3. It’s a high-value or exotic car
High-value and exotic cars are renowned for their luxury, performance and price tag. However, they face insurability issues primarily due to the high cost of repairs and replacements. Specialized mechanics, expensive parts and the overall value of the vehicle contribute to steep insurance premiums.
These vehicles are often targets for theft due to their value and status. The increased risk of theft raises the insurance stakes, making some insurers reluctant to cover them or only offering coverage at premium rates.
The market for high-value and exotic cars is niche, with a limited number of insurers possessing the expertise to appropriately value and cover such vehicles. This can make finding insurance more challenging for owners of these prestigious models.
You may consider carriers that specialize in higher-value personal property, such as Chubb, Pure or AIG.