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Luxury Auto Insurance

If you own a high-value car, then it is essential that your valuable asset is properly protected. Often, standard auto insurance is not enough to give you the protection you need. At Krywolt Insurance, we can help you find the best coverage for your luxury vehicle. You'll work with an experienced luxury auto insurance broker who will shop around on your behalf to find you the best high-end auto insurance available in Alberta. Our licensed brokers are highly knowledgeable and have built relationships with all of Alberta's top insurance companies.
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Calgary Luxury Auto Insurance

What is Luxury Auto Insurance?

As a luxury car owner, you chose your vehicle for a reason. You're likely attracted to quality manufacturing, reliability over the years and an attention to detail that sets not only yourself, but also your vehicle, apart from the rest. As such, you should have an insurance policy that also speaks to your distinct sensibilities. You should receive nothing but the best—the best car, the best service, and the best coverage.

There is a reason why luxury auto insurance exists. It provides coverage that is curated for high-value, exotic and classic cars. Rather than a standard auto insurance policy that provides basic, if essential, coverage, high end car insurance is distinct. It's tailored to your needs, and protects vehicles by providing coverage that takes into account what makes your vehicle special. Not to mention, luxury auto insurance in Alberta offers many additional features, enabling you to have exactly the coverage you need.

Who Needs Luxury Auto Insurance?

Speaking of needing luxury auto insurance, this insurance coverage isn't for just anyone. If your car is valued at more than $100,000 or more, then you need a luxury car insurance policy to protect your investment. A standard policy may not offer enough coverage. The last thing you'll want to deal with if your precious vehicle is stolen or damaged is not having enough coverage to replace or repair it. You also don't want to waste time with an insurance company that doesn't specialize in high-end vehicle coverage. This could leave you feeling frustrated knowing that you're receiving basic coverage and service when your valuable vehicle requires so much more. At Krywolt Insurance, we'll partner you with an insurance company that understands high value vehicles and always puts your needs first.

What Coverage Options Are Available?

Along with typical auto insurance coverages (including comprehensive insurance, collision insurance and liability coverage), luxury auto insurance offers vastly more coverage options, including:

  • Collector car insurance. This coverage takes limited use into account when establishing your insurance premiums. Specialty programs are designed for vehicles that are not used every day. As a result, the price is typically lower than a standard auto insurance policy.
  • Liability for rental vehicles. Depending on the insurer, your specialty car insurance policy may offer higher limits for rental vehicles than standard auto policies.
  • International coverage. You may be able to include global coverage for your vehicle, depending on the insurer. This would come in useful if you attend shows in different countries.
  • Actual cash value. In the event of a claim, you would be eligible to receive a base payout based on the actual cash value of your vehicle. It's important to note that if your car is written off, you would receive the market value of the car. This is subject to depreciation.
  • Agreed value. High value auto insurance policies allow you to know the settlement value of your vehicle at the time you obtain the policy. This protects your car's value from depreciation in the event of an insured loss.
  • Original parts. Rather than using generic replacement parts, your insurer would agree to repair your specialty vehicle with original equipment/parts.
  • Choose your shop. Unlike a standard policy, you will get to choose a body shop of your preference—enabling you to select a mechanic you know specializes in your vehicle's repairs.
  • Higher limits. Depending on the insurance carrier, you may qualify for higher limits or no daily limits at all for loss-of-use coverage. This covers the cost of a rental vehicle while your vehicle is getting repaired or replaced in the event of an insured loss.

Frequently Asked Questions

Do you have questions about auto insurance rates for expensive vehicles? Perhaps you're wondering how to obtain a quote? We have answered a range of commonly asked questions below. However, if you would prefer to speak directly with one of our luxury auto insurance brokers, we are more than happy to chat. Give us a call today at 403-879-8660.

How Do I Know If My Vehicle Qualifies as a Collectible?

Historically, 25 years was the standard used for categorizing collector cars. However, this number has changed in more recent years. These days, many cars more than 15-years-old qualify as collector vehicles. There is also a broad range of types of vehicles that could be included in this category, such as:

  • Antique and classic cars
  • Exotic vehicles
  • Replicas
  • Street rods
  • Trucks
  • Lowriders
  • Military vehicles
  • Modern classics
  • Muscle cars
  • Vehicles under active restoration

What is the Difference Between Luxury Auto Insurance and Standard Auto Insurance?

The main difference between luxury auto insurance and a standard car insurance policy is the level of coverage available to you. Not only do specialized cars get a higher limit on their policies (which is appropriate as the value of your high end vehicle would be substantially more than regular vehicles, thus it would require expensive repairs following a collision), but there are also a wide range of add-ons available. These add-ons help protect luxury vehicles' value from depreciating because of repairs using basic parts, or depreciation because of age and the changing market. There are also numerous options for collectors or those who own show vehicles that are not driven very frequently. In short, a luxury auto insurance policy understands the unique needs associated with high value cars—unlike a standard auto policy.

Why Do I Need Luxury Auto Insurance?

Imagine this. You own a valuable, collectible vehicle that you take across the country to showcase in various antique car shows. Enroute, the transport truck hauling your vehicle is in an accident. Your car is seriously damaged and requires repairs. A standard auto insurance policy likely does not offer enough coverage for you to complete all the necessary repairs. This results in you having to fix-up the vehicle out-of-pocket. No one wants to deal with unnecessary expenses that could even put a strain on your personal finances.

