How Much Does It Cost To Insure A Rolls Royce? [Expert Guide]
How much does it cost to insure a Rolls Royce? It’s the most expensive car in the world, which means it also costs more to insure.
Whether you own one, lease one, or just want to find out how much more you’ll have to pay every month, our guide on how much to insure a Rolls Royce will tell you everything you need to know about protecting this luxury vehicle from potential damage or theft and keeping your insurance company happy in the process.
Here is a break down of what we will be covering today.
How Much Does it Cost to Insure a Rolls Royce?
The truth is that no matter how much money you have, driving a $250,000 Rolls-Royce Ghost means you’re likely to need auto insurance coverage.
How much does it cost to insure a Rolls-Royce? It may seem like an obvious question, but it isn’t.
The price of auto insurance varies based on several factors, including your age and where you live.
For example, in New York City, a 40-year-old driver would pay about $2,564 in annual premiums for a personal policy that includes $500,000 in coverage from State Farm.
That same policy costs just $1,500 per year in Des Moines, Iowa.
In short, there are many variables involved when determining how much auto insurance will cost you each year.
However, one thing remains constant: having auto insurance protects you against financial losses if something happens to your car or someone else’s car while it’s being driven by you or anyone who lives with you.
No matter what type of vehicle you drive—or even if you don’t drive at all—you should make sure that your car is insured with adequate liability protection, collision and comprehensive coverage, as well as uninsured motorist protection if required by law in your state.
The Average Rolls-Royce Driver Pays Around $5,963 for Car Insurance.
The average cost of car insurance is a broad statistic that can easily be skewed by outliers at either end of the spectrum.
For example, most statistics I found estimated that Americans pay around $900 per year on average for car insurance.
While there are only about 3,000 of these vehicles sold in North America each year (compared to more than 16 million passenger cars), Rolls-Royces account for 10% of auto thefts and 8% of car fires each year.
In fact, it’s been reported that 1 out of every 4 Rolls-Royces ever made has been destroyed by fire.
If you want to insure your expensive vehicle, it’s important to consider how much it will cost and whether or not your current policy covers high-end luxury vehicles like a Rolls-Royce.
What Does Car Insurance Cover?
Because car insurance policies are so comprehensive, here’s a rundown of what your policy might cover.
- Basic coverage will help pay for repairs to your car if it’s damaged in an accident.
- Comprehensive and collision coverage help pay for damage from incidents that are weather-related, from animals, or from other drivers who were at fault in an accident (like if they were driving while intoxicated).
- Liability insurance covers any injuries you might cause to another person as well as any property damage you cause.
- Uninsured or underinsured motorist coverage provides additional protection if you’re hit by a driver who doesn’t have sufficient auto insurance.
- Rental reimbursement insurance covers damage to your car when it’s being repaired and gives you money so that you can rent a vehicle while yours is out of commission.
- Roadside assistance helps you get back on track if your car breaks down on the road. Towing, lockouts, flat tires, and dead batteries are all covered by roadside assistance.
- Emergency medical coverage helps pay for emergency medical treatment if you’re injured in an accident.
- Collision insurance pays for damage to your car if it collides with another object (for example, a tree).
- Comprehensive insurance covers damage not related to collisions, like theft or vandalism.
- Physical damage coverage pays for damages not related to collisions, like theft or vandalism.
Factors that Impact Rolls-Royce Car Insurance Premiums
Contrary to popular belief, your location will actually have a significant impact on how much you pay for insurance.
In states where there are a lot of cars on the road, premiums will go up. Another factor that impacts premium costs is driving history—more specifically, how many points you’ve accrued.
If you have several at-fault accidents or speeding tickets on your record, premiums will increase dramatically.
More comprehensive coverage is essential when insuring luxury vehicles, as they are prone to damage caused by other vehicles and accidents in general.
Damage like scratches and dents can be repaired by paying out of pocket if your comprehensive policy has enough limits covered under it, but full replacement is often only covered by more comprehensive policies.
