Auto Insurance for Supercars (Expert Guide)
Auto insurance for supercars like an Aston Martin or a Lamborghini can cost $1,631.64/mo, due to the higher cost of parts and repair expenses. If you are spending a lot of money on a supercar, especially if you are importing it from Europe or Japan, you will want exotic car insurance to protect your investment. However, some auto insurance companies don't provide supercar insurance at all. Learn more and find exotic car insurance companies and the most affordable auto insurance for supercars here.
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UPDATED: Dec 20, 2021
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- A supercar is one of the most expensive and luxurious exotic vehicles in the world.
- Finding auto insurance for supercars can be difficult because many auto insurance companies consider them to be high-risk.
- Before you purchase a supercar, it is imperative that you find out whether you can secure adequate auto insurance coverage.
- Try researching luxury auto insurance companies to find adequate coverage for your supercar.
How much is auto insurance for a supercar? You can already expect the MSRP to be expensive, but you must also consider the price of the auto insurance rate you’ll pay.
What is a supercar? If you’ve got your eye on a new Lamborghini or a McLaren 720s, you’ll need to look at supercar insurance too.
Finding auto insurance for supercars is much more difficult than for your regular automobile. Not all of the best companies will write the auto insurance policy, so it will take some research.
You’re still obligated to have insurance, so you should factor it into your purchase price and make arrangements for insurance before you finalize buying a supercar.
How much is insurance for a Bugatti or Aston Martin? Don’t worry, we’ve done the work for you. We’ll cover everything you need to know about insuring a supercar, including where to find affordable supercar insurance coverage.
Ready to start comparing auto insurance rates for supecars? Enter your ZIP in the comparison tool above, and we’ll help you find the best rates on car insurance for high-end cars.
The Cost of Auto Insurance for a Supercar
How much does it cost to insure a Lamborghini? The short answer is—a lot. Although auto insurance for a supercar works mostly the same way as for a regular car, supercar insurance is much more expensive.
This is partly because supercars are considered specialty products by most auto insurance companies.
The purchase price of exotic cars is part of what makes them a unique product to insure, but they can also be quite rare, which makes them more difficult to repair if they’re involved in an accident.
This ends up making premiums more expensive with insurance for import cars or insurance for exotic cars.
Which is the cheapest supercar to maintain? You can take a look at the table below to get an idea of what the range of pricing is for supercar insurance.
The table shows the top 20 most expensive cars in the country to insure. Nearly every one of them would be considered a supercar.
|Make||Model||Average Annual Auto Insurance Rates|
|Jaguar||XF Sportbrake Prestige||$3,425|
|Tesla||Model S Performance||$3,574|
|Audi||S8 L Quattro||$3,672|
|Mercedes||S63 AMG 4Matic||$3,672|
|Porsche||911 Carrera GT3 RS||$3,732|
|Dodge||Challenger SRT Hellcat Redeye||$3,768|
|Tesla||Model X Performance||$3,798|
|Porsche||Panamera GTS Turbo||$3,800|
|BMW M8||M8 Competition XDrive convertible||$3,953|
|Audi||R8 5.2L V10 Quattro Performance||$4,033|
|Mercedes||AMG GT R||$4,082|
You can see that the type of car you drive will drastically impact your auto insurance rates.
Why is supercar insurance more expensive?
There are a number of reasons why auto insurance policies for supercars are more expensive than policies for other types of vehicles.
One of the main reasons that exotic car insurance is so expensive is because of the replacement cost of the vehicle. Supercars carry a hefty price tag and, therefore, are very expensive to replace should you need to file a claim.
Since supercars are often rare, replacement parts can be expensive as well and may require the labor of a specialized mechanic. This means any repairs done to the vehicle will carry a high price tag.
Another reason that supercars are more expensive to insure is that they’re statistically more likely to be driven at excessive speeds and, thus, more likely to be involved in an accident.
