Top 5 Very Cheap Online Car Insurance Illinois No Down Payment Needed for Exotic Cars
Owning an exotic or luxury car comes with higher insurance costs, but finding an affordable policy in Illinois is possible with the right insurer. We reviewed the top 5 providers known for low rates and great coverage for unique, high-end vehicles.
Best 5 Car Insurance Companies in Illinois
Introduction
Insuring an exotic or luxury vehicle through a standard auto policy often leaves dangerous coverage gaps. Exotic cars have specialized needs for maintenance, storage, and claims handling. That's why partnering with an insurer that caters specifically to high-end vehicles is essential.
The good news is several leading insurers offer customized exotic car insurance in Illinois at surprisingly affordable rates. Illinois drivers can secure suitable coverage at the best value by comparing quotes across multiple top providers.
This comprehensive guide examines the exotic and luxury auto insurance options from the following top five providers in Illinois:
We'll highlight what makes each company stand out, their unique coverage options, available discounts, and more so you can make an informed decision. Let's get started.
What Makes a Car Exotic?
Before we dive into the insurance options, let's quickly define what makes a car "exotic" in the eyes of auto insurers. High-end vehicles classified as exotic tend to share many of the following characteristics:
Some common examples of exotic cars include Lamborghini, Ferrari, McLaren, Bugatti, Aston Martin, Porsche, and more. Classic and vintage cars can also fall under the exotic classification depending on their rarity and value.
Key Advantages of Specialized Exotic Car Insurance
Insuring with a provider that caters specifically to high-end vehicles offers several advantages over a standard auto policy:
Agreed value coverage - Most standard policies only pay the depreciated value if an exotic is totaled. With agreed value coverage, you receive the upfront amount you and the insurer settled on. This prevents painful underpayment.
Flexible mileage options - Since many exotics do not drive frequently, you can save under 5,000 miles per year with low mileage allowances.
Worldwide coverage - Standard insurance only covers domestic use. Exotic policies accommodate international transport, rallies, and even track days.
Roadside assistance - Exotic insurers contract with specialized repair networks equipped for European and high-end makes. No waiting for a basic tow.
Diminishing deductible - Each consecutive claim-free year lowers your deductible. Careful owners are rewarded.
Spare parts coverage - If OEM parts are damaged or stolen, exotic insurers pay the full replacement cost, which can be extremely high.
Enthusiast-focused claims - Claims handlers are experienced with exotics and passionate about cars, not just treating them like any other commodity.
The right exotic car insurance provides peace of mind by properly covering your prized investment for its specialized use and resolving claims with white-glove service.
Factors That Impact Exotic Car Insurance Costs
Insurance premiums for exotic cars depend on these primary rating factors:
Age of primary driver - Mature drivers with years of experience receive lower rates. Teenagers and young adults pay exponentially more.
Driving record - A clean history with no moving violations or at-fault accidents scores the best rates. Even minor infractions will cause a spike.
Coverage limits - Higher liability and collision limits add premium costs but provide greater protection. Consider your car's value.
Deductible - Selecting a higher deductible saves on the base premiums but increases your out-of-pocket costs per claim.
Location - Insurance costs more in regions with higher rates of theft and accidents. Urban areas also see higher premiums.
Annual mileage - Driving an exotic infrequently helps lower insurance costs due to less risk exposure. Most insurers offer low mileage discounts.
Anti-theft features - may apply to advanced security systems, vehicle trackers, storage precautions, and home security discounts.
Multi-policy discounts - Bundling your exotic with other insurance policies with the same provider, including home or umbrella insurance, can yield discounts of up to 15% or more.
Claim history - Too many claims for at-fault losses may result in non-renewal. Most exotic insurers provide diminishing deductible rewards for incident-free years.
While pricing varies dramatically based on these criteria, partnering with the right insurer still yields affordable exotic car insurance rates in Illinois. Now, let's see how the top five providers compare.
State Farm Exotic Car Insurance
As the largest auto insurer in the United States, State Farm offers customizable exotic car insurance policies. Eligible high-end vehicles include Aston Martin, Bentley, Bricklin, Bugatti, DeLorean, Ferrari, Jaguar, Jensen, Lamborghini, Lotus, Maserati, Porsche, Rolls Royce, and more.
Coverage highlights:
State Farm provides 24/7 claims service and allows online account management. Bundling an exotic policy with other insurance earns multi-line discounts.
