Best Auto Insurance for Luxury Cars in 2024 (Find the Top 10 Companies Here!)
Geico, State Farm, and Allstate have the best auto insurance for luxury cars. At Geico, a minimum coverage policy for a luxury car averages $70/mo. While luxury car insurance is more expensive, drivers can save by comparing luxury car quotes and applying for good driver discounts at the best companies.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
UPDATED: Oct 25, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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.
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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19,116 reviewsCompany Facts
Full Coverage for Luxury Cars
A.M. Best Rating
Complaint Level
Pros & Cons
19,116 reviews
17,760 reviewsCompany Facts
Full Coverage for Luxury Cars
A.M. Best Rating
Complaint Level
Pros & Cons
17,760 reviews
11,413 reviewsCompany Facts
Full Coverage for Luxury Cars
A.M. Best Rating
Complaint Level
Pros & Cons
11,413 reviewsGeico, State Farm, and Allstate have the best auto insurance for luxury vehicles.
The best auto insurance for luxury cars rates will be more expensive, as vehicle repair or replacement costs for luxury cars are higher than for standard cars. However, luxury car owners can get low mileage coverage, higher deductibles, or various other discounts at the best luxury car insurance companies.
Our Top 10 Company Picks: Best Auto Insurance for Luxury Cars
| Company | Rank | Multi-Car Discount | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 20% | A++ | Extensive Discounts | Geico |
 | #2 | 25% | A++ | Coverage Flexibility | State Farm |
 | #3 | 15% | A+ | Customer Service | Allstate |
 | #4 | 18% | A+ | Loyalty Rewards | Progressive |
 | #5 | 22% | A+ | Deductible Options | Nationwide |
 | #6 | 17% | A | Diverse Coverage | Liberty Mutual |
 | #7 | 21% | A++ | Coverage Options | Travelers |
 | #8 | 18% | A+ | Exclusive Benefits | The Hartford |
 | #9 | 19% | A | Discount Options | American Family |
 | #10 | 23% | A | Customizable Policies | Farmers |
Read on to learn about luxury car insurance, from what types of auto insurance coverage you should carry to how to save.
Because comparison shopping is the most effective way to save on luxury vehicle insurance, use our free quote comparison tool to get started on finding savings.
- Geico has the best insurance for luxury cars
- We recommend full coverage for a luxury vehicle to protect your car
- The Maserati is the most expensive luxury model to insure
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#1 – Geico: Top Pick Overall
Pros
- Extensive Discounts: Luxury car owners should be able to find at least a few discounts to apply to their policies.
- Competitive Rates: Luxury car rates are competitive at Geico. Read our Geico review to learn more.
- Financial Stability: Your luxury auto insurance policy will be backed by a financially sound company.
Cons
- Discount Availability: Some discounts, like Geico’s good driver UBI discount, may not be available at your location.
- Personalized Assistance: In most cases, you’ll have to talk online to a representative.
#2 – State Farm: Best for Coverage Flexibility
Pros
- Coverage Flexibility: Coverages for high-end vehicle insurance are flexible, as you can add or drop coverages.
- Financial Strength: A.M. Best rated State Farm highly. Learn more in our State Farm insurance review.
- Agency Network: You get assistance with your luxury insurance directly from an agent.
Cons
- Discount Availability: Discounts may not be available in all locations.
- Poor Credit Rates: In some states, poor credit drivers will be charged more.
#3 – Allstate: Best for Customer Service
Pros
- Customer Service: Allstate has a claims satisfaction guarantee.
- UBI Discount: Save at Allstate based on your driving habits. Read about discounts in our Allstate review.
- Deductible Decreases: Not filing claims will reduce drivers’ deductibles.
Cons
- Higher Rates: Luxury car insurance may be too expensive for high-risk drivers with violations on their record.
- Claim Reviews: Claims processing has a higher complaint ratio.
