Exotic Car Insurance Coverage for Your Unique Vehicle

Exotic car insurance is a specialty insurance option. Deciding which is the best insurance for exotic cars is the biggest challenge of all. The average exotic car insurance rates in the US are $192.67/mo. Vehicles with more expensive parts are more costly to repair and insure. Continue reading our guide to learn more.

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UPDATED: Feb 22, 2022

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Written By: Zaneta WoodReviewed By: Joel OhmanUPDATED: Feb 22, 2022Fact Checked

Here's What You Need to Know

  • Exotic cars require special coverage because of their value.
  • An insurance agency that specializes in exotic cars will be well-equipped to meet your needs.
  • You can find an insurer for your exotic vehicle by doing an online search.

Exotic car insurance can be customized to offer special protection to unique vehicles. The best types of coverage for exotic cars are found with specialty insurers who offer auto insurance policies designed for exotic car insurance, antique car insurance, and classic car insurance.

Cars labeled “exotic” cost more than the average vehicle and often drive faster than the average vehicle. These are specimens that are limited in number.

This article details the definition of an exotic car and the recommended exotic car insurance policy coverage options.

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What is exotic car insurance?

When we think of car insurance, most people think of the state’s standard requirements where they live.

According to the Insurance Information Institute, each state carries a unique minimum requirement for auto insurance.

There are common extra coverages for standard vehicles, including:

  • Personal Injury Liability
  • Property Liability
  • Comprehensive coverage
  • Collision coverage

What is considered an exotic car? The exotic car definition is debatable, but an exotic vehicle is determined by the price, high-performance capability, unique design, quality material, size, and limited quantities.

Exotic car insurance policies usually carry provisions for specialty parts, accidents, and replacement value. An exotic car owner can’t to the average car parts store to find specialty parts. They usually have to be ordered from a specialty parts provider.

The replacement value of an exotic, luxury vehicle is different from your standard BMW’s replacement value. Auto insurance for exotic cars will require you to negotiate a specialty vehicle’s value with your insurance agent when the policy is established.

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How Exotic Car Insurance Differs from Standard Policies

There are antique cars that can also be considered exotic and may not have the ability to travel at 120 miles per hour. Those who own exotic cars purchase a different type of insurance than most other car owners.

Some examples of exotic cars that may need to be expanded or customized coverage include:

An exotic car usually costs over $100,000 and is not used for daily driving. Some people may pay as much as $400,000 for a new one. Antique vehicles that fall into the exotic category could cost upwards of a million dollars.

Antique car insurance or classic car insurance is also available for some of these other vehicles with slightly different specifications.

There may be a division for exotic cars where standard insurance is available. These outfits may even group specialty policies for such categories as:

  • Boat Owners
  • Muscle cars
  • Race cars
  • Luxury vehicles
  • Antiques

Moreover, some companies offer for you to buy exotic car insurance exclusively.

Most exotic cars do not depreciate in the same way that standard cars do.

Special car insurance carriers are well versed in car values and the cost to replace them. In the event of a claim, the underwriter will not be left scratching his head while trying to understand these exclusive factors.

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Best Insurance Company for Exotic Cars

Do you need to find an Audi R8 insurance group? Does Geico’s exotic car insurance cover my exotic car?

Geico’s exotic car insurance is under its classic car insurance policy. You’re likely to find exotic auto insurance with the top companies in the United States.

Before we move on, let’s look at which companies are the best by market share.

