Best Auto Insurance for the Wealthy in 2024 (Save With These 10 Companies)
Our winners for the best auto insurance for the wealthy are State Farm, Chubb, and Auto-Owners. On average, the monthly cost for auto insurance for the wealthy is $323. State Farm stands out as our preferred option, providing a budget-friendly monthly rate of $283 and a wide range of insurance products.
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Jeffrey Manola
Licensed Insurance Agent
Jeffrey Manola is an experienced insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for insurance with the most affordable rates available. Not only does he strive to provide consumers with the best prices for insurance coverage, but he also wants those on the market for insurance to ...
Licensed Insurance Agent
UPDATED: Jul 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jul 19, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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The winners for the best auto insurance for the wealthy are State Farm, Chubb, and Auto-Owners. On average, the monthly cost for auto insurance for wealthy clients is $323.
State Farm is our top pick, offering a budget-friendly rate of $283 per month.
Our Top 10 Company Picks: Best Auto Insurance for the Wealthy
Company Rank Multi-Vehicle Discount A.M. Best Best For Jump to Pros/Cons
#1 20% A++ Financial Stability State Farm
#2 10-12% A++ Asset Protection Chubb
#3 10% A++ Exclusive Services Auto-Owners
#4 10% A++ Customized Coverage USAA
#5 25% A+ Mature Drivers The Hartford
#6 25% A Additional Benefits AAA
#7 20% A+ Bundling Options Nationwide
#8 25% A Global Coverage Liberty Mutual
#9 8% A++ Policy Flexibility Travelers
#10 25% A+ Innovative Solutions Allstate
High-end auto insurance companies offer a ton of extra perks and coverage options that you will not see on your typical auto insurance policy. They also offer protections that standard auto insurance policies cannot match.
Auto insurance laws require everyone to carry insurance coverage, but auto insurance for rich people is a lot different from standard policies.
If you’re ready to buy auto insurance for rich people, enter your ZIP code above to compare auto insurance quotes.
- The wealthy require auto insurance with exclusive perks uncommon for others
- Regardless of wealth, legal requirement mandates auto insurance
- The rich often opt for premium auto insurance for luxury vehicles
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#1 – State Farm: Top Pick Overall
Pros
- Wide Range of Insurance Products: State Farm offers comprehensive coverage options tailored to meet specific needs. Learn more in our State Farm auto insurance review.
- Strong Financial Stability: State Farm’s reputation for financial stability ensures assets are protected.
- Extensive Network of Agents: Personalized service and assistance cater to unique client requirements.
Cons
- Competitive Pricing: Premiums may not always be the most competitive, potentially leading to higher costs.
- Limited Specialized Coverage: Coverage options may not fully address the unique needs of high-net-worth individuals.
#2 – Chubb: Best for Specialized Coverage
Pros
- Specialized Coverage for High-Net-Worth Individuals: Tailored solutions provide comprehensive coverage for high-value assets.
- Exceptional Customer Service: Superior service and claims handling meet high client expectations.
- High-Quality Coverage Options: Extensive policy features ensure comprehensive protection. Learn more about Chubb’s coverage options in our Chubb auto insurance review.
Cons
- Premium Pricing: Higher premiums may result in increased insurance costs.
- Limited Accessibility: Services may not be readily accessible in all regions.
#3 – Auto-Owners: Best for Personalized Service and Attention
Pros
- Personalized Service and Attention: Dedicated support throughout the insurance process.
- Strong Financial Stability: High customer satisfaction ratings ensure confidence in the company.
- Comprehensive Coverage Options: Wide range of coverage options for high-value assets.
Cons
- Premium Rates: Premiums may be slightly higher compared to other insurers. You can learn more about Auto-Owners’ rates in our Auto-Owners auto insurance review.
- Limited Availability: Coverage may not be available in all regions.
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#4 – USAA: Best for Military Members
Pros
- Exclusive Benefits for Military Members: Tailored benefits and discounts provide valuable support.
- Competitive Pricing and Discounts: Savings on premiums without compromising quality coverage. Read more about USAA’s discounts in our USAA auto insurance review.
- Strong Customer Service Reputation: Exceptional service ensures a seamless experience.
Cons
- Limited Eligibility: Membership restricted to military members and their families.
- Lack of Specialized Coverage Options: May lack certain features desired by high-net-worth individuals.
#5 – The Hartford: Best for Reliability
Pros
- Specialized Coverage for High-Value Assets: Comprehensive protection for valuable assets. Learn more in our The Hartford auto insurance review.
- Customizable Insurance Solutions: Tailored coverage options meet unique needs.
- Reputation for Reliability: Strong financial stability instills confidence.
Cons
- Higher Premiums: Premiums may be higher due to specialized coverage.
- Limited Availability: Coverage options may be limited in certain regions.
