The classic scene from an ‘80s-era teen comedy is something that leaves exotic car owners everywhere shuddering at the thought: You drive your precious metal jewel into the city and tip the valet generously to put it in a safe, prominent location while you enjoy a nice meal…only to discover that the valet and his friend put the pedal to the metal as soon as you were out of view and went joyriding all around the town. This really happened to one unfortunate car enthusiast, who left his fully customized Porsche in the care of the restaurant valet, never dreaming that the valet would feel the need for speed. Unfortunately, the car proved too powerful for the valet to manage, and he ended up hitting two parked cars and injuring himself and another valet in the process. Fortunately, the Porsche owner had purchased a sports car insurance policy that was a well-assembled as the car itself.
With two persons injured and the car so damaged that it was declared totaled by the insurance appraiser, the claims were stacking up quickly. The car owner sought resolution through the valet company’s insurance initially, since the valet was at fault, but found that the company offered a settlement that did not recognize the true and specific value of the Porsche and all of the modifications that the owner had made to the car over the years. Fortunately, the owner’s own policy was a superior product which included an agreed-upon value of the vehicle, as well as coverage for the substantial amount of aftermarket modifications the owner had made to the car.
If you own an exotic luxury vehicle with enough horsepower and style to turn the most staid grandma into a speed demon, talk to a professional insurance agent about sports car insurance from a quality provider. The policy provides not only standard components of coverage such as property damage liability, bodily injury, under-/uninsured motorist and collision, but other coverage (such as agreed value and original equipment replacement) that particular owners demand.
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