A Guide to Aston Martin Insurance

Photo courtesy of astonmartin.com

The iconic Aston Martin Brand embodies superb engineering, power and speed. If you currently own one of these vehicles or are contemplating acquiring one, then having the best insurance coverage is a must!

Sports and exotic cars come with higher pricing than other luxury vehicles or even classic cars. In the case of exotic cars, this is because there are usually very few models or the car is custom-made specially for its owner.  British Sports cars, offer high performance that needs the right insurance policy to fully protect the investment.

Aston Martin Car Insurance Cost

Parts for Aston Martin can be difficult to find in certain areas and expensive to buy. Combine parts with risk and high replacement cost, and you’ll find that insurance prices are higher than typical sports car coverage.

For brand new Aston Martin’s, average annual cost can run $5,000+ while an older Aston will typically cost less to insure since it can be classified as a collector car.

Usage also plays a key role in the cost to insure and Aston Martin.  You can expect some of our carriers to rate the policy differently based on how many miles it will be driven.  If you have multiple vehicles, underwriters often will custom rate the modern exotic based on the other vehicles in the household.

The wide range of MSRP on Aston’s also will play a role in the insurance cost.  The Vantage can be had for around $150,000, while the DB11 Volante will run you around 100k more at least.  We recommend companies that will insure Aston Martin’s on an agreed value policy, which we will discuss later.

Experience matters!  Some carriers will want to know how many years or experience the driver has operating this type of vehicle.  Unexperienced drivers of some models can expect to pay more, while those with several years of experience driving exotics can expect to pay less, provide your experience is good experience.

Finally, your driving record matters.  You will find it difficult to get insurance if you have had multiple speeding violations, accidents, or other major violations in the experience period.  Most carriers look back 5 years, some at least 3 years.  It is not a good look to have major violations and expect an underwriter or insurance company to all of a sudden take a blind eye to it and offer coverage.

Your agent will help you assess your risk and needs so that you can find the best policy plan to suit your individual needs.

Why is Agreed Value for Aston Martin Auto Insurance Quotes So Important?

When getting an auto policy, insurance companies typically use actual cash value as the basis of the coverage.

When an accident or damage happens, the company decides what your collector car is worth. If you find their value determination unsatisfactory, then often hiring an attorney may be the only option to recover a higher amount.

Many collector car insurance policies offer coverage with stated value as if this coverage is the same as the “agreed value”. However, stated value and agreed value are not the same!

Stated value policies pay the amount put forth or the actual cash value, whichever one is less. The purpose of stated value is to help determine the total premium you will pay for the policy.

An agreed value is a better choice. If your Aston Martin is in a wreck or stolen, an agreed value will ensure you receive the amount you agree to when purchasing the policy.

What you need to know: Actual Cash Value

Standard auto policies typically provide actual cash value coverage. When an accident or damage happens, the insurance claims adjuster decides the worth of the Aston Martin or other exotic vehicle and the final claims settlement amount.

If you don’t agree with their determination, then your only alternative may be to seek legal action or arbitration, if in the policy documents.

What you need to know: Stated Value

Unfortunately, there are many misunderstandings about the meaning of stated value. Many insurance agencies use stated value and agreed amount interchangeably for Ferrari insurance quotes and policies. However, this usage is incorrect.

Stated amount means the insurer pays the lower amount of either

  1. a)    Repair costs or
    b)    the stated policy amount or
    c)    the vehicle’s actual cash value

For these policies, stated amount only helps determine how much premium to charge for the policy.

What stated value doesn’t do is guarantee a claim payment to match the Aston Martin automobile value at the time of the loss.

By using actual cash value, the claims representative can settle the claim for a lower amount than the stated value on the policy. Unfortunately, some insurance firms are not privy to this “loophole.”

Because they are not aware of the coverage details, they tell their clients that they will receive the amount stated if the car is involved in a theft or wreck.

What you need to know: Agreed Insurance Amount

If your Aston Martin or other collector car is totaled or involved in a theft, an insurance policy with agreed value will cover the loss up to the agreed-upon amount stated in the policy.

These policies do not have actual cash value stated anywhere in the coverage. In the event of a loss, the insurer will pay the repair costs or an agreed amount as set out by the policy documents.

Review the policy terms with your personal insurance agent prior to policy issuance.

You want to verify that the insurance company uses the actual Ferrari value when they issue the policy. If that value changes at any time, you also want the option to be able to change the agreed value as well.

What you need to know: Claims

A claim can happen at any time, and typically, Aston Martin’s and other luxury sports cars are not stolen or wrecked completely in an accident. Instead, collector cars have minor fender-benders that require repair.

Fortunately, when a claim occurs, most insurers allow you to choose the repair shop where you will take your Ferrari or other collectible car.

Another thing to take into consideration with claims is making sure your insurance company will pay more for a repair shop to use original parts. Some companies have had lawsuits for failing to repair damaged cars with original parts.

What you need to know: Getting your policy

In order to buy a collector automobile policy, many insurance companies mandate that you have another vehicle to use for everyday driving.

You also need the policy limits of your everyday vehicle coverage to match the coverage limits of your Aston Martin Car insurance policy. These should be the same for both liability and uninsured motorists.

“The limits of liability coverage provided by the “Collector Car” policy must be the same or higher than those provided by the everyday auto policy.”

“The insurance company issuing the policy must be “A” rated.”

We have never seen an auto or umbrella policy requiring you to insure all automobiles with a sole insurance company.

You can expect to get better rating, and more markets available to offer insurance for your Aston Martin if you combine with your home and other policies as well.

Avoid carriers that do not offer agreed value.  We only insure these exotics with carriers that will provide the coverage that the Aston Martin deserves.  People trying to save a few hundred dollars a year on Aston Martin Insurance can make a huge mistake.   If there is a claim, your decision to go with a budget carrier can cost you thousands.

“No one cares about how much you pay for insurance once you have a claim”

If you need to, ask the agent to show you where in their policy it states otherwise.

Other Important info about Collector Car Insurance Requirements:

  1. When you discover a program offering agreed value terms for physical damage coverage, compare it with the extra Aston Martin insurance cost.
  2. Additionally, to the cars’ “Agreed Value,” few programs will allow you to insure custom items you may have added to your vehicle.
  3. Several programs will restrict you to drive 2,500 miles annually; however, some offer varied mileage plans up to 5,000 miles a year.
  4. Different physical damage deductibles are also available.
  5. Some insurance programs will only allow you to drive the car to special events.
  6. Be sure you read your application carefully.
  7. Asking your agent about policy restrictions and warranties beforehand will help you find a program suitable for your needs.
  8. Be sure to get an Agreed Value Aston Martin Insurance policy through a respectable insurance agent or broker who is familiar with the collectible automobile business. This ensures you will not lose any sleep on the settlement of future claims.
  9. Your agent must have a good relationship with the insurance company underwriters.
  10. Only a few agents will claim to have authority to assist insurance company settle claims swiftly for your benefit. The best agents are actively involved in the collectible car industry. Some agents participate in various car club events and activities. Check to see if your agent has commitments to car clubs or car manufacturers.