Supercars are also more likely to be stolen, which means you’ll need car insurance to cover theft. That kind of coverage—referred to as comprehensive coverage—is much more expensive for these types of vehicles.
What factors determine rates on supercar insurance?
There a number of factors that will determine how much you will pay for your supercar auto insurance policy. The cost of your vehicle, your credit history, the address where the car will be parked, and many other factors go into determining your auto insurance rates.
It may come as a shock to many drivers that auto insurance companies take your credit rating into account when determining your policy pricing. The reason for this is that insurance companies believe that drivers with higher credit ratings are less likely to submit a claim.
The table below shows average annual rates for major insurance providers based on credit rating. Take a look and get an idea of how your credit rating may affect your policy price.
The auto insurance company will look at your driving history to figure out your insurance rate, too. If you’ve managed to not have any tickets or get into any accidents, you’ll receive a slightly lower rate for your supercar insurance due to your history of safe driving.
The table below shows average rates for major car companies based on driving records. As you can see, a clean driving record can save you a lot of money on your auto insurance policy.
This can give you some idea of how certain driving violations will affect your supercar insurance prices.
|Companies||Rates with Clean Record||Rates with With 1 Accident||Rates with With 1 DUI||Rates with With 1 Speeding Violation|
If your auto insurance provider classifies your vehicle as a supercar, you should expect to pay higher rates for your policy. Other factors also come into consideration as well.
How insurance rates are determined for supercars is generally similar to regular cars. The make and model of the actual vehicle will be a primary consideration in what rate you can expect to pay for a supercar.
Generally, the rarer the car, the more expensive it will cost to insure. If you’re a young person who is able to afford a supercar, your lack of driving experience may end up costing you more for insurance.
Insurance claims will also affect your auto insurance rates. If you’ve filed insurance claims recently or within the past few years, you’ll face higher rates or might even be declined by the supercar insurance company.
It may still be possible to get coverage if you have a smudged driving record, but you will pay more.
Watch the video below to get a better idea of what factors affect the price of supercar insurance.
Can’t you just cover your supercar on your regular auto insurance policy?
Because of the high replacement and repair costs for supercars, your auto insurance provider will require you to purchase a special policy for your vehicle. If you’re financing your supercar, your loan company may require you to carry full coverage insurance.
Most regular auto insurance policies will not cover a supercar.
Before you even show up at the car dealership, you may want to have conversations with various auto insurance companies about what options there are for supercar coverage.
This will arm you with the information you need to decide whether you can afford the entire cost of purchasing a supercar. It will also help expedite the purchase process because you’ll be able to show the dealership that you already have coverage lined up.
If you find yourself stuck without coverage options, you may not be able to drive your supercar on public roads.
Driving without insurance is not only illegal, but, according to Robb Report, it can also cost you thousands of dollars in damages, medical bills, and lawsuits if you get into an accident in a supercar.
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How to Get Auto Insurance for a Supercar
Sportscars, supercars, and hypercars are among the hardest vehicles to insure. Since exotic autos are expensive and repairs for them are pricey as well, many auto insurance providers charge extremely high rates or won’t cover supercars at all.
There are some exotic car insurance companies, which are really just specialty insurance companies.
Large companies will often partner with specialty insurers to provide auto insurance for high-value vehicles.
If you’re looking for GEICO insurance on a Maserati or another form of GEICO exotic car insurance, you’ll likely be directed to a specialty insurer that partners with GEICO.
Companies like Hagerty Insurance and Grundy Insurance are both classic and collector car companies, but even they might not take on your supercar.
Before you even sign the check for your supercar, you need to make sure that you can afford the monthly auto insurance rate that will accompany it.
Besides that consideration, almost every dealership in the U.S. will require you to show proof of auto insurance before they let you take any car off the lot.
Keeping this in mind, you should not expect to be able to buy an exotic car without having insurance ready to go.
What defines a supercar for auto insurance purposes?
There is a lot of controversy when it comes to which cars qualify as supercars.
Auto insurance companies take several factors into account when classifying a car as a sports car.