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#4 – Progressive: Best for Loyalty Rewards
Pros
- Loyalty Rewards: Luxury owners will qualify for a discount if they keep Progressive as a provider.
- Flexible Coverage: Add extra coverages to protect your luxury car. Learn more in a Progressive auto insurance review.
- Online Management: Make changes online to your luxury vehicle insurance policy.
Cons
- Post-Accident Rates: Progressive has high rates for drivers after an at-fault accident.
- Snapshot Rate Increases: Poor drivers may have their rates increased instead of getting a discount.
#5 – Nationwide: Best for Deductible Options
Pros
- Deductible Options: You can choose the deductible amount you want on your high-end auto insurance.
- Pay-Per-Mile Rates: Pay-per-mile insurance may help luxury car owners save if they are infrequent drivers.
- Coverage Variety: If your luxury vehicle is new, Nationwide offers options like gap insurance.
Cons
- Availability: Nationwide is not yet in all states.
- DUI Rates: Luxury car insurance costs may be too pricey for DUI drivers. Learn more in Nationwide insurance review.
#6 – Liberty Mutual: Best for Business Vehicles
Pros
- Business Vehicles: If your luxury car is a business vehicle, you may want to look into Liberty Mutual’s business insurance.
- Better Car Replacement: Purchasing this coverage means Liberty Mutual will help replace your luxury vehicle with one of at least equal value.
- 24/7 Assistance: Learn about Liberty Mutual’s assistance in our review of Liberty Mutual.
Cons
- Post Accident Rates: Liberty Mutual’s rates can be pricey for those with previous at-fault accidents.
- Claim Ratings: There are mixed ratings for claims.
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#7 – Travelers: Best for IntelliDrive Program
Pros
- IntelliDrive Program: Save on luxury cars insurance by joining Travelers’ usage-based program.
- Unique Coverage: Add less-common coverages to your policy to protect your luxury vehicle. Learn what Travelers offers in our review of Travelers.
- Bundling Policies: You can buy more than just auto insurance for expensive cars.
Cons
- Young Driver Rates: Travelers is more expensive for teen drivers.
- IntelliDrive Rate Increases: Rates may increase for bad drivers in some states.
#8 – The Hartford: Best for Exclusive Benefits
Pros
- Exclusive Benefits: The Hartford has exclusive benefits for members of AARP.
- Customer Ratings: The Hartford has good ratings. Learn more in The Hartford review.
- Bundling Options: Customers can also purchase home or business insurance.
Cons
- Young Driver Rates: The Hartford’s rates are most economical for older drivers.
- Limited Online Tools: You may not be able to perform as many tasks online.
#9 – American Family: Best for Costco Members
Pros
- Costco Members: Costco members get exclusive deals on American Family insurance when they purchase through Costco.
- Accident Forgiveness: American Family has accident forgiveness for safe drivers.
- KnowYourDrive: Save on car insurance for luxury cars with this usage-based discount. For more ways to save, read our American Family review.
Cons
- Availability: Luxury car owners may not have coverage in their state.
- DUI Rates: Luxury car owners with a DUI will find rates less affordable.
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#10 – Farmers: Best for Family Plans
Pros
- Family Plans: Families with luxury cars can get multi-car discounts.
- On Your Side Review: Farmers has an annual review where customers can get help with their policy.
- Safe-Driving Discounts: Learn about all the ways to save in our Farmers review.
Cons
- Claim Ratings: Claims processing has some poor reviews.
- Limited Online Tools: Customers may have to contact an agent instead of doing the task online.
Auto Insurance Rates for Luxury Vehicles
Luxury vehicles need auto insurance, too, unsurprisingly. The difference is you don’t want to skimp out on coverage because the monthly car payment is sizable. So while meeting just the minimum auto insurance requirements by state is tempting, consider what repairs might cost after a major accident.
