Insurance Blog

Owners of expensive cars know that there are more costs associated with owning the vehicle than just the purchase price. Depending on the type of car you purchase, insuring the vehicle can come with a high price tag.

When insurance companies determine the insurance premiums for an expensive car, they consider a number of factors such as risk of theft, installed anti-theft devices, expensive components, high-performance parts such as the engine, safety features, safety rating, and the cost of repairs and replacing parts. As well, they factor in the design of the car, technological features that make it a safe car to drive such as anti lock brakes, and whether the car is a domestic or imported vehicle as imported vehicles may need expensive imported parts if they need to be repaired. Also, expensive, high-performance cars often attract “riskier” drivers and the insurance companies have determined that there is a higher risk of an accident and getting a speeding ticket. All of these features can make insurance very expensive for an expensive car.

Some of the most expensive cars to insure include: Mitsubishi Lancer Evolution, Mercedes CL-Class, Dodge SRT-4, Subaru Impreza WRX, Jaguar XK, Lexus IS 300, Honda S2000, Acura RSX, Nissan 350Z, and the Jaguar XJ. The price of insurance for some of the most expensive cars include: Porsche 911 Turbo: $3,156 for the first year of ownership, Mercedes G-Class: $2,088, Nissan GT-R: $2,533, Dodge Viper: $2, 446, Ford Shelby GT 500: $2. 186, Mercedes Benz G- Class: $2, 088, and the BMW M6: $2,236.

If you are wondering what you would have to pay for a really expensive and powerful sports car, the following sports cars are not only extremely expensive, but the insurance can take a big bite out of your bank account:

Bugatti Veyron 16.4 Grand Sport: At a price of about $2,000,000, the Bugatti Veyron 16.4 Grand Sport, with its 8-liter turbocharged W-16 Engine, is one of the most expensive sports cars. The average cost of insurance, depending on the features that come with the car, is about $2943.78 per month.

Mercedes SLR Mclaren 3: At a base price of $495,000, the Mercedes SLR Mclaren convertible, containing a 5.5 liter V-8 engine, has an average monthly insurance premium of about $2,715.86.

Lamborghini Murcielago: At a price that varies from 354,000 – $450,000, depending on the style, the Lamborghini Murcielago, with its 6.0-litre V12 engine, has an average monthly insurance premium of about 2,863.03 per month.

When many people are shopping for a car, they fail to consider the price of car insurance. The car’s performance, including its top speed, risk of theft, costs of repair, and make and model of the car, are all taken into account when assessing the premiums. Although people who buy really expensive sports cars usually can afford the high insurance premiums, if you are considering purchasing a new car, it is important to be aware of the likely costs of insuring the car, especially if you are looking at high performance sports cars.

When it comes to car insurance, everyone is always trying to find the best deals online in order to try and save a few bucks off of their monthly insurance premiums. When browsing around online, there are a lot of tips that you should consider when trying to reduce your car insurance premiums:

1.) Comparison shop

Although this might seem like a no-brainer it needs to be restated that when searching online you should check in with many different insurance companies as well as insurance comparison sites that already do a good portion of the work for you. A lot of people are lazy when it comes to this point, so be sure that you don’t jump at the first deal that looks good; take your time and do the research and make sure you really explore all the available options.

2.) Age-based discounts & clean driving records

Many car insurance companies will be willing to offer better insurance premiums if you are an older driver and/or have a clean driving record, so be sure to check out what discounts they offer for this. Even if they don’t offer one up front, inquire because if you are with them for a long time you should benefit from both age based discounts as well as clean driving discounts as you age and become a more loyal customer.

3.) Move to a lower crime area

Sounds straightforward because it is. Insurance premiums are affected by your neighbourhood so the safer the neighbourhood; the cheaper the car insurance premiums will be.

4.) Consolidate your insurance policies with one company

If you have multiple types of insurance (which almost everyone does) such as health insurance, life insurance, home insurance, etc. Consider consolidating them all with one company to get better discounts and savings.

5.) Check for multiple vehicle discounts

Similar to point #4, you need to realize the opportunities you have to save money on your car insurance premiums. This one is pretty simple as well; the more cars you have under one policy; the cheaper your individual premium will be.

At the end of the day it’s all about doing good research when it comes to realizing cost savings on your car insurance premiums. Take the time, make a bunch of calls and inquiries and make sure you fully exhaust all possible options before deciding on an insurance provider.

Law insurance is one of the most complex and diverse fields within the insurance industry. If you’ve ever been seriously injured or been in an accident you may have tried to seek out the services of a personal injury lawyer or law firm. What many people don’t realize is that there are time limits to legal claims within Canada (for the States it differs although there are still time limitations as well). Each province has it’s own regulations but the whole point of these legal claim time limits is that with any injury it needs to be settled as fast as possible for both parties involved; this way the injured is properly compensated within a reasonable time and the defendant can also protect themselves from bogus claims made by the injured party.

If you miss the legal claim time limits and deadlines there is a good chance that you will not be compensated for your losses, so you really need to make sure you are aware of these deadlines in Canada. As mentioned each province has its own regulations, but for the majority of the provinces the deadlines are below:

• Thirty (30) days, or as soon as possible; accident benefits application forms.
• One (1) year, start lawsuit against accident benefits insurer, within one year of denial of benefits.
• Two (2) years, start lawsuit against at fault driver, within two years from date of accident.

If you happen to miss these deadlines then you should get in touch with a lawyer right away to see if your claim still has a chance. When looking for personal injury lawyers one of the best places to start your search is the internet, do a good thorough search online using a major search engine like Google and simply enter your location and type of legal help you’re looking for,  so something like “Personal injury lawyers Toronto” or “New Brunswick Insurance Lawyers” even something like “best Halifax lawyer” will help narrow your search so you aren’t overwhelmed by all the different options available.

So the next time you or anyone you know happens to be injured, be sure they are aware of the legal claim times associated with filing a claim under the wide field of insurance law, and be sure to ask around and do some good searching online to find the best legal advice in your city or province.