When you purchase an exotic vehicle like an Alfa Romeo or Porsche, you probably don’t think about the insurance considerations right off. At M&K Dignum Insurance Agency Inc. we want to help you understand the need for full coverage auto insurance for your exotic car or dream car.
Also called supercars, those snazzy Maseratis and Mercedes-Benzes you see around Albany, NY use regular auto insurance, but typically at the upper coverage limits. These vehicles cost $100,000 or more, so those purchasing them want to obtain a full replacement cost if something happens to them.
What does full coverage auto insurance include?
When you choose full coverage, your vehicle gets the protection of:
- Bodily injury liability,
- Property damage,
- Comprehensive,
- Collision.
You can also add roadside assistance coverage.
The top two policy types – liability and property damage – protect other drivers, passengers, and pedestrians. If you cause an accident, these coverages pay the other individuals involved who got hurt. This insurance the state requires you to carry.
Collision and comprehensive coverage protect you from financial loss relating to your own vehicle. While you’re not required to obtain this insurance, it makes sense to do so, especially when you’ve purchased a rare vehicle.
Levels of Replacement Value
Ask your insurance agent about the compensation coverage provided. The words you want to hear are full replacement value or actual replacement cost because that means you’ll obtain the actual amount it would cost for you to buy another vehicle. Anything else – any other wording – refers to depreciated cost. That would not pay for a new or replacement Alfa Romeo or Maserati, but the full replacement value would.
Contact Us Today
Drive the roads of Albany, NY with greater peace of mind with auto insurance from M&K Dignum Insurance Agency Inc. Contact us today for auto insurance coverage that protects your investment in your exotic dream car or supercar.