Auto Insurance Monthly Rates for Luxury Cars
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $90 | $235 |
| American Family | $83 | $223 |
| Farmers | $85 | $228 |
| Geico | $70 | $192 |
| The Hartford | $73 | $208 |
| Liberty Mutual | $85 | $230 |
| Nationwide | $75 | $218 |
| Progressive | $65 | $203 |
| State Farm | $75 | $225 |
| Travelers | $80 | $215 |
Luxury cars also require specialized or foreign automobile parts and components — this is why Maseratis won the title of “most expensive car to insure” in recent years.
Full Coverage Auto Insurance Monthly Rates: Top 10 Most Expensive Cars
| Vehicle | Rates |
|---|---|
| Audi R8 | $381 |
| BMW 7-Series | $294 |
| BMW i8 | $364 |
| Maserati Ghibli | $335 |
| Maserati Quattroporte | $419 |
| Mercedes AMG-GT | $344 |
| Mercedes S-Class | $312 |
| Porsche 911 | $311 |
| Tesla Model S | $302 |
Maserati insurance costs around $5,000 annually, making the $400 required oil change seem cheap by comparison. If you have an expensive model, make sure you are getting luxury car insurance quotes from companies like Geico.
Types of Luxury Auto Insurance Coverage
Owning a luxury car means you’ll want to look after your investment. You’ll want to ensure you have a full coverage auto insurance policy that contains the following coverages:
- Liability Auto Insurance: Liability is required in most states to drive. It pays for other drivers’ vehicle damages and medical bills in an accident you caused.
- Comprehensive Auto Insurance: Comprehensive covers non-collision incidents, like theft, vandalism, weather, animal damage, or falling trees.
- Collision Auto Insurance: Collision pays for your repairs if you’re at fault in an accident. It also covers you if you drive into an inanimate object.
- Personal Injury Protection (PIP) Auto Insurance: Personal injury protection pays for your medical bills regardless of fault, including lost wages and mental/emotional health.
- Uninsured/Underinsured Motorist Coverage: Uninsured/underinsured motorist coverage pays for your car’s repair if someone else is at fault but has no insurance or not enough to cover the bill.
- Guaranteed Auto Protection (GAP) Auto Insurance: In the event of a total loss, instead of getting paid the fair market value minus depreciation, you receive compensation for the amount left on your loan so you aren’t left underwater paying for a car you can’t use.
Beyond the normal luxury market are what’s known as exotic cars. Examples of exotic cars include Ferraris and Lamborghinis.
If you have an older luxury car that you rarely drive, it may qualify for classic car insurance, which is cheaper than a traditional auto insurance policy.Dani Best Licensed Insurance Producer
Instead of choosing a traditional auto insurance policy, ask your insurance company if you’d save and still have excellent coverage through a collector car or specialty policy.
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How to Save on Luxury Auto Insurance
Luxury SUV insurance rates may be cheaper than a policy for a 6-series BMW because the SUV can’t go from 0 to 60 mph in 4.5 seconds. However, you’ll still pay whatever the underwriters determine will keep the insurance company in the black and you on the road, whether you total it one day or remain in forever-pristine condition.
Learn more: How to Lower Your Auto Insurance Rates
Make Use of Auto Insurance Discounts
Aside from the MSRP of your vehicle and what’s under the hood, auto insurance companies pay the most attention to your driver history and age where allowed by law. They’re aware of your at-fault accidents in recent years, the claims you’ve filed, how much got paid out, and any coverage lapses.
Find out the safety features of your vehicle beforehand and ask about good driver discounts to maximize your chances of a lower auto insurance premium. You might qualify for auto insurance discounts such as:
- Safe driver
- Defensive driving
- Teacher/educator discount
- Anti-lock brakes
- Anti-theft system
- Automatic lane assist technology
- Adaptive headlights
There are other discounts available for military, disabled veterans, and low-mileage drivers.
