A Guide to Maserati Insurance by Daigle & Travers, Darien, Connecticut (203) 655-6974
Maserati has been an iconic brand representing prestige, innovation and performance since 1914. You need only look at the distinctive radiator grille and bold trident logo to know that these sleek and sinuous machines are packing power and speed. Owning a Maserati is not only a privilege for the gentry but also a huge investment that deserves elite protection.
Exotic cars come with the luxury of being idiosyncratic and scare – this makes for a swank appearance at red carpet events but at the cost of a finite supply of certified parts and technicians. In the unfortunate event of an accident, you are going to want to make sure that enough coverage is available to pay for specialized labor and imported parts.
Maserati Insurance Cost
Insurance for a Maserati will cost more than that for a standard vehicle. The premium can run from $2,000 to upwards of $5,000 depending on the model and customization. As with all auto policies, personal factors like driving history, age, sex and marital status will affect these rates (positively or negatively). Your agent may be able to help you find discounts by bundling policies or opting for a higher deductible. Let them know what kind of security you have, where the car will be kept at night and how much mileage you will be using – as these may help lower your cost.
Policy Options
Actual Cash Value – Standard auto insurance policies typically use actual cash value to determine the payout amount in a total loss scenario. With this policy, the insurance company assigns a value to your vehicle in the event that it is damaged beyond repair or stolen (and never recovered). Insurance companies have different rubrics for how they determine this amount – they may take the listed value in Kelly Blue Book, National Automobile Dealers Association, current local sales of the same car, etc. and then adjust it for depreciation. In the case of a payout, the insured has to accept whatever settlement amount the agency deems the property is worth. If you disagree with the insurance company’s valuation, your only option would be to seek legal action or arbitration.
Stated Value – With a policy using stated value, the insured advises the agency how much their car is worth. In the event that the car is stolen or totaled, the insurance company will only pay the amount stated, the actual cash value or the cost of repairs – whichever is least.
Agreed Value (BEST OPTION) – Most owners of luxury, exotic or antique cars chose this type of policy so that they don’t risk taking a substantial financial loss on their investment. With this coverage, the value of your vehicle is determined at the time the policy is drawn up and is agreed upon by the insurer and the insured. In the event that a payout is needed for a stolen or totaled car, you will receive the established amount. Nothing will be subtracted for depreciation.
Collision and Comprehensive Coverage – You can purchase additional collision and comprehensive insurance coverage. If you get into an accident and do not have this coverage, you might be forced to spend thousands of dollars out-of-pocket to get your vehicle repaired.
Why Agreed Value for Maserati Insurance is the Best Option
Let’s say you bought a new Maserati Levante last week for $100,000 and it was stolen today; you will have to pay the bank the full $100,000 even if the car is never recovered. If you have opted for actual cash value, and based on KBB.com data, your agency values your SUV at $71,000, then you will have to pay the other $29,000 out of pocket for a brand-new car that you drove less than a week.
Now let’s say you bought a Maserati GranTurismo last year for $160,000 and at that time purchased an insurance policy with an agreed value of $160,000 for your car. If your car was involved in an accident today leaving it totaled, the insurance company would have to pay $160,000 for the car even though it is now a year old.
In the two scenarios above, the second option clearly makes the most financial sense but it is also the better option for peace of mind. Regardless of what terrible event occurs leaving you unexpectedly without a car, you will at least find some comfort in knowing in advance exactly how much your insurance will be paying.
Most cars depreciate in value but it is possible for them to appreciate due to rarity or customization. If you feel the value of your car has changed and want your policy to be adjusted, speak to your agent.
Maserati Insurance – Other Important Information
- Not all programs will allow you to insure custom items that you have added to your Maserati.
- Different physical damage deductibles are available. The higher your deductible, the lower your premium.
- Asking your agent about policy restrictions and warranties beforehand will help you find a program suitable for your needs.
- Be sure to get an agreed amount Maserati insurance policy through a respectable insurance broker who is familiar with the automobile business. This will ensure that you do not have to lose sleep on the settlement of future claims.
- Your agent should be in a good relationship with insurance company underwriters.
- Only a few agents will claim to have authority to assist insurance company settlement claims swiftly for your benefit. The best insurers are actively involved in the automobile industry.
- An important addition you should make on your policy is when you need to replace certain parts, make sure your insurer will pay more to use original parts (some companies have been sued for failing to replace parts with original prats).
Why settle for less?
If you find your current insurance policy is unable to offer you the insurance you need on your Maserati, it is time to find a new agent. Read over your policy carefully. Spend time comparing all the aspects, not just the price of an insurance policy, and make sure it will give you the coverage you need to protect your Maserati.
Get the coverage you need.
We will provide you with the right coverage to make sure your investments are safe during a disaster. When partnering with us, we will give you all the necessary information and options you need to make the best choice of insurance company and policy. Give us a call today at (203)-655-6974.
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