Our Take: State Farm's strong financial ratings, decades of experience, and national network of local agents make them a reliable choice for exotic car insurance in Illinois. The agreed value coverage gives owners added peace of mind.
Geico Exotic Car Insurance
Geico offers customized coverage for exotic vehicles and luxury collections through its Specialty Auto program. Eligible vehicle brands include Aston Martin, Bentley, Bricklin, Daimler, DeLorean, Ferrari, Jaguar, Jensen, Lamborghini, Lotus, Maserati, Porsche, and Tesla.
Coverage highlights:
Geico provides 24/7 mobile app access and a direct relationship with dedicated claims adjusters. Multi-vehicle and multi-policy discounts can help lower premiums.
Our Take: Geico regularly offers extremely competitive pricing paired with excellent customer service. Their focus on modern technology suits the high-tech nature of exotic vehicles. Geico gets our recommendation for painless online account management.
Allstate Exotic Car Insurance
Allstate delivers flexible exotic and collector vehicle insurance solutions through its Prestige program. Eligible vehicles include Aston Martin, Bentley, Bricklin, Bugatti, DeLorean, Ferrari, Ford GT, Jaguar, Jensen, Lamborghini, Lotus, Maserati, Porsche, Rolls Royce, and more.
Coverage Highlights:
Allstate offers genuine full reptile leather and sheepskin seat belt shoulder pads to Prestige policyholders. Discounts are available for anti-theft devices, vehicle storage, and insuring multiple vehicles, including motorcycles and boats.
Our Take: Allstate's prestige program delivers royal treatment for exotic car owners. Their focus on customization and client service combined with acclaimed financial strength make this a top contender.
领英推荐
Country Financial Exotic Car Insurance
Country Financial provides customized coverage for exotic vehicles through its Country Classic Car program. They accommodate classic cars, muscle cars, hot rods, antiques, custom vehicles, exotics, and more.
Coverage Highlights:
Country Financial offers further discounts for loyalty, anti-theft devices, multi-policy bundling, and insuring your home.
Our Take: The Country Classic Car program provides total protection tailored to the specialized needs of exotic and collector vehicles. Their focus on agreed value, OEM parts replacement, and worldwide flexible use make this a strong contender.
Liberty Mutual Exotic Car Insurance
Liberty Mutual delivers tailored coverage for exotic and classic vehicles through its Collector Car program. Eligible vehicles include Aston Martin, Bentley, DeLorean, Ferrari, Jaguar, Lamborghini, Lotus, Maserati, Porsche, Rolls Royce, and more.
Coverage Highlights:
Discounts are offered for anti-theft devices, vehicle storage, insuring home/condo, loyalty, and more.
Our Take: The Liberty Mutual Collector Car program provides total protection for exotic vehicles tailored to specialized usage and concerns. Their excellent financial strength ratings provide peace of mind.
How To Get Cheap Exotic Car Insurance Quotes Online
The easiest way to compare rates across multiple exotic car insurance providers is to use an online quote aggregator. Here are a few tips for getting the most accurate quotes:
The easiest way to compare multiple quotes is using a quoting aggregator like EverQuote or CoverHound. Offers displayed are non-binding so you can securely compare in just minutes without obligation.
We recommend getting at least 3-5 quotes to find your exotic car insurance sweet spot based on coverage needs, price, and provider reputation.
Top 5 Cheapest Exotic Car Insurance Providers in Illinois
Based on expert analysis of average exotic insurance rates for Illinois drivers, these top 5 insurers consistently offer the most affordable pricing:
1. Geico - Geico takes our #1 spot for the cheapest Illinois exotic car insurance rates. Their online quoting and account management technology make Geico quick and convenient. Backed by strong financial ratings.
2. State Farm - As the largest auto insurer, State Farm leverages its size to offer very competitive exotic insurance pricing. Excellent customer satisfaction and claims experiences.
3. Allstate - Allstate's prestige program focuses on high-end customer service with very attractive rates thanks to its renowned financial strength.
4. Country Financial - Country Financial is synonymous with affordable rates across all types of auto insurance. Their collector's insurance program offers budget-friendly exotic premiums.
5. Liberty Mutual - Liberty Mutual rounds out our top 5 for their competitive exotic insurance pricing supported by the satisfaction of their acclaimed claims.
