Luxury car and sport car owners have a hard time of it. Once you’ve bought your stylish automobile, you have to insure it. Unfortunately, purchasing car insurance for them is expensive wherever you go in the world.
Considering the turbulence in the international economy, even buying such a car is a risk. In the UAE, for instance, some nationals and expats have splashed out but become unable to pay for their works of art on wheels.
How do they solve the problem? They leave them to their fate in airport car parks and other places around the UAE. Painful? Yes, but better than going to prison for not making the payments.
So if you’re going to buy a luxury or sports car, whether in the US or the UAE, check that you can both insure it and make the payments.
What do car insurance providers consider?
Naturally, they look at the usual factors: age, address, gender, marital status, credit rating, and the car make and model. However, it goes further than that. They’ll look at:
- The claims history
- The amount of damage the model causes in accidents
- The extent of injuries to the parties involved, and if anybody has been killed
- The cost of the damage to the other vehicle(s) and property
- The likelihood the vehicle will be stolen.
The Most Expensive Cars to Insure
When buying a luxury car or sports car, it will come in handy to know how much the insurance will be too. This year Forbes announced the top 20 most expensive cars to obtain car insurance for (in the US) in 2012. The V-10 powered Audi A8 Spyder came out on top, with a national average premium of $3,384 for its target buyer. If the same buyer was to take out insurance on a Toyota Sienna LE minivan, the cheapest to insure, they’d pay $2,723.
Other powerful beauties that fell into the Forbes list were the Porsche 911 Turbo and Turbo S convertibles, and the Mercedes Benz CL600 AMG and CL65 AMG coupes.
Notably, not only sports cars comprised the list. Luxury sedans such as the Mercedes Benz S-Class, the Audi A8L, the Porsche Panamera Turbo, and various models of the BMW 7 series, all found their way into it.
What about in the UAE?
Well, luxury cars and sports cars are likewise expensive to insure in the UAE. One car that is particularly difficult to insure it seems, however, is the Nissan Maxima. These vehicles have been involved in a disproportionately high number of accidents in the UAE, which has made insurers very wary of them. If you decide to invest in one, check first that you can insure it.
So if you’re buying a luxury car or sports car in the UAE or US, expect to pay a pretty penny for the car insurance. Be careful, though, that paying it doesn’t put you out of pocket. Whereas in the US, they might just fine you and take your car away, in the UAE they might not just fine you: they might take you away.