to maintain. In fact, a lot of people that buy their first exotic car are shocked to learn just how much an oil change and tune up can cost. You could easily spend a few thousand dollars on maintenance that would have only cost your $12.95 if you were driving an early model Civic – so it’s definitely something you’re going to want to prepare yourself for.

Should you need to change out the tires on your car, or even worse, put in for some serious mechanical upgrades or repairs, you could be looking at tens of thousands of dollars – exotic car parts alone can command close to the same price as an entire used car in rare circumstances!

All of this is going to factor into the amount of money you have to spend on an exotic car policy in New Jersey. When you have an expensive and valuable car, you need to know that normal expenses are going to be much higher – and your coverage is going to factor that in when they offer you coverage.

Tips and tricks to save money on your exotic car insurance in New Jersey

There are certain things you can do to effortlessly save money on your exotic car policy, starting with finding the right company to purchase coverage from in the first place.

Obviously, you’ll need to make sure that you aren’t cutting corners when you look for a better deal on coverage, so make sure you’re investing in value coverage that doesn’t gouge you compared to cut rate coverage that leaves you exposed when you need it most.

After all, saving a bunch of money on your premiums won’t be worth much if you’re not able to enjoy protection should something happen to your car. What would be the point of having coverage if you can’t leverage their protection?

You could also…

  • Drop extra coverage options that you aren’t expecting to take advantage of
  • Boost your deductible to save close to 25-40% on your monthly premiums
  • Get rid of other drivers that won’t be sliding behind the wheel of your car

…and that’s just the tip of the iceberg!

Make sure you’re working with insurance companies that understand how important it is to insure your exotic cars

Obviously, you’ll want to make sure you’re choosing to work with only the best New Jersey car insurance company for your needs. Look for agencies that focus on high net worth individuals with exotic cars first and foremost, so you’ll never have to worry about whether they’ll be able to actually help should you need the protection they provide.

This is going to require a bit of extra research on your behalf, and may take longer than you thought it would, but it’s the best way to be sure you are completely covered for any and every eventuality.