The Impact on Luxury Car and Supercar Owners.
Whilst premium increases impact all car owners, owners of more expensive cars such as Porsche, Aston Martin, Rolls Royce, Ferrari and Lamborghini are particularly impacted as their premiums are higher. Annual increases from online insurers can range from £500 to several £1000s for these models.
The surge in theft claims for Range Rovers and other prestige vehicles results in drivers experiencing premium increases. It’s likely that elite and expensive cars will bear the brunt of price hikes. However, this approach leads to responsible owners being charged higher premiums to rectify the mistakes of online insurers. It also fails to accurately differentiate between those owners who take security seriously, drive carefully and have secure parking locations versus others who park on the street and may not even activate all security devices, such as immobilisers and trackers.
The good news is that luxury car and supercar owners can control their insurance costs by taking specialist advice and not just accepting renewal quotes from online insurers. As a specialist broker, Elevate has typically kept premium increases well below the increases associated with online insurers.