What makes a car a supercar is often determined by the number of cylinders the car has, the make and model, the horsepower of the car’s engine, and the weight and height of the vehicle.
Supercar is a loosely-defined term that refers to a variety of high-performance street-legal sports cars. These cars are also sometimes called exotic cars or hypercars.
Supercars are all about performance and have a certain exclusivity, meaning they’re fairly rare.
In most cases, supercars have two seats, a softback, and race quality performance that includes 500 horsepower or more. Depending on which exotic car aficionado you ask or which dealership you shop with, this doesn’t always have to be the case.
If the exotic auto fits other parameters, you might be able to get sports car insurance through some providers, which will result in different, sometimes cheaper high-performance vehicle insurance rates.
Always check with your insurance provider to find out the classification of your vehicle to avoid any surprises when it comes to your auto insurance policy.
Which auto insurance companies specialize in supercar insurance?
With so many to choose from, it’s hard to decide which auto insurance company is the best for buying supercar insurance.
Most insurers in the United States will provide coverage for the more common supercar brands such as BMW, Audi, Cadillac, Jaguar, and Acura.
Some companies, however, will not provide coverage for some of the more exotic models of supercars.
This includes insurance for imported cars, as American auto insurance companies are unsure of the replacement and repair costs and would rather avoid the risk entirely.
Some of the larger insurers that do offer supercar insurance are:
- State Farm
It’s probably wise when purchasing supercar insurance to stick to the major companies listed above that specialize in supercar coverage.
Are standard auto insurance companies a good choice for coverage?
There are pros and cons to using a normal car insurance company to insure your supercar.
Although it might be easier to find coverage with a standard insurer, there are several drawbacks.
First, the company may not have a high enough auto insurance limit to insure your car. For example, if the auto insurance company limits payouts to $250,000 and your car is worth $350,000, you will lose money.
Second, most standard car insurance companies have certain repair shops that they like to use. These shops will generally not be able to repair a supercar. This can cause headaches when trying to find a shop you both agree on.
Do your research before you settle on an auto insurance company to make sure it meets all of your supercar needs.
What are the problems with specialty auto insurance companies?
While some more common exotic auto insurance companies do offer supercar coverage, there are often issues with their coverage.
For example, they have a tendency to group all supercar drivers into the high-risk category and in many cases they often have maximum limits on their policy payouts.
They will also generally require you to be at least 25 years old and have an impeccable driving record. These companies can also limit the modifications on the car and have strict rules about how it can be stored.
Why do I need special auto insurance for a supercar?
The main reason that you’ll want to purchase a special policy for your supercar is to protect yourself in the event you’re involved in an automobile accident.
If you’re spending a lot of money on a supercar, especially if you’re importing it from Europe or Japan, you’ll want the import insurance to protect your investment and make sure you meet U.S. Customs and Border Protection standards for imported vehicles.
The right auto insurance policy will cover your supercar if you’re involved in a crash, no matter who is at fault. While this type of coverage may be expensive, you’ll want to have enough coverage so that you can replace or repair your exotic auto if need be.
Many of the factors that make supercars more difficult and expensive to insure are the same things that make insurance necessary.
Not only will you want to protect your investment, but since supercars can be dangerous, you’ll also want to make sure you’re legally covered in the event of an automobile accident.
What is the best auto insurance for sports cars? That depends on your specific needs and wants.
How to Lower Your Supercar Auto Insurance Rates
Before you get too excited about purchasing a supercar, arrangements for auto insurance must be made so that you can drive the car off the lot. Expect to pay higher rates for auto insurance for a supercar than you would for a normal vehicle.
That doesn’t mean there aren’t ways to save money on your supercar insurance. You can save money when you buy Lamborghini insurance as long as you know where to look for car insurance discounts.
For example, if you’re importing a supercar from abroad, you can save money on your import car insurance if the exotic auto has an American counterpart.
Larger auto insurance companies will have a better understanding of the risks and you might have an easier time finding parts for repair, which can significantly lower your supercar insurance cost.
