Tag Archives: Insurance

The Insurance Costs Of A 19 Year Old Owner Of A 2,000 Horsepower Lamborghini

By   December 31, 2018

2000 Horsepower Lamborghini

2000 Horsepower Lamborghini

For younger automotive enthusiasts and their parents insurance costs can dictate what type of car they are allowed to drive. When I was in college I had saved enough cash to buy an air-cooler Porsche 911 3.2 Carrera that was in well maintained very good condition.

I came home and told my parents that I wanted to buy it and my Mother talked me out of it mainly because of the insurance costs. Of course she also thought I would kill myself and my response of “at least I would die happy”, didn’t help the conversation go well.

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Men Versus Women: Who Are the Real Bad Drivers?

By   September 9, 2015

GT350

 

For years, insurance companies have been more likely to charge higher rates for young male drivers than for young women. Men who are looking for affordable insurance may wonder at the reasoning behind this. Are they really the more reckless gender behind the wheel? The statistics might surprise you, says Isaac Abraham, a NY traffic attorney.

Who has a higher risk of driving drunk?

In general, men are more likely than women to drive while intoxicated. A study of 2011 DUI rates found that men were responsible for 4 out of 5 drunk driving accidents. Not only that;men between the ages of 21 and 34 were responsible for 32% ofdrunk driving offenses in that calendar year. For reference, men in that age range make up only 11% of the population. 
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Supercar Insurance: The Cost Of Owning A Supercar

By   February 14, 2013

Aston Martin

Supercars are the fastest, most expensive vehicles in the world. In some cases, these vehicles are even illegal to drive on public roads. Because of their high price tags and limited production numbers, supercars are typically reserved for the wealthiest people in the world. Even if a non-wealthy person somehow obtained the funds for a supercar, it is unlikely that he would be able to afford the high costs of insuring that vehicle. In fact, insuring a supercar can cost about 10 percent of the value of the vehicle each year, which is much more than most people can afford.

How is supercar insurance calculated?

Usually, traditional insurance companies will not even attempt to insure a supercar. Supercar owners typically have to insure their vehicles through private underwriters and insurance companies that specialize in high-end vehicle insurance.

These private companies use a variety of figures and calculations to determine how much the insurance premiums of the vehicle ought to be. The company will consider a variety of aspects of the vehicle, including original purchase price, current value, add-ons and accessories, the age of the vehicle, the type of parts used in the engine, quality of the interior, frequency of maintenance, any specialized repairs or parts, and a variety of other factors related to the vehicle itself. In addition to the vehicle considerations, the insurer will also look at the lifestyle of the owner of the car. Factors like driving history, criminal record, age of the driver, and whether the car will be used as part of a collection, secondary use, or daily use. According to Grundy Insurance, which specializes in insuring high-end vehicles, the premiums for a 1 million dollar vehicle can easily top $25,000 per year.

The most expensive supercar insurance:

Bugatti Veyron Super Sport: $2,400,000

The Bugatti Veyron Super Sport is a street legal vehicle that can reach 60 miles per hour in 2.5 seconds. The cost of insuring this vehicle would be at a minimum of about $40,000 per year.

Aston Martin One-77: $1,850,000

This vehicle had a production run with just 77 vehicles, making it one of the rarer vehicles available today. Insuring this vehicle would cost a minimum of about $30,000 per year.

Pagani Zonda Cinque Roadster: $1,850,000

This vehicle is incredibly expensive and exotic. It can reach 60 miles per hour in just 3.4 seconds. Insurance would cost about $30,000 per year.

Least expensive supercar insurance:

Supercars are not always astronomical. Here is the cost of insuring some of the most affordable supercars:

Mercedes-Benz SLS AMG: $183 000

This “affordable” vehicle costs around $10,000 to insure each year.

Audi R8 V10: $146 000

The Audi R8 costs around $8,000 for yearly insurance.

Aston Martin V8 Vantage S: $139 000

This affordable Aston Martin model has a much lower insurance cost than the Super Sport. It costs around $7,000 to insure each year.

