Where to Find Prestige Car Insurance

If you are lucky and wealthy enough to own a prestige car, you probably aren’t worrying too much about the price of your prestige car insurance. However, not all people who own these types of cars are loaded with extra cash that they can just throw away. Some people put their entire life’s savings into their dream car, and for people like these, getting the best price on insurance is important.

For the uninformed, a prestige car is not your usual type of car. They are works of art, collector’s items, and cars that are usually so expensive that most people would not think that insurance was even available. But, just like other drivers, drivers of prestige automobiles still have to abide by the laws of our country and they need insurance, too! So, that is why prestige car insurance is available.

A lot of the larger insurance companies do not offer this type of insurance. They have a list of vehicles that they are willing to insure, and a Bentley or a Rolls isn’t on that list. If you are the owner of a car like this, then you know how hard it is to find coverage, let alone affordable coverage.

Prestige car insurance is best bought online, where you can easily compare quotes from the different companies that offer this type of coverage. Because there aren’t a lot of companies, and the prices vary so much, it is important to compare before you buy.

Owning and driving a prestige car is one of the luxuries of life, but getting that car insured can be one of the hardest things you have ever done. Take the time to search out companies online that will insure your vehicle and you will be safe (and legal) to drive, feeling secure that if anything should happen to your baby, you will be compensated.

Why Gap Insurance is the Car Dealers Best Friend!

So you’re just about to buy your next new car. You have the deal you want, the part exchange value seems palatable, and you can’t wait to get your new car. Sound familiar?

Thousands of motorists choose to buy their cars from main franchised dealerships each year. This is mainly due to the fact that they have a wide choice of vehicles, often sold as part of the manufacturers used car scheme, they also provide warranties, a mechanical check, and an element of peace of mind for the consumer.

If you are buying a new car you will almost certainly have to visit a franchised dealer as most of the Internet based sellers are merely brokers acting as middle men between the consumer and franchised dealer.

Selling you a car is not the only thing the dealer has in mind!

Due to the current economic climate we live in, and the ever growing ease at which you can obtain information over the Internet, many dealers can no longer survive by selling cars alone.

Most car dealer groups have dedicated finance departments specifically designed to sell finance and insurance products such as gap insurance, extended warranties, tyre insurance and other insurance related products. Main dealers and car supermarkets now budget to make as much money from finance and insurance as they do from the actual car sale. Most car dealers will aim to make around £800 profit on every car they sell, whether new or used, with almost 50% of that profit coming from finance and insurance products.

The growth in popularity of these types of insurance products has resulted in dealers targeting their sales teams to sell gap cover on every car they sell. However, policy costs can vary dramatically when purchased from a car dealer or car supermarket.

So how much should you pay for a gap insurance policy?

Recently we carried out a survey of main dealers, car supermarkets, and a number of independent dealers and found a startling array of gap insurance prices.

The average cost of a gap insurance policy at main franchised dealers is around £399 for a policy that will cover vehicle replacement up to the value of £15,000.

Prestige car franchises such as BMW, Audi, Porsche and Mercedes appear to be exploiting the popularity of this type of insurance even further with prices as high as £1000 for a vehicle replacement policy. Most prestige franchised dealers calculate gap insurance prices based on a percentage of the vehicle selling price resulting in sky high policy costs!

Many dealers now employ Business Managers specifically targeted to sell finance and insurance. So don’t be surprised when you get the heavy sell! The dealer will want you to buy a gap policy and so will the sales person!

Buying on the Internet!

Like most things sold on the internet nowadays, you can save a lot of money when purchasing gap insurance from the growing number of online gap insurance providers. Cost savings from not having to pay rent on fancy showrooms combined with high commissions paid to the sales team’s means that the cost of buying a gap insurance policy online can be as much as 75% cheaper than a franchised dealer.

Setting up a gap insurance policy online is also very simple and can be completed in a matter of minutes by completing a short online application form. You can also speak to someone over the telephone if you have any questions or queries.

