Top Luxury Cars and Auto Insurance Coverages for 2024
April 25, 2024
Is there anything more energizing than the feeling of the open road, engine thrumming and the scenic vista blurring by as you power through turns in a thrilling new vehicle? This article will cover some of the top luxury vehicles we’re looking forward to this year and some of the necessary insurance protections you should have before you hit the road in your new car.
2024 Aston Martin Valhalla
While the name of this vehicle hearkens back to ancient Norse myth, this vehicle feels sumptuously futuristic with a bold look that blends extreme performance and beauty. The Valhalla is Aston Martin’s first V8, mid-engine hybrid supercar with 998 horsepower and an estimated top speed of 217 mph. The Valhalla boasts a unique three-motor powertrain consisting of a twin-turbo bespoke V8 engine and two-motor battery hybrid system.
The Valhalla offers an unparalleled driving sensation with dynamic Formula One-inspired hallmarks, such as a streamlined cockpit focused on the driver experience, a breathtakingly fast zero-to-62-mph in 2.5 seconds and an elegantly sculpted carbon fiber body. With only 999 available at $800,000 each, it’s an exclusive jewel in any collector’s garage.
2024 Ferrari Roma Spider
With a captivating design and exceptional performance, the Ferrari Roma Spider brings back the carefree lifestyle of 1950s and ‘60s Italy. With a soft roof, drivers enjoy the air whipping through their hair on long, scenic drives through wine country as the Spider sprints from zero to 60 mph in 3.3 seconds and up to 124 mph in 9.7 seconds. With a top speed just shy of 200 mph, it can’t hit the same speeds as the Aston Martin Valhalla. Still, its 3.9-liter twin-turbo V8, sculpted form and responsive gearbox deliver a driving experience that feels like a shot of serotonin to the brain, letting you easily float over the open road. The Ferrari Roma Spider is available at a starting price of $277,970.
2024 Lucid Air
Are you eager to enter the world of electric vehicles (EVs) but wary of being tethered to a charging unit? Then, jump into the cockpit of the 2024 Lucid Air, which can charge up to 200 miles at its proprietary home charging station in as little as 12 minutes. This award-winning EV has garnered accolades since it was first released for its more than 400-mile range — with the Grand Touring model promising a 516-mile range — and continues to beat competitors in this busy market. Its top-of-the-line Sapphire model starts at $249,000 with a max horsepower of 1,234 and can reach zero-to-60 mph in less than two seconds.
2024 Land Rover Discovery
What do you do when the open road ends? With the Land Rover Discovery, you keep on driving. This seven-seat, full-sized SUV delivers uncompromised comfort for passengers with deployable side steps that make getting in and out — or accessing the roof rack for outdoor recreation equipment — easy for all ages. The Land Rover’s innovative Discovery’s Terrain ResponseÒ 2 system makes it easy to conquer any surface no matter where your journey takes you, automatically adjusting your SUV’s settings to easily navigate gravel, grass, snow, mud and other difficult surfaces. The Discovery Metropolitan Edition starts at $79,300 with supple leather seats and automatic comfort features.
Insuring Your New Luxury Vehicle
Now that you’ve familiarized yourself with some of 2024’s exciting new luxury car offerings, there’s one more thing to consider before purchasing a new vehicle: insuring it.
Luxury and high-end cars cost more to insure than conventional cars, and rightfully so, as their base value is much higher. At the same time, luxury cars boast exclusive hard-to-get parts and powerful engines, meaning they’re at higher risk of damage due to their speed. They’re also more likely to be targeted by thieves due to their high visibility.
While most insurance companies don’t offer separate auto insurance policies for luxury cars, specialized carriers and optional coverages can help protect your investment. Here are some coverages to look for:
- Agreed value coverage – Insulate your vehicle against depreciation and high-value loss with agreed value coverage, also known as “guaranteed value.” Where typical auto insurance usually insures vehicles for their actual cash value minus depreciation, agreed value coverage allows policyholders to insure their luxury or prestige car for its actual value. Instead of experiencing a substantial loss should the vehicle be damaged or totaled, your insurance will reimburse you for its guaranteed value if you follow the terms of your policy and get it reappraised at the start of each renewal period.
- Guaranteed asset protection (GAP) insurance – Especially beneficial for those who choose to finance their new luxury purchase, GAP is an optional policy that covers the difference between the cash value of your vehicle and the amount owed under financing. Some cars quickly depreciate once they leave the lot, making it incredibly frustrating for new car owners if your vehicle is damaged, stolen, vandalized or subject to extreme acts of nature shortly after purchase. As car prices soar due to inflation and the ongoing labor shortage, the gap between its value and the remaining balance may be significant.
- Original equipment manufacturer (OEM) part restoration – After a covered accident, you want to feel whole again. With the proper coverage, you can transform your damaged luxury vehicle back to its original look and function and drive confidently, knowing repair crews used only the best quality parts.
- Rental car assistance – You have good taste; that’s why you purchased a luxury vehicle. So why be forced to drive a tired rental sedan while your car is in the shop? Some carriers will provide a rental vehicle with no daily limits up to a certain total so you can continue your regular routine in style.
- Personal identity protection – With the increasing popularity of infotainment and other complex electronic systems in vehicles, your sensitive personal information, such as door codes, stored addresses and phone contacts, can be gleaned from its internal computer. Therefore, work with your insurance advisor to safeguard your information before an accident occurs.
Traveling on the open road in a brand-new vehicle can be freeing, but common hidden dangers — such as distracted drivers, roadway debris and animals — can cause an accident and quickly cut your enjoyment short. Before hitting the road in your next luxury vehicle, consult your Gallagher Private Client advisor to see what standard policies, such as collision, comprehensive auto insurance and optional coverages, can help protect your investment and mitigate your unique risk exposures. With their insight and expertise, you can drive confidently, knowing your car is protected should the unexpected come to pass.