Keep reading for more ways to lower your supercar insurance rates.
Should you compare supercar insurance rates online?
While you never want to cut corners on coverage, there are ways to keep yourself from overpaying for auto insurance for a supercar.
One of the easiest ways to do this is to start by comparing quotes from multiple auto insurance companies. It’s easy to get an auto insurance quote for your supercar with our free online tool.
You can also request a free insurance quote in advance from your auto insurance company to see how much it might cost to purchase coverage for the vehicle before you decide on buying it. This may help you determine whether a supercar is the right choice for you.
By checking supercar insurance quotes before you buy the vehicle, you can save yourself some headaches in the long run. You should always check beforehand to find out the costs of insuring a vehicle before you purchase it.
What type of auto insurance coverage should you buy for supercars?
Like with all other cars, you’ll want to decide how much coverage you need. The amount of coverage you decide to buy will influence the cost of your supercar insurance. Less coverage is required for supercars on display, which can save you money.
If you’re financing your supercar, your loan company may require you to carry full coverage insurance. Otherwise, you will need at least the minimum amount of liability insurance required by your state of residence.
Auto insurance is meant to protect you in the event that you’re involved in an automobile accident and need to file a claim. If you choose to purchase more than your state’s required minimum liability insurance, you’ll need to choose your coverage and deductible levels as needed.
Other types of coverage you might consider are:
- Roadside Assistance – This type of coverage is helpful for when your vehicle breaks down and can be used to pay for towing services, tire changes, etc.
- GAP coverage – This addition to your auto insurance helps pay off your auto loan if your car is totaled or stolen and you owe more than the car is worth.
- Medical Payment Coverage – This type of coverage may help pay for costs such as hospital visits, surgery, X-rays, etc. if you or your passengers are injured in an automobile accident.
- New Car Replacement Coverage – This type of coverage is only available in some states and from certain companies and will pay to replace your vehicle in the event of an accident.
- Pay-as-you-go insurance coverage – This type of insurance offers rates based on each driver’s individual driving habits and is only available in some states and through certain companies.
The table below shows some of the different types of policies and coverages available to you, along with what they do.
|Auto Coverage Type||Purpose of Coverage|
|Bodily injury liability||Part of your liability coverage that pays for medical bills if you've injured someone else in an automobile accident|
|Collision||Covers damage to your car after an automobile accident|
|Comprehensive||Covers damage to your car that happens when you're not driving|
|Personal injury protection||Covers medical expenses for you or your passengers after an automobile accident|
|Property damage liability||The other part of liability coverage that covers the cost of any property damage you've caused in an automobile accident|
|Uninsured/underinsured motorist||Covers the costs if you're in an automobile accident caused by a driver with little or no car insurance|
Most states only require you to carry the minimum liability coverage, but you may opt to purchase more coverage. For example, you may opt for liability insurance with higher amounts of coverage or lower deductibles.
Some other common types of additional coverage purchased by drivers include:
- Accessories Coverage – This add-on can be used to cover the loss of any automobile accessories through theft or damage.
- Consumables Coverage – This add-on can be used to help you cover the price of all the consumable products you may use in taking care of your vehicle such as motor oil, nuts and bolts, oil filters, lubricants, etc.
As mentioned earlier, most supercar drivers choose to carry some form of full coverage insurance.
It’s also possible that your insurance company will require you to purchase a special supercar policy or import car insurance based on your type of exotic auto.
How does your deductible affect your auto insurance rates?
Your deductible is the cost of any damages that you are responsible for paying before your auto insurance policy will pay out on the remainder of the claim. Auto insurance deductibles normally range between $500 and $1,500 regardless of vehicle type.
It is extremely important to make sure you read your auto insurance policy carefully and to know exactly what it covers and what you will be responsible for paying.
One thing you’ll want to look out for when shopping for supercar insurance is whether or not your auto insurance provider imposes a maximum reimbursement limit on claims you file on the vehicle.
