Luxury Car Insurance for Exotic Vehicles

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Written by Kayla Jane Barrie Updated on October 17, 2025 min read

Find a better rate on exotic and luxury car insurance

Luxury cars have specific insurance considerations compared to regular cars. High-value and exotic vehicles cost more to insure and require greater coverage to protect them. Just like you put careful consideration into choosing your vehicle, you need to put just as much effort into selecting insurance for your luxury car. A standard car insurance policy may not be enough protection.

Our brokers will ensure you get the best luxury car insurance with insurance providers specializing in this type of coverage. Call us today or start an online quote to explore your options and find the cheapest luxury car insurance quotes.

Key takeaways for luxury car insurance

Luxury car insurance can cost significantly more than standard car insurance.
Luxury and exotic cars have unique coverage considerations.
Brokers can help you find an insurance company that offers specialized coverage for exotic and luxury vehicles.

What is a luxury car?

Luxury cars are specific vehicle makes and models that top auto brands manufacture. These vehicles provide high-end comfort, performance and features. They use top-quality materials and custom manufacturing processes. Luxury vehicles typically have an expensive price tag, higher horsepower, and a distinct design and may be available in limited quantities.

What is luxury car insurance?

Luxury car insurance is coverage created explicitly for high-value, exotic, and import vehicles. It's a specialty product offered by insurers and typically includes higher coverage limits and special protection required for distinctive cars.

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1) Start your quote

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Who needs exotic and luxury car insurance?

Luxury car insurance is for owners with high-cost vehicles. Cars usually have a value of close to $100,000 or more. Rare and exotic vehicles also fall into this category.

Luxury policies ensure you have the right amount of protection. Careful consideration is given to vehicle valuation, higher policy limits, and specific coverage considerations unique to luxury car owners. So, the standard car insurance quotes process may not be ideal. You'll need to speak to an experienced broker to ensure you get what you need.

What is considered a luxury or exotic car for insurance purposes?

Many vehicles and brands can be considered luxury vehicles for insurance purposes. There are high-end brands such as Ferrari, Lamborghini, Bentley, Aston Martin, Maserati, Bugatti, Porsche, and Rolls Royce. Other more common vehicle brands can also fall into the luxury category:

How does luxury car insurance work?

Luxury car insurance works the same as other types of automobile insurance in Ontario. Insurance providers use the same set of criteria to determine your rates. The one thing that drives up the cost is your vehicle. This is mainly due to the vehicle's value and increased theft risk. This is similar to sports car insurance.

You may also want to consider adding an additional coverage policy if you have a costly vehicle. In addition to comprehensive coverage, you may also want to consider umbrella insurance. This type of coverage is common with people with a high net worth or multiple cars.

What does luxury car insurance cover?

Luxury car insurance offers vehicle owners unique coverage options to meet their requirements. You can get higher policy limits, OEM parts, agree upon a settlement value, and other services designed for more expensive vehicles.

Depending on your insurer, here are some policy options that may be available:

Higher policy limits
Mechanic/ body shop preference for repairs
Repairs with original parts
More extensive loss of use/ rental car coverage
Agreed upon settlement value if the car is a write-off.
A limited waiver of depreciation ensures the car is replaced with a current make/model.

How much does luxury car insurance cost?

Insurance for luxury cars is more expensive than standard auto insurance. Depending on the type of luxury vehicle you own, your rates could cost double or triple the average car insurance cost.

Let's use an example to illustrate this. According to IBC, the average cost of auto insurance in Ontario is $1,737. At two or three times the price, luxury or exotic vehicle insurance could range from $3,000 to $5,000 annually. This makes luxury vehicles some of the most expensive cars to insure.

The cost of insurance for the top-selling luxury car brands in Canada

The luxury brand you choose affects how much you pay for insurance. To see how these brands compare, we curated the following list of top-selling luxury car brands from Driving.ca. We then compiled customer quote data from 2023 to see which luxury car brands have the most affordable rates.

