Luxury car insurance

Luxury car insurance is a specialist type of motor vehicle cover designed for prestige, exotic, high performance or rare vintage cars that standard insurers may not fully protect. 

This type of policy can offer higher agreed values than standard car insurance, reflecting their true value, access to expert repair networks, and coverage for unique risks such as limited-edition parts or international transportation.

In Australia, a rare, exotic or prestige car is typically any high-value vehicle that stands out for its limited availability, luxury features, performance, or collectability.

These cars often include:

• Prestige cars – Luxury makes such as Mercedes-Benz, BMW, Audi, Bentley, or Rolls-Royce offering premium comfort, advanced technology, and fine finishes.
• Exotic cars – High-performance vehicles from brands like Ferrari, Porsche, Lamborghini, Maserati, Aston Martin, or McLaren, known for speed, design, and exclusivity.
• Rare or classic cars – Limited-edition models, vintage collectables, or cars no longer in production that have significant historical or investment value.

Insurance providers often classify a car as rare, exotic or prestige if it exceeds standard market values, has specialist parts, or requires tailored cover to protect its full replacement cost and unique features.

Luxury vehicle insurance is ideal for anyone who owns a prestige, exotic, or rare vintage vehicle whose value, rarity, or repair requirements go beyond what regular car insurance can handle. This includes:

• Collectors with high-value or limited-edition cars
• Owners of exotic or performance vehicles
• Enthusiasts with classic or vintage cars needing specialised parts or repairs

If your car is worth significantly more than the average vehicle, luxury car insurance ensures it’s protected at its true value.

While policies differ between insurers, this comprehensive car insurance typically covers:

• Agreed value protection: Ensuring you receive the full insured value if your car is written off
• Accidental damage: Repairs for collisions, weather events, and unexpected accidents
• Theft and vandalism: Cover for stolen or maliciously damaged vehicles
• Specialist repairs: Access to authorised or marque-approved repairers
• International transit: Options for cars transported overseas for shows or events

Always review the policy wording to confirm inclusions and exclusions before purchasing.

Agreed value in luxury car insurance is the fixed amount you and your insurer decide your vehicle is worth when you take out the policy. If your car is stolen or written off, this is the amount you’ll receive – regardless of changes in market prices.

For exotic, rare, and prestige cars, this is especially valuable. Many of these vehicles have unique features, limited production runs, or collector status that standard market valuations can’t capture. Agreed value ensures you’re fully protected for the car’s true worth, including specialist modifications, rare parts, or historic value, rather than settling for a lower, fluctuating market figure.

Most insurers review the agreed value each year at renewal, so it’s important to work with a broker who understands luxury car values to keep your cover accurate and up to date.

Without luxury auto insurance, you risk paying out of pocket for repairs, replacements, or liability if your prestige car is damaged or stolen. 

You may not have the right to have your car repaired by your chosen repairer and lose control of the quality of repair.

Standard insurance may undervalue rare or exotic vehicles, leaving you with inadequate cover and significant financial loss if the worst happens.

Many luxury car policies include coverage for approved modifications and accessories, such as custom interiors, performance upgrades, or rare parts.

You must disclose these to your insurer to ensure they’re covered for their full value.

Yes, many luxury car insurance policies can cover leased or financed vehicles, provided the insurer knows the car is under a lease agreement.

Some policies even offer coverage for any payout shortfalls if the car is written off and the insurer’s agreed value is less than the remaining lease amount.

Always confirm this with your broker before finalising the policy.

Yes. Some insurers offer multi-vehicle luxury car insurance policies, allowing collectors or enthusiasts to cover all their high-value cars under a single agreement.

This can simplify administration and sometimes reduce total premiums.

Luxury car insurance premiums vary based on factors like:

• Vehicle age, make and model
• Agreed market value and rarity of the vehicle
• Driver’s age and claims history
• Storage location and security measures
• Annual kilometres driven
• Coverage options selected

Our exotic, rare, and prestige vehicle insurance brokers can help you secure the most competitive rates for your specific car and needs.