While individual factors impact pricing, these top companies consistently offer affordable exotic car insurance rates on average for Illinois drivers. Be sure to compare free quotes to find the best match for your situation.
Expert Tips for Lowering Exotic Car Insurance Costs
Here are some pro tips from our team of insurance analysts on how to get the lowest possible insurance rates on an exotic vehicle policy in Illinois:
Seek multi-policy discounts - Insure your car, home, condo, umbrella coverage, and more through the same provider. Most offer 10-15% off each policy.
Ask about storage discounts - Maintaining your exotic in a locked climate-controlled garage can earn premium discounts of up to 10% or more.
Install anti-theft devices - Active disabling technology like kill switches and VIN etching offers big savings.
Consider higher deductibles - Your premiums will be lower by shouldering more repair costs out-of-pocket.
Inquire about group membership savings - Many exotic clubs and associations provide insurance partnerships.
Leverage a clean driving history - Even one ticket or accident can increase your costs exponentially.
Use your exotic minimally - Opt for lower 2,500-mile or 5,000-mile annual allowances to save on premiums.
Pay premiums upfront - Choosing annual policies instead of monthly payments avoids fees.
Maintain excellent credit - Insurers associate high credit scores with risk mitigation and offer discounted rates.
Verify accuracy - Review reports for errors that may be inflating your costs. Dispute them!
Following these tips can secure major savings on exotic car insurance premiums. Be sure to try to shop and compare multiple free quotes.
Expert Q&A: Top Exotic Car Insurance FAQs Answered
We assembled this frequently asked questions guide to provide quick answers to the most common exotic and luxury vehicle insurance concerns.
Why does insuring an exotic car cost more?
Exotic vehicles have higher premiums because they cost substantially more to repair and replace than a standard car. Labor, parts, and materials are all extremely expensive. Limited production also means repairs take longer. Additionally, exotics attract more attention from thieves and are desirable targets. Comprehensive coverage and higher liability limits are wise, given their value.
Can I finance an exotic car insurance policy?
Yes, most insurers allow customers to pay premiums monthly rather than the full 6-12 month policy cost upfront. This does come with finance fees and interest, however. Paying the full term in advance avoids these added costs. Shop around since financing terms vary.
Should I insure my exotic with standard or collector/classic coverage?
We strongly recommend using an insurer with specialized exotic or collector vehicle insurance programs. Standard policies often impose very restrictive mileage annual caps impractical for driving an exotic regularly. They may also refuse to pay full repair/replacement costs in case of a total loss or fail to cover critical components like OEM wheels/tires.
What vehicles are considered exotic by auto insurers?
Common exotic car makes include Ferrari, Lamborghini, Rolls-Royce, Bentley, Aston Martin, Maserati, Bugatti, Pagani, Koenigsegg, McLaren, Mercedes-AMG, Porsche, Jaguar, Lotus, and more. Scarce classics also fall under the exotic classification, as do extremely high-end sports cars and grand touring vehicles. Production numbers, MSRP, and performance capabilities help determine eligibility.
Can I insure my exotic through regular usage auto policies?
You can attempt to insure an exotic vehicle through standard personal auto programs from national carriers like State Farm, Allstate, etc. However, we strongly advise against this. Typical policies impose low annual mileage limits, may refuse to pay for OEM parts, and lack specialized coverage provisions for exotics like storage protection, spare parts coverage, diminishing deductibles, etc. Plus, you lose the specialty claims handling experience. The premium difference is worthwhile.
How much liability coverage should I carry on an exotic car policy?
We suggest a $500,000 liability policy at a minimum, given the steep costs of repairing an exotic vehicle in the event of an at-fault accident. $250,000 is too low, in our opinion. Consider adding umbrella insurance liability in $1 million increments if your exotic vehicle(s) make up a substantial portion of your assets. This provides an extra layer of financial protection from lawsuits.
Disclaimer: The reviewed car insurance products are stand-alone services, and we have no direct involvement in their quotes or influence over rates and terms. Requesting a car insurance quote does not guarantee approval, and some products may perform other checks. Some car insurance products may not be available in all states. This article provides general information, and although we strive for accuracy, we are not liable for errors or omissions. Some links may be affiliate links; we may earn commissions if clicked. Verify information independently and seek professional advice before making decisions; use of this article implies acceptance of these terms.