Maserati Insurance Guide

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Maserati has been an iconic brand representing prestige, innovation and performance since 1914. You need only look at the distinctive radiator grille and bold trident logo to know that these sleek and sinuous machines are packing power and speed. Owning a Maserati is not only a privilege, but also a huge investment that deserves the right protection.

Exotic cars come with the luxury of being idiosyncratic and scarce – this makes for a swank appearance at red carpet events, but at the cost of a finite supply of certified parts and technicians. In the unfortunate event of an accident, you are going to want to make sure that enough coverage is available to pay for specialized labor and imported parts.

Maserati Insurance Cost

Insurance for a Maserati will cost more than that for a standard vehicle. The premium can run from approximately $2,000 to upwards of $5,000 or more depending on the model and customization. Personal factors like driving history, age, sex and marital status may also affect your rates (positively or negatively). Your agent may be able to help you find discounts by bundling policies or opting for a higher deductible. Advise where the car is kept, the available security protections, and your average annual mileage for the vehicle. These may help lower your cost.

Policy Options

Actual Cash Value

Standard auto insurance policies typically use actual cash value to determine the payout amount in a total loss scenario. With this type of policy, the insurance company assigns a value to your vehicle in the event that it is damaged beyond repair or stolen (and never recovered). Insurance companies have different rubrics for how they determine this amount – they may take the listed value in Kelly Blue Book, National Automobile Dealers Association, current local sales of the same car, etc. and then adjust it for depreciation. 

Stated Value

With a policy that uses stated value, the insured advises the agency how much their car is worth. In the event that the car is stolen or totaled, the insurance company will pay the lesser of either the amount stated, the actual cash value, or the cost of repairs.

Agreed Value (Usually the Best Option)

Most owners of luxury, exotic or antique cars choose this type of policy so that they don’t risk taking a substantial financial loss on their investment. With this coverage, the value of your vehicle is determined at the time the policy is drawn up and is agreed upon by the insurer and the insured. In the event that a payout is needed for a stolen or totaled car, you will receive the established amount. The vehicle’s value will not be reduced to account for depreciation.

Collision and Comprehensive Coverage

You can also usually purchase additional collision and comprehensive insurance coverage. If you get into an accident without this coverage, you might spend thousands of dollars out-of-pocket for repairs.

Why Agreed Value for Maserati Insurance is Typically the Best Option

Let’s say you bought a new Maserati Levante last week for $100,000 and it was stolen today; you will have to pay the bank the full $100,000 even if the car is never recovered. If you have opted for actual cash value, and based on KBB.com data, your agency values your SUV at $71,000, then you will have to pay the other $29,000 out of pocket for a brand-new car that you drove less than a week.

Now let’s say you bought a Maserati GranTurismo last year for $160,000 and at that time purchased an insurance policy with an agreed value of $160,000 for your car. If your car is involved in an accident today leaving it totaled, the insurance company would have to pay $160,000 for the car even though it is now a year old.

In the two scenarios above, the second option provides far greater financial protection for your investment. Regardless of what terrible event occurs leaving you unexpectedly without a car, you will at least find some comfort in knowing in advance exactly how much your insurance will be paying.

Most cars depreciate in value, but it is possible for them to appreciate due to rarity or customization. If you feel the value of your car has changed and your policy should be adjusted, speak to your agent.

Maserati Insurance – Other Important Information

  • Not all insurance programs will allow you to insure custom items that you have added to your Maserati.
  • Different physical damage deductibles are available. The higher your deductible, the lower your premium usually is.
  • Asking your agent about policy restrictions and warranties beforehand will help you find a program suitable for your needs.
  • Get an agreed amount Maserati insurance policy through a respectable insurance broker who is familiar with the automobile business. 
  • It is helpful if your insurance agent has a good relationship with insurance company underwriters. 
  • Only a few agents will claim to have authority to assist insurance company settlement claims swiftly for your benefit. The best insurers are actively involved in the automobile industry.
  • Make sure your insurer will pay more to use original parts also known as OEM parts.

Why settle for less?

If you find your current insurance policy is unable to offer you the insurance you need on your Maserati, 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. Make sure it will give you the coverage you need to protect your Maserati.

Get the coverage you need.

Daigle and Travers is based in beautiful Darien, nestled between Stamford, Norwalk, and New Canaan.  We also serve Fairfield County, Greenwich, Weston, Westport, Wilton, Ridgefield, Redding, Easton, Fairfield, Southport, Trumbull and parts of Westchester County and Long Island.

We will provide you with the right coverage to make sure your investments are appropriately protected.  When partnering with us, we will give you the necessary information and options you need to choose an insurance company and policy.  Give us a call today at (203)-655-6974.