Based on our quoter data for standard coverage, Cadillac has the most affordable rates, followed by Lexus and Acura. Land Rover was the most expensive. Speak with our brokers about getting a quote to get an accurate estimate for your vehicle.

Rank	Luxury brand	Premiums	Monthly payment
1	Audi	$2,456	$205
2	Lexus	$2,165	$180
3	BMW	$2,460	$205
4	Mercedes-Benz	$2,472	$206
5	Cadillac	$1,902	$159
6	Acura	$2,275	$190
7	Volvo	$2,248	$187
8	Porsche	$2,361	$197
9	Land Rover	$2,676	$223
10	Infiniti	$2,445	$204

What unique factors affect insurance for luxury cars?

Standard considerations such as your driving record, location, experience, and policy type all affect how much you pay. However, insurers consider some additional factors when setting premiums.

Higher MSRP, which increases replacement value
More horsepower increases risk, which increases costs
Custom and import car parts
The need for specialized mechanics for repairs
More complex and time-consuming repair processes
Limited production of some vehicles makes getting parts more expensive
High-value vehicles are popular targets for thieves
The need for higher coverage limits

All of these factors increase the risk for insurers. This drives up the cost of insurance.

Tips to get cheaper luxury car insurance

Keeping your insurance costs down is important when you drive a luxury car. Rates are inherently more expensive, but there are some things you can do to keep premiums lower. Here are some ways to save money:

Keep vehicle customization to a minimum
Increase your deductible
Drive less - limit how much you drive (if possible)
Max out on vehicle safety and security to reduce the theft threat
Maintain a clean driving record
Pay your policy in full each year

What insurance companies offer luxury car insurance?

All car insurance companies offer some type of luxury insurance. You can get coverage for your luxury vehicle. However, some insurers are offering specialized plans for luxury vehicles. These specialty insurers include:

Intact Prestige
Aviva Prestige
Hagerty

These insurers offer policies that are explicitly catered to luxury vehicle owners. These plans should not be confused with classic car insurance.

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Luxury car insurance FAQs

Why are luxury cars more expensive to insure?

There are a lot of reasons why luxurious cars cost more to insure. The obvious is that they are more expensive vehicles. Repairs are also a significant cost. Often, you need a specialized mechanic and require custom parts. This drives up the overall repair costs. Plus, these cars are also more likely to be stolen and commonly appear on the most stolen cars list.

What's the difference between classic and luxury cars?

Luxury and classic cars share some similarities. However, the main distinction between them is age. If a luxury car is over 20 years old, it could fall into the classic category. Other factors, such as how you use and store your vehicle, are considerations. Speak with our brokers to determine if you need luxury car insurance.

What is the most affordable luxury car to insure?

Many factors can affect how much you pay for insurance. The brand is a top consideration. But it's even more specific than this - make, model, edition, and features all affect the price. Based on ThinkInsure customer quote data for 2023 for standard coverage, Cadillac has the most affordable rates, followed by Lexus and Acura.

Get a quote for luxury car insurance today

Properly protecting your high-value vehicles is essential. At ThinkInsure, we can help you find the right policy to meet your driving needs. We work with the top insurers in Canada, so you can compare quotes and find the specialty coverage you need. Get started online, or give us a call. We'll help you get the coverage you need for your luxury ride.

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A final word about insurance for luxury vehicles

Luxury cars have specific insurance considerations and may need specialty coverage for best protection. Insurance for luxury cars is more expensive than standard auto insurance, and the rates could cost double or triple the average car insurance cost. So, you must compare and choose the best luxury car insurance policy.

Sources

Disclaimer: Estimated car insurance quote data is from Ontario drivers who completed an online car insurance quote on Thinkinsure.ca. Drivers have a G licence, a clean record, for full coverage, $1 million liability limit, $1,000 comprehensive and collision deductible, and applicable discounts. Premiums can vary based on your driving and insurance history.

Kayla Jane Barrie

Digital Content Writer

Kayla-Jane has been a content writer with ThinkInsure since 2020. She creates insurance content for auto, home, and commercial. Kayla-Jane has a diploma in Journalism.

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