Owning a Lamborghini, for most people, is a simple and wonderful dream, a dream that won’t come true. However, if you are one of the lucky ones who can afford a Lamborghini, then you need to consider the cost of Lamborghini car insurance into your overall investment.
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When you buy a Lamborghini, you are making an investment. Lamborghinis aren’t vehicles that you buy on a whim. With costs of about $150,000 to $200,000 for a Lamborghini, you can’t take this kind of purchase lightly. Lamborghini car insurance costs are far different from a standard car.
Think about it this way, when you purchase a Ford minivan, you might spend $30,000 and pay about $1600 a year for your auto insurance. Imagine what the costs will be for a vehicle that starts at $150,000.
How much you will pay for your Lamborghini car insurance will depend on many of the same factors that apply to a regular car. Your age, where you live, your driving record, credit score and so on all have an affect on your rates. The biggest difference is where the rates start at when you are insuring a Lamborghini versus other types of vehicles.
Keep reading to learn more about the costs of Lamborghini car insurance, where to purchase your insurance and how to save money on this costly coverage.
How Much Lamborghini Car Insurance can Cost
One of the first questions you probably have is in reference to the cost of Lamborghini insurance. As mentioned above, it is impossible to say for sure just how much you will pay because your rates will depend on various factors.
With that being said, you can expect to pay between $5,000 and $20,000 a year for insurance for a Lamborghini. This is quite a bit higher than the next most expensive car to insure at about $3000 annually, according to a study conducted by insure.com.
Lamborghini’s were excluded from this study because they were considered to be an outlier, which means the results were so different that it would have changed the outcomes of the study dramatically.
Another reason that Lamborghini’s were excluded from the study is because many insurance companies won’t insure Lamborghini’s, which reduces the amount of information available for studies.
The cost of Lamborghini insurance will be based on how much insurance you purchase as well. Most Lamborghini drivers won’t opt for liability only, which would reduce your rates dramatically, putting the rates in the $1200 annual range.
Liability insurance doesn’t cover the cost of the Lamborghini if you are the cause of the accident. That is why nearly every Lamborghini owner opts for comprehensive and collision coverage, which is what puts the insurance rates into such a high range.
You might think that Lamborghini car insurance is so expensive because of the cost of the car, but this is only one factor that the insurance company considers. Because Lamborghini’s are exotic cars, insurance companies assume certain things about the lifestyle of the person who owns the Lamborghini.
While this may not seem fair, it is no different from an insurance company charging more for a sports car than they do for a minivan. Statistics show that drivers who buy certain types of cars tend to drive certain ways and Lamborghini drivers are no different.
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Where You Can Purchase Lamborghini Car Insurance
Here is where things can get tricky. Not every insurance company sells specialty car insurance, and not every company that sells Lamborghini insurance will provide insurance for every type of Lamborghini available.
In fact, many insurance companies will only offer a max value on the vehicles that they insure of $150,000. What this means is that if you spent $240,000 on your Lamborghini, which is entirely possible, then your insurance company may not value your policy to that level. If that is the case and you have an accident that causes a total loss, then you will have to pay the difference your policy and the actual value of your vehicle out of pocket.
Fortunately, not every insurance company restricts your Lamborghini coverage in this manner. If you take the time to shop around for Lamborghini car insurance, then you will find companies that offer full coverage.
You may find that your best option is to choose a specialty company that specializes in providing insurance for exotic cars. Interestingly, these companies are often less expensive than a regular insurance company in terms of the costs for Lamborghini.
You may also find that in your area there are no regular companies that sell Lamborghini insurance. In this case, you may have to turn to a high-risk company for your insurance needs.
As mentioned above, insurance companies make certain assumptions about Lamborghini drivers, which may put you in a high-risk category in the state where you live. Even if you have a clean driving record, this may be the only option for you.
As a quick note, when you are looking for Lamborghini car insurance, you need to make sure that the insurance company includes delivery of your Lamborghini to an authorized mechanic for repairs. Many small towns don’t have Lamborghini licensed mechanics.
Lamborghini’s are specialty vehicles that require Lamborghini mechanics to work on them. You could void your warranty or even face having your car ruined if the right mechanic doesn’t work on it. What’s more, if after market parts are used, it could devalue your vehicle.
Saving Money on Your Lamborghini Car Insurance
Saving money on your Lamborghini car insurance is much like saving money on any other type of vehicle. You can qualify for many of the same discounts that you could get if you were driving a less expensive car.
Discounts you could qualify for are:
- Safe driver
- Good student
- College graduate
- Anti-theft devices
- Multiple policies (stacking)
- Safety driving course
- Secure parking (applies when you park your Lamborghini in a brick building with security)
In addition, increasing your deductible is another way to reduce your Lamborghini car insurance premiums. While most people opt for the $500 deductible for their cars, you can choose deductibles as high as $5,000 for your Lamborghini. If you can afford it, this is an excellent way to reduce your monthly premiums.
You may also receive a discount if you choose to pay our premiums all at once instead of breaking them into monthly payments. This deduction may only be a couple hundred dollars, but every little bit counts.
In addition, shopping around will ensure that you save money on your Lamborghini car insurance. Although not every insurance company provides Lamborghini insurance, there are still enough that do that you should shop around for the best rates.
You will find that the rates can range by thousands of dollars for a car like a Lamborghini, which is why it is so important that you don’t assume that you are already getting the best rate.
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