If so, you’ll be responsible for paying for any damages not covered by the policy.
Buying Auto Insurance for a Supercar
The biggest pro to purchasing the right auto insurance policy for your supercar is knowing that your investment is protected. You can enjoy the peace of mind of knowing that you’re covered for all damages if you’re involved in an automobile accident.
You can also rest assured knowing that you’re driving legally, obeying the laws of the road, and protecting your passengers and others on the road as well.
The biggest con to insuring a supercar is the price.
Supercar insurance can be extremely expensive, but if you shop around and compare auto insurance prices, you can make sure you find the cheapest and best policy for your supercar.
Always make sure to check to see what discounts you qualify for as well, as this can make a huge difference in your policy pricing.
The best way to save money on your auto insurance policy is to shop around and compare prices. That’s why we put together this guide—so you have all the information you need about supercar insurance at your fingertips.
You should always check for multiple quotes before committing to an insurance policy for a supercar because rates will be different from different companies.
Are you ready to buy auto insurance for supercars? Compare auto insurance quotes for supercars now by entering your ZIP below.
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Frequently Asked Questions: Auto Insurance for Supercars
We answered some of the most commonly asked questions regarding auto insurance for supercars below.
#1 – Are red supercars more expensive to insure?
This is entirely false. Auto insurance companies do not use color as a factor in calculating auto insurance premiums. The only time that they may do so is if you’re purchasing a policy for a vehicle with a custom paint job.
#2 – Am I a high-risk driver because I drive a supercar?
As mentioned earlier, some auto insurance providers automatically classify the drivers of supercars as high-risk drivers.
This is based on risk assessment since auto insurance companies view the drivers of supercars as more likely to speed, drive recklessly, and/or be involved in an automobile accident.
This is not always the case, though, so it’s best to check with your insurance provider to see if you fall into this category.
#3 – Will I need GAP coverage for my exotic auto if I still owe on it?
GAP coverage is a type of insurance that helps to pay the difference between what you owe on your vehicle and what your vehicle is worth.
This coverage is used to make sure that you’re financially covered in the event that you total your vehicle and you owe more to your loan provider than your car is worth.
For example, let’s say you owe $20,000 on your vehicle and your insurance company will only pay $15,000 based on the vehicle’s fair market value.
GAP insurance would step in to cover the remaining $5,000 you would owe to your loan provider after your auto insurance pays out on your claim.
GAP insurance is a good option for drivers who owe more on their vehicle than it’s worth.
Before purchasing GAP insurance, be sure to calculate your loan balance and compare it to your vehicle’s fair market value. If you owe less than what the car is worth, you probably don’t need GAP coverage.
#4 – Are supercars illegal in the US?
U.S. laws regarding exhaust emissions, bumpers, and vehicle modifications are not the same as laws in Europe or Asia where many supercars are designed and built.
When you import an exotic car from abroad you may be asked to make modifications in order to drive it legally on American streets.
If you buy a supercar that requires modification, you can still display it as soon as you get it, but you won’t be able to drive it legally until you get the necessary work done.
#5 – Does exotic auto insurance limit how much I can drive my supercar?
Supercar insurance policies do not limit the number of miles you’re allowed to drive per year, but the number of miles you drive will affect how much you pay for your auto insurance policy.
You may be able to pay less for insurance if you don’t plan on driving your car every day. This is because your rate is partly based on your daily mileage.
The way insurance companies figure it, the more you drive, the more likely you are to get into an accident.
If you only plan to use your car on special occasions, you should make sure to tell your auto insurance agent. Using your supercar for display purposes only will land you a slightly lower rate on insurance.
Likewise, if you plan to use your supercar as your regular daily vehicle, you can expect to pay more for your auto insurance premium.
#6 – What is the cheapest supercar to maintain?
That really depends on the car’s age, condition, and how you drive it. Any supercar is going to be very expensive to maintain, but as a general rule, the lower the sticker price, the lower the cost of ownership.