In addition to the cost saving, most of the online gap insurance providers make it very easy for you to select the correct policy for your needs with clear and concise product descriptions and key benefits as well as the obligatory T&C’s and policy details, which can all be downloaded.

Start a Wedding Car Hire Business

Starting a part time wedding car hire business can be an excellent way of owning and running a classic or prestige car at very little or no cost. You could even have free motoring.

If your annual mileage is very low, (you may be retired or live very close to your workplace), running a classic car as your only vehicle can be profitable if you run a part time wedding car hire business.

If the vehicle was manufactured before 1st January 1973 there is no road tax to pay. You can also get cheap classic car insurance with a limited annual mileage.

However, if your annual mileage is high and you need a fuel efficient car for normal use, you can buy a second car suitable for wedding car hire and start this business for less than £2000. A friend of mine purchased a 1996 Jaguar XJ6 for just £1500 from a deceased pub landlord’s estate in 2009. It had covered just 45,000 miles, it was in immaculate condition with full Jaguar service history and the spare tool and spare bulb kit was still in its shrink-wrap! Do not worry about being a vulture, no one else wanted this car due to its high running costs and street credibility of the number plate.

Loads of cars like this are out there, just look.

In your first year if you do 15 weddings at £200 a wedding you will have your money back and you will own a car that is probably still worth what you paid for it, or maybe even more.

Ready for next year and you are on your way towards a Rolls-Royce or a Bentley, and charge a lot more.

Do not be tempted to start your wedding car hire business by buying a Rolls Royce for £5000. I know, we have all seen them advertised at this price, on the internet and elsewhere, but be very careful before you buy. The Rolls-Royce Royce Silver Shadow and Cornich are beautiful cars, a joy to drive, but the running and repair costs are horrendous. There are loads of old hacks out there that have been resprayed white, full of body filler and then been done to death on the wedding circuit. You will be buying a nightmare.

I personally think a Rolls-Royce or a Bentley are the best cars for wedding car hire, but wait until you have about £10,000 and then buy a good one with full service history from a reputable dealer.

Start your business modestly, then work your way up.

You could also use your vehicle for film and TV work, but that’s another story!

Tips on How to Insure a Luxury Car

After having your dream automobile, such as a luxury car, the next step you are most likely to be doing is purchasing the best car insurance. You will surely do your best to protect your investment.

Insuring a luxury car is typically very similar in insuring a normal vehicle. But take note that the price between a normal and a luxury car is definitely different. You will pay more for a luxury one.

But if the case is that you want to make sure that you get the best protection for your luxury car so you will insure it but also for a reasonable cost, then listed below are some helpful tips that you can do in insuring a luxury car at a low price.

The first tip is to do a car insurance comparison, because you might find a company that would give the best protection at a reasonable price for your luxury car. Do not settle immediately with a provider without checking others.

Remember that some companies do not offer enough protection for their clients. Do not stop in your search until you get the best one at a preferable price. As an advice you can contact your auto dealer because they can give you suggestions.

The next tip is to join a vehicle prestige car club or an exclusive owners club. You can receive low rates from your insurance provider if you become a member. They can also send other advantages like receiving tips about vehicles. Vehicle tips like offering information about proper car maintenance, like where you will get good price on the repairs of your car.

The third tip is to determine how you plan using your luxury car. Many car insurance companies offer lower rates for people who do not spend so many miles on their vehicle. This is because you and your vehicle will be less likely to engage in accident if you lessen the times you drive.

Maintenance and repair of your car can also lessen if you limit your driving, such as just on weekends or just a couple of nights of the week. Make sure to plan well how you will use your vehicle and remember to keep your miles down, if possible.

The fourth tip you can do so that you can have the best car insurance is to keep your driving history clean, because it is one of the important determining factor of the rates of your insurance. If you do not have any record of reckless driving, then insuring your luxury car will not be that very expensive.

The last tip for you to get an affordable car insurance is to choose with yearly policy because it will save you from spending twice if you will buy a six months policy.

These tips on how to insure your luxury car are guaranteed to provide you lower rate if followed accordingly. However, keep in mind that spending a little higher for it will also assure you that your car and you will be better protected.