The cost of a supercar alone is not the only consideration necessary in the purchasing decision. The high cost of insurance keeps many people from purchasing expensive vehicles, even if they can afford the cost of the car itself. Because of this, supercar ownership is reserved for the incredible wealthy.

Writer Biography

This is a guest post by Nate Miller, a part-time guest-blogger. His main interests are Automobiles and Racing, with a recent focus on Education and Technology. He is constantly extending his field of interest to incorporate news suggested to him by his readers. He currently represents Autoinsurance.us one of the best options if you’re looking for NC auto insurance rates. Also, make sure to follow him on Twitter.

Insuring Movie Drivers: The Cost of Insuring Hollywood Vehicles

By   January 29, 2013

Hollywood Vehicles

Everyone enjoys a good movie about fast and reckless driving, but have you ever considered how much it would cost to insure the vehicles and drivers that use those cars? After all, most car insurers do not take kindly to customers that willfully wreck their cars on a regular basis. To bring a little realism to the fantasy of Hollywood, we have come up with insurance rates for some of Hollywood’s most famous cars and reckless drivers:

Taxi

The 2004 movie, “Taxi” featured a taxi driver that helped a rookie cop catch a string of Brazilian bank robbers. In the movie, the crime-fighting duo get involved in several car chases, crash the taxi, and cause general mayhem along the way.

The cost of insuring a normal taxicab is surprisingly high. For most taxi drivers, the yearly insurance rate is between 5 and 10 thousand dollars a year. Most insurance costs vary due to driving records, out-of-state-driving, and the type of taxi vehicle. Reckless driving and frequent accident claims would likely double the cost of insuring the famous taxi, making Belle William’s insurance skyrocket to nearly $20,000 per year.

Skyfall

There may be no more reckless driver than James Bond. In the recent 2012 movie, “Skyfall” Bond drives a customized 3.0L V6 diesel Jaguar XJ L. Insuring a luxury vehicle under normal driving conditions is expensive, but the driving record of James Bond drives the insurnace cost sky high.

With Bond’s reckless driving record, traffic offences, high millage, and danger to other drivers on the road, his insurance costs would likely cost about $80,000 per year. His frequent trips outside of his home country would also likely drive the insurance premiums up even higher.

Fast and Furious

The main vehicle in the movie “Fast and Furious” is a simple 2001 Mazda RX-7. While this car is not expensive to insure on its own, the driving record of Dominic “Dom” Toretto would drive the cost up significantly. The base insurance costs for the vehicle hover around $1,800 per year, but the significant modifications to the vehicle, combined with his reckless driving and high crash rating would drive the cost of insurance much higher. Dom would likely have to pay over $5,000 per year to insure his car, even with the discount from driving a Mazda.

The Bourne Supremacy

“The Bourne Supremacy” is another movie where the main character drives a simple vehicle available to anyone- the Hyundai Sonata. Normally, this vehicle costs somewhere in the neighborhood of $1,500 per year to insure, mainly due to its excellent crash ratings. However, with the high likelihood of high millage, reckless driving, injury to other drivers, and a poor driving record, Bourne would have to pay a much higher premium. His car insurance costs would likely cost somewhere in the neighborhood of $8,000 to $10,000 per year.

Smokey and the Bandit

This classic movie showcases one of the trendiest cars of the decade- the 1977 Pontiac Trans Am Special Edition. This retro car had an actual bird of fire painted on the hood that completed the flashy look of the vehicle. Insuring a similar vehicle today would cost somewhere in the neighborhood around $1,800 per year. However, due to the reckless driving, high vehicle abuse, danger to other drivers, and driving records of the famous duo, their insurance costs would likely top $8,000 per year.

Being a Hollywood driver is no picnic. It costs a pretty penny to drive like the famous characters from movies. Let’s hope their movie salaries are enough to cover the high cost of their reckless driving adventures so they can save the world without going broke.

Writer Biography

This is a guest post by Nate Miller, a part-time guest-blogger. His main interests are Automobiles and Racing, with a recent focus on Education and Technology. He is constantly extending his field of interest to incorporate news suggested to him by his readers. He currently represents Autoinsurance.us one of the best options if you’re looking for NC auto insurance rates. Also, make sure to follow him on Twitter.