Full replacement coverage also includes things like glass repair and loss of use.
If you’re looking to insure a Rolls-Royce, we recommend finding an insurer who offers full replacement value on their policies.
This way, should something happen to your vehicle while it’s being driven or parked (or both), you’ll be able to get reimbursed for its current market value rather than just get back what you paid initially.
Full replacement value protects against depreciation over time, so that even if something happens years after purchasing your car, you’ll still get reimbursed for its current market value rather than just what it was worth when purchased.
What are the Different Types of Car Insurance?
When it comes to car insurance, there are a lot of options and a lot of things to understand.
In general, there are three types of auto insurance:
- Liability (which pays for injuries to others in an accident);
- Comprehensive (which pays for damage to your car from events other than a collision); and
- Collision (which pays for damage from collisions).
If you own your car outright or if you’re leasing it, you probably don’t need collision coverage; your insurer will pay for repairs if your car is totaled.
But if you want collision coverage—and most people do—you can buy it on its own as additional protection. Most states require that drivers carry at least some form of auto insurance.
Car insurance companies sell two main types of policies: bodily injury liability and property damage liability. Liability policies cover any damage caused by accidents involving your vehicle.
Property damage liability covers any damage caused by accidents involving your vehicle, except for bodily injury.
Collision and comprehensive coverage protect against losses caused by theft, fire, vandalism, weather conditions such as hail or flooding, falling objects such as rocks or tree limbs, colliding with an animal such as a deer, or colliding with something else such as another car while driving through a puddle of water (in which case both vehicles are covered).
The value of these policies depends on what kind of coverage you choose.
Rolls-Royce Insurance Rates by Vehicle Model
Some models will be cheaper to insure than others. The average cost of insuring a Rolls-Royce is $1,600 annually.
This can vary widely depending on whether it’s a sedan or convertible model and how many miles you drive in a year.
The cheapest car in the lineup is about $1,400 per year to insure, while an equivalent high-end vehicle might cost $3,000 per year to insure.
A new Phantom costs around $2,200 per year to insure, while a new Ghost costs around $2,800 per year. A new Wraith starts at around $4,500 per year for insurance coverage.
Insurance rates are calculated based on a number of factors, including your age, driving record, location, and credit score.
The Risks Involved in Owning a Rolls Royce
Before you can determine how much it will cost to insure a Rolls Royce, it’s important to examine exactly what kind of risk is involved in owning one.
For example, is there a possibility that someone might try to steal your car?
What if your car suffers damage or malfunctions while being transported?
One of these things may not be such a big deal, but all three together could spell disaster if you don’t have enough protection.
An insurer can help you understand how much insurance you need and provide competitive quotes for various levels of coverage.
As always, be sure to ask about deductibles; those are a way for insurers to help lower premiums by shifting some (or all) of their costs onto policyholders.
However, high deductibles also mean higher out-of-pocket expenses if something does happen. Be sure to weigh both options carefully before making a decision.
Getting Cheap Car Insurance For Your Rolls Royce
A number of factors influence how much you will pay for car insurance. Many of these factors are under your control and can dramatically affect how much you spend on insurance.
When trying to find cheap auto insurance for a Rolls Royce, consider comparing several different types of car insurance policies and shopping around among providers before settling on a particular plan.
Auto insurance companies will vary in terms of their rates; some may be better suited to insuring luxury cars than others.
So, compare quotes from more than one provider as you search for cheap car insurance quotes.
Comparing quotes is easy; all you need is an internet connection and access to online quote engines such as those offered by Insurance Zebra or Google Compare (formerly known as Google Compare).
These sites provide instant access to quotes from multiple insurers.
You simply enter information about your vehicle and then receive an estimate of what it would cost to insure that vehicle with each company included in your search results.
Once you have received quotes from multiple insurers, compare them side-by-side using tools such as those provided by Insurance Zebra or Google Compare.
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