But that's not the worst of it. Because you don't have a luxury auto insurance policy, your insurance provider chooses the body shop that repairs your vehicle. You don't get a say where it goes, so it's very possible that someone who is not equipped to repair such a specialty car is working on your vehicle. And finally, the insurance company will only pay for generic parts to be used during the repair. This destroys the value of your collectible vehicle.

Now, instead of asking yourself why you need luxury auto insurance, a better question is why you wouldn't get luxury auto insurance! With the right insurance policy, your repairs would be accurately covered, you get to choose the mechanic who works on your vehicle, and only original parts and equipment will be used to repair your car.

What is a High-Value Vehicle?

Along with the value of your vehicle, luxury car insurance in Alberta takes into account several factors when establishing whether or not you own a specialty car. For instance, your insurance provider may consider the vehicle year, make and model, any high performance elements and, of course, the vehicle's value. A few brands that are typically considered as luxury vehicles include:

  • Lexus
  • Bentley
  • Mercedes Benz
  • Lamborghini
  • Jaguar
  • Rolls Royce
  • Ferrari
  • Maserati
  • Aston Martin
  • Porsche
  • Bugatti
  • Range Rover
  • BMW
  • Audi

How Much Does Luxury Car Insurance Cost?

Usually, luxury car insurance is more than a standard policy because it offers significantly more benefits and coverage options. The value of your vehicle also typically impacts insurance rates, since specialty cars are more costly to repair and replace. This is especially the case for vintage and exotic vehicles. For instance, your vehicle's parts may only have a limited number manufactured each year, or they may have to be imported from another country. This increases the price of parts.

Luxury vehicles also have more risks, especially when it comes to theft. High-end cars tend to be targeted by thieves and vandals more often. In the insurance world, when risks are higher, costs are also higher. This causes your insurance premiums to be more.

However, as any specialty vehicle owner knows, the cost of high end car insurance is well worth it in the event that you experience a loss.

In addition to the value of your vehicle, there are a few other factors that will influence how much your premiums cost:

  • Make, model and vehicle year
  • Your driving record
  • Where you live
  • How often you drive
  • Your driving history
  • Your claims history
  • Any special features

How Do I Reduce the Cost of Luxury Car Insurance?

There are a number of ways you can reduce the cost of luxury car insurance in Alberta. When it comes to discounts, however, keep in mind that different insurance companies offer different rates and benefits. Some of the ways you can save on luxury auto insurance include:

  • Maintaining a clean driving record
  • Obtaining a claims-free discount
  • Installing security and anti-theft devices
  • Paying you premium in full annually, as opposed to monthly rates
  • Choosing a higher deductible
  • Bundling your luxury auto insurance with your home insurance
  • Obtaining a multi-vehicle discount
  • Asking about retiree discounts
  • Asking about a loyalty discount
  • Register for a good driving program

How Do I Get a Luxury Auto Insurance Quote?

The best way to get a competitive luxury auto insurance quote that offers you comprehensive coverage is through partnering with insurance brokerages. Namely, the team at Krywolt Insurance will get you several quotes from Alberta's leading luxury car insurance agencies. We will work with you to establish your unique needs, and ask you a series of questions about your vehicle to establish what level of coverage you need.

Since we work for you and not for an insurance company, you can rest assured that we have your best interests at heart and will work tirelessly to find you an insurance policy that is perfectly tailored for you and your vehicle. Since we have built relationships with Alberta's leading luxury car insurance companies, we have access to information, benefits and discounts that will help you get the coverage you need at a cost you like.

Why Choose Krywolt Insurance?

Our team of luxury car insurance experts have a long-standing history finding the best insurance coverage for our clients. Our company has been loyally serving Albertans since 1952, and our aim is to grow with you and accommodate your changing needs as you go through life. We work hard to build lasting relationships with our customers.

Known for their ability to clearly explain complex insurance concepts and to ensure that all our clients feel heard and appreciated, our dedicated brokers truly have their clients' best interests at heart. Once you notify us that you are interested in acquiring high value auto insurance, we will put your needs first. Our team will take time to ask you any relevant questions about your vehicle and shop around to find you a series of competitive quotes to choose from. We work with:

  • AVIVA Canada
  • Economical Insurance
  • Intact Insurance
  • Peace Hills Insurance
  • RSA Insurance
  • Travelers Insurance
  • And a number of other esteemed providers

Not only do we specialize in luxury auto insurance, but our team of licensed brokers can also help you with a range of other insurance products—including a number of commercial insurance products such as errors and omissions insurance, directors and officers insurance, and commercial auto insurance.

We invite you to give us a call at 403-879-8660 to learn more or to speak with a broker today. You can also get a quote by filling out our online form.

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You need an insurance expert that understands Luxury Auto Insurance to be able to define all the possible risks associated with your business so you get the best possible coverage to ensure that a single simple accident or oversight doesn’t overcome your business. You know your business, we know the risks and the ways to protect your business from potentially crippling law suits or loss.

We don’t offer instant online quotes for Luxury Auto Insurance because there is no way we can get to know you and your business without speaking to you and coming to understand all the complexities or simple processes that need to be insured.
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Calgary, AB 
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