Top 10 Car Insurance Companies by A.M. Best Rating, Market Share, and Loss Ratio
CompaniesA.M. Best RatingDirect Premiums Written
(in billions)
Market Share
(in percent)
Loss Ratio
(in percent)
AllstateA+ (Superior)$22.7 (↑)9.19% (↓)56% (↓)
American FamilyA (Excellent)$4.7 (↑)1.9% (↑)69% (~)
FarmersA (Excellent)$10.5 (↑)4.26% (↓)61% (~)
GEICOA++ (Superior)$33.1 (↑)13.41% (↑)71% (~)
Liberty MutualA (Excellent)$11.8 (↑)4.77% (↓)62% (~)
NationwideA+ (Superior)$6.7 (↓)2.73% (↓)58% (↓)
ProgressiveA+ (Superior)$27.1 (↑)10.97% (↑)62% (~)
State FarmA++ (Superior)$41.9 (↑)17.01% (↓)63% (↓)
TravelersA++ (Superior)$4.7 (↑)1.9% (↑)60% (~)
(Military &
Family Members)
A++ (Superior)$14.5 (↑)5.87% (↑)77% (~)
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As you can see, Geico is one of the top companies regarding market share. However, State Farm has the most percentage in the insurance industry. It doesn’t mean you can find Lamborghini car insurance within budget.

Companies like Hagerty Insurance and Grundy Insurance also provide exotic car insurance.

Does car insurance for exotic cars cost more than standard car insurance?

The cost to insure is relative to the car itself, the frequency of use, and the driver, just like standard insurance.

Watch this video on details about exotic auto insurance.

An antique, classic, or exotic car may not be driven as often as the driver’s everyday car and may be cheaper than expected to insure a driver with good credit. On the other hand, 24-year-old high-risk drivers with bad credit may have to pay dearly for insurance on exotic cars like the Audi R8 or an Alfa Romeo.

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Exotic Car Insurance Coverage

Exotic car insurers understand the need for a wide range of specialty parts and expanded needs. They will not require three estimates or play negotiation games on a replacement. This is because the value is established up front.

Although state minimum requirements cover personal injury and damage to the other car, state minimums will not be high enough to cover repair costs for an exotic car.

Most policies allow the exotic car owner to have the car repaired by a specialty outfit of their choosing and directly pay the garage.

Collision and comprehensive coverage limits are much higher than the standard, while premiums remain affordable. Owners can also save money by customizing their policy needs.

Many auto insurance companies opt-out of exotic car insurance because of the risks. Most carriers are designated to a smaller region, while online companies may have special permission to offer individual states coverage.

Exotic car insurance may be found in the same way standard car insurance is found. They do not advertise like standard carriers because most owners seek them out.

A couple more pieces of information may be required when requesting a quote, though. There are also exotic car clubs who refer their members to online sources such as exotic car insurance carriers. An online search will reveal what is available in your area.

Exotic Car Insurance: The Bottom Line

Exotic vehicle insurance can be cheaper depending on your age, driving record, and credit score. Exotic car insurance in Florida is easier to find because it’s a state with high-income metropolitans areas where exotic car rental insurance

Exotic insurance and luxury car insurance appear to be the same, but they are two different policies. Lamborghini insurance could qualify for both exotic auto insurance and luxury auto insurance. Just be sure to speak to an agent before you make a final decision.

Frequently Asked Questions: Exotic Car Insurance

Our final section will answer frequently asked questions that appear on search engines across the internet. These answers will add to what you’ve learned.

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#1. Is insurance higher on luxury vehicles?

Yes. It’s higher because luxury vehicles tend to be more expensive than economical cars.

#2. How much does your insurance go up for a sports car?

Your auto insurance rates can increase by $250 to $500 per year when you insure a sports car. To waive the cost of insurance for sports cars, drive them less to receive a discount.

#3. What is the average cost for car insurance for a 25-year-old driver?

The average cost of auto insurance for a 25-year-old driver is $1,768 per year or $147 per month.

#4. What car insurance is the cheapest for full coverage?

USAA auto insurance has the cheapest full coverage insurance.

#5. What car is the most expensive to insure?

The BMW i8 is the most expensive vehicle to insure.

#6. How to own an exotic car for free?

If you have someone in your family or social circle vehicle who can give an exotic car for free, you may be in luck. Or perhaps, you’ve won a contest with an exotic car as the prize. Prepare yourself. Exotic cars have expensive taxes.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Written by Zaneta Wood
Team Writer Zaneta Wood

Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

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