You’ve done it!

You bought your dream car. But did you consider insurance before you bought it?

That beauty has a roaring engine. The finish gleams. The tires squeal. It’s a real eye catcher.

But its also likely to catch the eye of a thief, too. That’s why you need insurance. Not just any insurance. Insurance that’s specific to the kind of luxury or sports car you now own. Here are 5 of the most important tips you need to know to properly insure your luxury car.

1. Find the right insurer. Not every insurance company will sell you insurance for your luxury car. Finding an insurer for a 2007 BMW 335i Coupe, Maserati or a Rolls Royce isn’t as easy as finding one for that Ford Echo. The dealer who sold you the car can recommend insurance agents or you can look in publications like Hemming’s Motor News, Car and Driver or search online for specialty brokers. Expect rates run 15-20% above non-sports or luxury models. Remember, much of your insurance is calculated on replacement value and repair costs.

2. Decide whether you’re a daily driver or a “Saturday Nighter.” You must tell potential insurers an accurate estimate of their annual mileage. If you just take your baby out on sunny summer Sundays for a drive in the country or to cruise one Saturday nights, you can save big on insurance because of the low miles driven. Under 5,000 miles is usually the limit.

3. Join the club! Consider becoming a member of the owner’s club for your model or auto maker. Club members are always willing to share tips about such things as upkeep, special problems and maintenance as well as sources of parts and even insurers.

4. Ask For discount auto insurance. Beyond anything else, ask the insurance company what memberships you could belong to or what you could add to the car (a security system generally helps) to get the best coverage at the lowest price. Package insurance products for your home or other cars together with your sports car. You could see the costs fall in total.

5. Don’t forget to tell your insurer about that $5000 audio system or other expensive after market accessories that you’ve added on. They might not like that nitrous oxide super charger, but if you don’t disclose it, it may not be covered in a claim.

Getting the best coverage for your luxury or sports car is a must. Use these tips to help you to protect that beauty so you can feel the wind in your face and just enjoy the scenery.

About the author

Adam O’Connor

Great Guy Life