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Keep Your Luxury Car in Storage During the Off-Season
If you’re not operating your luxury or exotic vehicle, you can opt to get long-term storage insurance so that it’s protected and you’re not paying for coverage you don’t need. This way, you avoid coverage lapse, maintain legal standing with the lienholder and the DMV, and save money.
Learn more: How to Get a Garaging & Storing Auto Insurance Discount
The Final Word: Best Auto Insurance for Luxury Cars
Luxury car insurance is more expensive, but this doesn’t mean you can’t lower your rates. If you want to save money on the best auto insurance for exotic vehicles, start by shopping at the best companies.
Check out the best luxury car insurance rates for the cheapest high-end car insurance companies with us today by entering your ZIP code into our free tool.
Frequently Asked Questions
Which luxury auto insurance company is the best?
The finest luxury automobile insurance company will rely on your unique requirements. The perfect insurance company for you will offer the coverages, savings, and features you want. You can choose the best company for your needs by comparing quotes (learn more: How to Evaluate Auto Insurance Quotes).
How much extra does car insurance for expensive cars cost?
Luxury automobile value, coverage types, age, and driving history are just a few of the variables insurance companies consider when setting rates.
How can I acquire the lowest insurance cost for luxury cars?
There are ways to save even if luxury and exotic automobile insurance are more expensive than insurance for regular cars. By comparing luxury auto insurance quotes, maintaining a spotless driving record, and benefiting from discounts, you can reduce the cost of your auto insurance rates.
Will a speeding citation affect the cost of my luxury auto insurance?
Insurance companies often view a speeding ticket as a sign that you’re a high-risk driver. So, you’ll probably pay higher insurance rates as a result if you need high-risk auto insurance. After receiving a speeding ticket, a driver’s auto insurance costs rise by an average of 23%.
Are there specific insurance companies known for providing excellent coverage for luxury cars?
While opinions may vary, several insurance companies are known for providing excellent coverage for luxury cars. Some insurers often recommended for luxury car coverage include Chubb, AIG, Allstate, Geico’s collector car insurance, and Liberty Mutual’s Safeco. However, obtaining quotes and evaluating the coverage options and terms offered by these insurers is essential to determine which has the cheapest insurance for luxury cars.
Can I use a standard auto insurance policy for my luxury car?
While it is possible to use a standard auto insurance policy for your luxury car, it may not provide the specialized coverage and benefits that a luxury vehicle requires. Standard policies might have coverage limits or exclusions that do not adequately protect the higher value and unique features of luxury cars. Considering specialized insurance options tailored for luxury cars is advisable to ensure proper coverage.
How much insurance do I require for my posh car?
Your particular demands will determine how much auto insurance you require. There are minimum liability standards for each state. Insurance experts often advise carrying full insurance to ensure you’re covered financially and legally after a collision (read more: Cheap Full Coverage Auto Insurance ).
Does the make and model of my luxury car affect the insurance rates?
Yes, the make and model of your luxury car can affect the insurance rates. Luxury cars typically have higher repair costs and replacement values compared to standard vehicles, which can lead to higher insurance premiums. Additionally, factors such as the car’s safety features, engine power, theft deterrent systems, and repair costs influence the insurance rates for luxury cars.
Are there any discounts available for insuring a luxury car?
Yes, some insurance companies offer discounts that can help reduce the cost of insuring a luxury car. These discounts can vary between insurers, but common ones include multi-vehicle discounts, bundling your auto insurance with other policies (such as homeowners insurance), safe driver discounts, anti-theft device discounts, and discounts for completing advanced driver training courses. It’s recommended to inquire about available discounts when obtaining quotes from insurance providers to get affordable luxury car insurance rates.
Are luxury cars more expensive to insure?
Yes, even if you choose one of the cheapest luxury cars to insure, rates will still be higher than purchasing a non-luxury car.
Who has the best car insurance for luxury cars?
Geico, State Farm, and Allstate are the best luxury insurance companies.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
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.