#6 – AAA: Best for Membership Perks
Pros
- Wide Range of Insurance Products: Diverse coverage options ensure comprehensive protection.
- Membership Perks and Additional Services: Exclusive benefits enhance overall value proposition.
- Strong Customer Service Reputation: Reliable support and assistance available.
Cons
- Potentially Higher Premiums: Premiums may be higher compared to other insurers.
- Limited Coverage Options: May lack certain features desired by affluent individuals. Read more about AAA’s coverage options in our AAA auto insurance review.
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#7 – Nationwide: Best for Financial Stability
Pros
- Comprehensive Insurance Solutions: Tailored coverage for high-value assets ensures protection. Read more in our Nationwide auto insurance review.
- Nationwide Private Client: Specialized division offers enhanced policy features and personalized service.
- Strong Financial Stability: Reliable protection and fulfillment of financial obligations.
Cons
- Potentially Higher Premiums: Premiums may be higher compared to competitors.
- Limited Availability: Specialized coverage options may have limited availability.
#8 – Liberty Mutual: Best for Various Coverage Options
Pros
- Customizable Insurance Solutions: Tailored coverage options meet specific needs.
- Strong Financial Stability: Assurance of reliable protection and fulfillment of obligations.
- Variety of Coverage Options: Comprehensive protection for various assets. Learn more in our Liberty Mutual auto insurance review.
Cons
- Higher Premiums: Premiums may be higher compared to competitors.
- Claims Process: Claims process may be less streamlined, potentially causing delays.
#9 – Travelers: Best for Customized Insurance Solutions
Pros
- Specialized Coverage for High-Value Assets: Comprehensive protection for luxury assets.
- Customized Insurance Solutions: Tailored coverage options meet unique needs.
- Reputation for Reliability: Assurance of well-protected assets. Learn more in our Travelers auto insurance review.
Cons
- Higher Premiums: Premiums may be higher compared to other insurers.
- Limited Availability: Coverage options may have limited availability.
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#10 – Allstate: Best for “Private Client” Division
Pros
- Comprehensive Insurance Products: Diverse coverage options for high-value assets. Learn more in our Allstate auto insurance review.
- Reputation for Reliability: Assurance of well-protected assets.
- Exceptional Customer Service: Allstate’s customer service is tailored to the needs of affluent clients, offering personalized assistance and concierge-level support.
Cons
- Higher Premiums: Premiums may be higher compared to competitors.
- Limited Availability: Specialized coverage options may have limited availability.
Companies Catering to Wealthy Clients
What kind of insurance do rich people have? Wealthy individuals often invest in rich people insurance or high-net-worth insurance to safeguard their assets comprehensively.
This might be your first time learning about Chubb auto insurance, but this company tailors their insurance products to wealthy individuals and families.
Auto Insurance Monthly Rates for the Wealthy
Insurance Company Minimum Coverage Full Coverage
State Farm $125 $283
Chubb $130 $323
Auto-Owners $156 $363
USAA $88 $202
The Hartford $201 $469
AAA $162 $378
Nationwide $167 $387
Liberty Mutual $279 $625
Travelers $310 $739
Allstate $223 $518
Moreover, some of the best insurance companies for high-net-worth individuals go beyond just auto insurance, offering a range of coverage options including homeowners, liability, and even specialty insurance for unique assets (learn more: Commercial General Liability Auto Insurance).
Chubb insurance, for example, offers coverage for renters, jewelry, cars, arts, vintage wines, and so much more. If it is a luxury item or valuable, you can insure it with Chubb and likely other high-end insurance companies.
Exploring Extra Perks and Coverages
One of the top perks of choosing a high-end auto insurance company is you can agree to the value of your car. What does that mean? Typically, if your car is totaled or stolen, your insurance policy will pay you the current value of your car.
As you know your car depreciates over time, and so what your car is valued at by your insurance company may be less than you actually still owe on it. For rich people who drive luxury and exotic cars, the typical insurance policy will not cut it.Daniel Walker Licensed Auto Insurance Agent
Insurance companies for the wealthy will agree to the value of the car that is being insured before the policy is purchased. If or when anything happens to the car, the agreed-upon value is what is paid out to cover the cost of replacement.
High-end luxury insurance companies also pay for original manufacturer parts. This is very important for people who drive classic or exotic cars. Most insurance companies won’t pay for original parts only aftermarket parts for repairs.
Even if you buy classic car auto insurance from one of the big auto insurance companies you may not be covered for original parts should you need repairs (read more: Best Auto Insurance Companies for Classic Cars).
Finally, one other major perk to choosing a luxury insurance company is they don’t have a daily limit on car rentals while your current car is getting repaired. Most insurance policies cap this coverage, but wealthy people who drive a Bentley don’t want to be stuck in a Prius while their car is in the shop (learn more: Does my auto insurance cover rental cars?).
