A Guide to Aston Martin Insurance by Daigle & Travers, Darien, Connecticut (203) 655-6974
Aston Martin is a British sports-car maker that made legend status in pop culture when it became the car of choice in several of the James Bond Franchise movies. Long before 007 was taking off in his Aston Martin DB5 customized with a jet pack and water cannon, this sporting machine had been the symbol of elegance, performance and unbridled speed. Since its debut in 1913, Aston Martin has been an investment reserved for high society, demanding elite protection.
High-end sports cars and grand tour models are, by nature, statement pieces that set their owners apart from all other car owners on the road. The draw back to having an exclusive vehicle is that when it is in need of repairs or maintenance, certified technicians and factory parts are going to be harder to come by. In accordance with the rules of supply and demand, the cost for labor and parts are going to be exponentially higher. In the event of an accident, you are going to want to make sure that your coverage matches the expenses that you will incur.
Aston Martin Insurance Cost
Auto insurance for an Aston Martin will be more expensive than that for an average vehicle. The premium can run from $1,700 to upwards of $5,000. Variables such as the model and customization as well as the standard factors considered with all auto policies (driving history, age, sex and marital status) will affect your rates (positively or negatively). Your agent can tell you if bundling policies or opting for a higher deductible will reduce your premium. If you have security or enclosed storage for the car at night or will only be using the car occasionally, let your agent know – as these may help lower your cost.
Policy Options for Aston Martin Insurance Coverage
Actual Cash Value – Actual cash value, the standard vehicle coverage, determines the payout amount in a total loss scenario. With this type of policy, the insurance company decides the value of your vehicle in the event that it is stolen or totaled. Insurance companies may determine this amount by consulting the listed value in Kelley Blue Book, NADA, local dealership 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 correct. If your valuation differs with the insurance company’s valuation, you would have to seek legal action.
Stated Value – When a policy uses stated value, you, the insured advises the agency how much your car is worth. This may seem like a way to save money but in the event that the car is stolen or totaled, the insurance company will only pay the amount you valued the car at, the actual cash value or the cost of repairs – whichever is least. If you have understated the value of your vehicle, you will have limited the potential payout amount.
Agreed Value (BEST OPTION) – Most owners of high-end, sports or grand tourer cars choose this type of policy with their financial investment in mind. With this coverage, the value of your vehicle is determined at the time the policy is drawn up and is agreed upon by the insuring company and you, the insured. In the event that a payout is needed for a stolen or totaled car, you will receive the established amount without any amount deducted 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 Aston Martin Insurance is the Best Option
Let’s say you bought a new Aston Martin DB11 last week for $260,000 and it was stolen today; you will have to pay the bank the full $260,000 even if the car is never recovered. If you had opted for actual cash value, and based on KBB.com data, your agency values your coupe at $230,000, then you will have to pay the other $30,000 out of pocket for a brand-new car that you drove less than a week.
Now let’s say you bought a used Aston Martin Vanquish S last year for $140,000 and at that time purchased an insurance policy with an agreed value of $140,000 for your car. If your car was involved in an accident today leaving it totaled, the insurance company would have to pay $140,000 for the car even though it is now an old car with potentially thousands of miles racked up.
In the two scenarios above, the later makes the most financial sense and is the better option for peace of mind. Regardless of the scenario that leaves you unexpectedly without a car, you can at least find comfort in knowing in advance exactly how much your payout would be if needed.
Most cars depreciate in value, occasionally they can appreciate from customization or rarity. There may even be a sudden spike in demand from celebrity or news notoriety. Consider for example the 25% increase in demand for Ford Broncos in 1994 after the infamous OJ Simpson car chase. (Grisham 2014) If you believe the value of your car has increased or decreased and want your policy to be adjusted accordingly, speak to your agent.
Aston Martin Insurance – Other Important Information
- Not all insurance companies will provide coverage to customized add-ons to your Aston Martin.
- Clarifying policy restrictions and warranties will help your agent find a program suitable for your needs.
- If using agreed amount coverage for your Aston Martin insurance, be sure the policy is written with a respectable insurance broker actively involved in the auto industry to ensure the accuracy during the settlement of future claims.
- Be sure your policy allows for the extra cost needed to use original parts during repairs.
Why settle for less?
If you find your current insurance policy is unable to offer you the insurance you need on your Aston Martin, 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 Aston Martin.
Get the coverage you need.
We offer insurance for a variety of Aston Martin models including the Vanquish S, Vanquish, Vanquish Volante, Rapide S, V12 Vantage S Roadster, and the V8 Vantage S.
Daigle and Travers 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.
Source:
Grisham, Lori. 2014. USA Today. 6 17. Accessed 9 26, 2017. https://www.usatoday.com/story/news/nation-now/2014/06/17/the-bronco-brand-after-oj/10257945/.
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