Coverage for luxury vehicles
Certain luxury vehicles that are considered to be high-value vehicles are charged higher Basic insurance premiums. Some luxury vehicles may also require an application to obtain own damage coverage, which includes Collision, Comprehensive, and Specified Perils coverage. Find out how to insure your luxury vehicle in B.C.
What is a high-value vehicle?
A high-value vehicle is a B.C. registered, private passenger luxury vehicle with a manufacturer’s suggested retail price of:
- over $150,000, with a model year that falls within seven years of the current year or
- over $400,000, with a model year that falls within 14 years of the current year.
It does not include commercial vehicles, motorcycles, trailers or recreational vehicles (RVs).
Please refer to the
list of luxury vehicles to find out whether your luxury vehicle:
Applying for the Special Risk Own Damage Policy
If you require an application to obtain own damage coverage for your luxury vehicle, remember to submit your application for the
Special Risk Own Damage policy at least
five business days before you buy your insurance policy. Otherwise you could find yourself without own damage coverage until the application is processed.
Speak to your broker for more details.