Auto insurance for high-end cars ensures the rich that they can continue to live the lifestyle they are accustomed to even when their car is broken.
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Understanding High-End Auto Insurance Policies
Do rich people have car insurance? Do millionaires need car insurance? Indeed, they do, especially when it comes to protecting their luxury vehicles with specialized car insurance for luxury vehicles and exotic car insurance policies.
Wealthy people are often concerned about being targets of lawsuits should they be involved in an accident. They may wonder if there are higher coverage limits associated with high-end car insurance for rich people policies. The answer is, yes.
Typical auto insurance policies have coverage limits of anywhere from $300,000 to $500,000. This may seem like a lot of money, but if you are wealthy, this may not be enough coverage for a lawsuit. High-net-worth car insurance companies, like Chubb, can offer up to $10 million in liability insurance for wealthy clients.
Moreover, high-end vehicle insurance providers understand the unique needs of wealthy individuals. They tailor policies to cover luxury vehicles and provide exotic car insurance options, ensuring comprehensive protection for these valuable assets (read more: Comprehensive Auto Insurance Explained).
Celebrities and high-profile individuals may require celebrity car insurance, which offers specialized coverage and privacy protection. Many luxury home insurance companies also offer auto insurance tailored to their clients’ needs, providing a seamless and comprehensive insurance experience for all their assets. Learn more in our how celebrities purchase auto insurance for their cars review.
Strategies for Wealthy Clients
With all of the extra perks and add-ons, you might be thinking that rich people won’t be able to access the same auto insurance savings like everyone else. While it may be true that they acquire expensive auto insurance, they can still take advantage of potential savings.
Speak with your auto insurance agent to see if you can get a discount for some of these common things:
- Multi-policy bundle
- Customer loyalty
- Safe driver (learn more: State Farm Drive Safe and Save Review)
You won’t know how much money you can save on your auto insurance until you speak with your agent.
Moreover, for wealthy insurance, exploring options with the best insurance companies for high-net-worth individuals could lead to tailored solutions, potentially including discounts for luxury car insurance.
If you’re ready to compare auto insurance rates for wealthy people, enter your ZIP code below to see cheap auto insurance rates near you.
Frequently Asked Questions
Can rich people save on their auto insurance too?
Yes, even though high-end auto insurance policies may come with additional costs due to extra perks and coverage options, rich people can still save on their insurance. They can inquire about potential discounts such as multi-policy bundles, customer loyalty discounts, and safe driver discounts. Speaking with an insurance agent is the best way to explore available savings options (read more: Auto Insurance Discounts).
Do high-end auto insurance policies cover rare or collector’s cars?
Yes, high-end auto insurance companies often specialize in covering rare and collector’s cars. They understand the unique value and requirements of these vehicles and offer specialized coverage options.
Can high-end auto insurance policies cover multiple luxury vehicles under one policy?
Yes, high-end insurers typically allow coverage for multiple luxury vehicles under a single policy. This can streamline the insurance process and potentially provide cost savings (learn more: Can you have two auto insurance policies?).
Are high-end auto insurance policies available for leased luxury cars?
Yes, high-end insurers offer coverage options for leased luxury cars. It is important to ensure that the insurance policy meets the requirements set by the leasing company.
Can high-end auto insurance policies cover custom modifications or upgrades to luxury cars?
Yes, high-end insurers understand that luxury car owners often make custom modifications or upgrades to their vehicles. They can provide coverage for these enhancements, ensuring that the full value of the customized car is protected. Read more in our “Auto Insurance for Custom Vehicles” article.
Are there any special considerations for insuring vintage or classic luxury cars?
Yes, insuring vintage or classic luxury cars may require specialized coverage. High-end auto insurance companies often have expertise in this area and can offer tailored policies to protect the unique value and historical significance of these vehicles.
What extra perks or coverages are offered by high-end auto insurance companies?
High-end auto insurance companies typically offer a range of extra perks and coverages tailored to the needs of affluent clients, including enhanced coverage options for high-value vehicles and access to exclusive discounts and benefits.
What companies offer auto insurance for rich people?
Companies offering auto insurance for rich people include State Farm, Chubb, and Auto-Owners. Learn more in our best auto insurance for luxury cars review.
Are there higher coverage limits with high-end auto insurance policies?
Yes, high-end auto insurance policies often offer higher coverage limits compared to standard policies. These higher coverage limits are designed to adequately protect the valuable assets and higher liability risks associated with affluent individuals and their lifestyles.
What is the average monthly cost for the wealthy?
The average monthly cost for the wealthy is $323. Find affordable auto insurance near you by entering your ZIP code below.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Jeffrey Manola
Licensed Insurance Agent
Jeffrey Manola is an experienced insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for insurance with the most affordable rates available. Not only does he strive to provide consumers with the best prices for insurance coverage, but he also wants those on the market for insurance to ...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
