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.
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.