When you finally reach a point in life where you can reward yourself with a luxury vehicle, you need to protect your new asset as completely as possible without paying for more insurance than necessary. While basic liability and collision insurance will cover you at a basic level, you should consider the following additional auto coverage policies as well.  

Comprehensive Insurance 

Like collision insurance, comprehensive insurance covers the cost of damage to your car after an accident with another vehicle. Unlike collision insurance, it will also cover your vehicles for vandalism and natural occurrences, such as incidents with wildlife or extreme weather. Comprehensive insurance should cover the full value of the vehicle. 

Uninsured/Underinsured Insurance 

Every state requires drivers to have liability insurance that covers injury and property damage up to a certain amount. Minimum liability coverage varies by state with some states requiring as little as $10,000 in coverage for property damage. What happens if the damage costs more to repair than the amount of coverage? Underinsured insurance covers the difference if the damage exceeds the responsible party's coverage limit. Uninsured insurance covers the financial responsibility of any damage caused by a driver who doesn't have any insurance at all. It will also cover you in the case of a hit-and-run. Many companies offer both policies as a combined bundle. 

Gap Insurance 

Due to interest and depreciation, your loan may exceed the value of your vehicle. If your vehicle is declared totaled, the insurance company will typically cut you a check for the value of the car. You will be on the hook for anything you still owe on the vehicle unless you get gap insurance. Gap insurance will cover the entirety of your loan if your car gets totaled. 

Rental Reimbursement Insurance

If you need to bring your car in for repairs, it can take days or weeks to get the car back from the mechanic. In most cases, you'll be responsible for transportation in the interim. Unless you have rental reimbursement insurance, which will cover the cost of a rental car.  

Classic Car Insurance 

Classic luxury cars have specialized needs compared to modern cars. They are also used differently than other cars, giving them unique needs. Classic car insurance covers classic cars while at trade shows and while properly stored in a covered facility. It will also cover the cost of original parts instead of modern parts so that you can maintain the integrity of the original design. 

Contact a local auto insurance service to learn more.