Auto Insurance for Supercars

If you drive a high performance car you still need car insurance in order to legally drive it. Car insurance for supercars is often on the more expensive end. Because supercars are more expensive to repair or replace, cheap supercar auto insurance is hard to find. Many auto insurance companies won't cover supercars at all, but some specialty companies will offer liability limits up to $1 million to insure your supercar.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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  • A supercar is considered a high-performance sports car.
  • If your auto insurance provider classifies your vehicle as a supercar, you can expect to pay higher rates for your policy.
  • Supercars are more expensive to insure because of the high cost to replace and repair those types of rare luxury vehicles, as well as the high probability of accident and theft claims that go along with exotic car ownership.
  • Although many insurance companies will not cover supercars, there are specialty insurance companies that cover supercars and can offer liability limits up to $1 million.

Many drivers dream of owning a supercar, like a Lamborghini. If you’re fortunate enough to make your supercar dreams a reality, you’ll need to protect your high-powered six-figure sports car with the right car insurance for supercars. But how much is insurance on a Lamborghini? And, did you know that not all insurance companies offer exotic car insurance? 

You may have to look beyond the basic types of auto insurance to find the best insurance for sports cars.

When you’re ready to protect your supercar with the right insurance, just put your ZIP code into our search tool to talk to a knowledgeable insurance agent in your area.

How much does car insurance cost for supercars?

To put it bluntly, auto insurance for supercars is not cheap. Carriers charge high premiums to insure high-performance luxury vehicles because they are extremely expensive to replace and repair.

Before we get into how much supercar insurance costs, let’s better understand what a supercar is for auto insurance purposes.

What is a supercar?

A supercar is considered a high-performance sports car. Supercars are also referred to as exotic cars, and sometimes hypercars. When classifying supercars, auto insurance companies take several factors into consideration, including the make and model, number of cylinders, engine horsepower, and height and weight of the vehicle.

It’s common for supercars to have two seats, a softback, 500-plus horsepower, and other race quality performance features, but classifications can differ between providers. You can always ask if your supercar happens to fit into another classification with lower insurance rates, but you should always be careful that your coverage limits are high enough given the value of your vehicle.

The one thing all supercars have in common is that they are very expensive, which makes them rare. Rare things cost more than common things to insure.

Is insurance higher on luxury vehicles?

Without question, it costs more to insure luxury vehicles than it does to insure mainstream cars. Here are some reasons why:

  • High Replacement Cost —  Simply put, insurance is higher on supercars because they are expensive to replace. Some luxury cars even increase in value over time. Logically, the higher the price of a car, the higher the costs to insure it.
  • High Repair Cost — Because they are so expensive, exotic cars are rare, which in turn makes replacement parts rare and expensive as well. Supercars also typically require specialized mechanics to do the repairs, which can hike up repair costs.
  • High Claim Risk — Insurance companies will always increase rates if they see an increased risk of claims. Statistically, supercars are more likely to be driven at high speeds and, therefore, are more likely to get in car accidents. Supercars are also at an increased risk of being stolen, which increases the likelihood of theft claims.

What other factors determine rates on supercar insurance?

In addition to the high expense and probability of claims that go along with exotic cars, there are standard risk factors companies use to determine rates for supercar insurance. Just like with an average car, your age, education, gender, location, marital status, credit history, coverage, and claim history, driving record and many other factors go into determining insurance rates for supercars.

When getting quotes, make sure you inquire about all the factors that were used to calculate your rate. You may find a factor that you can use to adjust your rate downward. You can also ask different carriers what is the cheapest supercar to insure.

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Do millionaires need car insurance?

If millionaires own expensive cars, then yes, millionaires need car insurance. According to Insurance Business America, luxury cars are valuable assets that require protection, and it is essential for high net worth car owners to get the right auto insurance for their expensive vehicles. The right auto insurance will allow you to replace or repair your supercar if it gets wrecked or stolen.

One of the main reasons to insure your supercar is the same reason to insure any car: to protect yourself if you’re involved in an automobile accident. Not only do you want to protect the asset — the supercar — but it’s important to have sufficient insurance coverage in the event there are personal injuries or damage to other property.

High-end car insurance also provides other types of protection. For example, car buyers who invest in supercars often import them from Europe or Japan, and so it’s smart to have import insurance that meets the U.S. Customs and Border Protection standards for imported vehicles to protect your investment.

Are there car insurance companies for supercars?

Truthfully, not all insurance companies offer coverage for supercars. In fact, says that sports car, supercar, and hypercar insurance is among the hardest to get. Many insurance companies don’t offer coverage for supercars at all.

Luckily, there are some supercar insurance companies. Insurance companies that cover supercars can offer high liability limits, up to $1 million, and some even higher. Your standard middle-market car insurance company will likely max out at $300,000 in liability limits. 

You can expect companies that specialize in luxury automobiles to charge extremely high rates.

Luxury car insurance agencies often offer an optional coverage called “agreed value coverage.” Agreed value coverage allows the owner to agree on the car’s worth when the policy is written. In the event your luxury car is stolen or totaled, the insurer will pay you the agreed value amount rather than the total loss value, which typically takes into account the car’s age or mileage.

Owners of exotic cars should always have appraisals done to support the car’s value. If the vehicle is an asset that is likely to increase in value over time, then the owner should have periodic appraisals done and adjust the agreed value coverage if necessary.

High-performance vehicle insurance carriers also have great resources for exotic car owners. They often have a network of specialists — repair shops, appraisers, car transport companies, and vehicle restorers — that provide an added value to the insurance relationship.

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In a nutshell, the main reasons why supercars are more challenging and costly to insure are the most important reasons they need to be insured. You don’t want to put off getting the right insurance for such an expensive, and potentially dangerous, asset. 

Don’t let the dream of owning a supercar turn into a nightmare by being uninsured, or underinsured, in the event of an accident or vehicle theft. Talk to an agent in your area now about getting the best auto insurance for sports cars by putting your ZIP code into our search tool.

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Enter your ZIP code below to compare cheap insurance rates.

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