Supercar Insurance Costs

Insurance costs for a supercar or exotic car can be expensive. Choose a company that specializes in providing coverage for them. Compare quotes from companies and save up to $859.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: May 13, 2020

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Here's what you need to know...

  • A company that specializes in supercar or sports car coverage is the best at evaluating your supercar for insurance
  • Several factors can affect your auto insurance rates
  • Cost is not the only factor you want to consider when shopping around; the amount of coverage you can get for a quoted price is a big factor as well

If you choose to drive a supercar, you already know that you will be paying premium rates for your insurance coverage.

Acknowledging that fact doesn’t mean that you want to pay more than you have to for your insurance coverage.

By shopping around and considering multiple providers for your coverage, you will be able to find the protection you need at a price you are willing to pay.

Enter your ZIP code for free online car insurance quotes now!

How much is insurance for a supercar?

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When you are looking for insurance coverage for your exotic car or classic sports car, you will want to deal with an insurance company that has experience insuring these types of vehicles.

Not all insurers will be willing to take on the risk associated with providing coverage for a high-performance car, and you will probably be better off choosing a company that specializes in providing coverage for them.

A company that specializes in offering coverage for these types of vehicles will be in a better position to evaluate the value of your vehicle for insurance purposes.

You will be charged different rates depending on how much driving you are doing with the vehicle and where you drive it.

For example, if you need coverage for a car that you are planning to use at races or car rallies, you will want to make sure that your policy covers the vehicle itself, as well as the trailer it is transported on between events.

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Factors that Influence Exotic Car Insurance Prices

When you start looking for supercar coverage, the price you will pay depends on several factors:

  • Make and model The insurance company will consider how expensive it would be to repair if you were involved in an accident. It also looks at the cash value of the vehicle, which comes into play if the damage was serious enough to total the vehicle
  • Driving history If you have a clean driving record, you will be paying less for your coverage than someone who has a history of being involved in accidents or accumulating tickets
  • Age and gender – Younger and less experienced drivers can expect to pay more for car insurance, no matter what type of car they are driving. If you happen to be a young person driving a high-performance vehicle, you can expect that your rates will be extremely high
  • Annual mileage – Auto insurance companies consider the likelihood that the car will be involved in an accident or another type of loss. A person who drives their muscle car on a daily basis may pay more for coverage than the individual who keeps their car in a locked garage and only displays it at local shows

Shop Around for Best Supercar Insurance Rates

Sports car and high-performance car insurance is a niche market, but that doesn’t mean that all insurance companies charge the same rates for the same type and level of coverage.

Each one uses its own formula for evaluating risk and determining how much to charge a particular customer for his or her coverage.

By comparing coverage options from a number of companies, you can get the best possible pricing for your supercar. It’s an asset that you are proud to own, and you want to be sure that it’s protected properly.

Keep in mind that cost is only one factor you need to consider; you also want to look at the amount of coverage you can buy for the price quoted.

Skimping on your car insurance is not a good thing to do. The money you pay out in premiums is well worth the expense if it means that you have the protection you need if you ever have to make a claim on your policy.

Your coverage will only pay out up to the policy limits, so you want to be sure that you have enough supercar insurance in place to fully compensate you if your special vehicle is ever damaged or destroyed.

To get free online car insurance quotes today, enter your ZIP code.

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