How to Insure Super and Exotic Cars

Supercars are fast and flashy. But they can be harder to insure than regular cars. Learn more about auto insurance for super and exotic cars.
an exotic red Ferrari

If you own an exotic or supercar, you need to know how to properly insure it. High-performance and rare cars are notoriously expensive to fix and repair. And the rules governing auto insurance for these vehicles are a bit different from usual. So, it’s important to fully understand how exotic car insurance works.

This article will help you learn more about how to buy insurance for your exotic or supercar. This includes:

  • The cost to insure an exotic vehicle
  • Where to get insurance for an exotic or supercar
  • How to rent a supercar
  • How much it costs to rent an exotic car
  • Frequently asked questions

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What is an Exotic or Supercar?

There isn’t a one-size-fits-all definition for what makes up an exotic or supercar. For most people, it’s one of those “you know it when you see it” types of things. Even so, “exotic or super” usually refers to cars with unique or impressive features that make them stand out from the rest. They can look like race cars or even luxury vehicles, often with remarkable top speeds.

You likely have a supercar if you own a Ferrari, Lamborghini, Bentley, Bugatti, or McLaren (among others). Your car insurance company will typically let you know if you have a supercar. They decide if your car is exotic/super based on certain features such as its size, horsepower, and make/model.

Exotic or supercars are typically:

  • Fast. The Ferrari F8, for example, can reach 211 mph (most sedans only go to around 140-160 mph).
  • Flashy. They often come in bright colors and boast unique, striking designs.
  • Exclusive. Some cars are only for members of special clubs.
  • Expensive. Mainly well over $100,000 in MSRP.
  • Limited edition. Some companies only make limited amounts of specific models.

Cost to Insure an Exotic or Supercar

You can expect to pay much more to insure a super or exotic car. This is because supercars generally cost way more than a run-of-the-mill sedan. Insurance for such powerful cars can cost many thousands per year. The exact price will vary based on several factors such as:

  • The car’s make/model
  • The car’s horsepower/speed
  • Where you live
  • How often you drive it
  • Your age
  • Your claim history
  • Any discounts you qualify for

These are only some of the factors that auto insurance providers will look at to determine your rates. Many more aspects, such as your limits and deductible, will go into your final premium.

Per an article from Nasdaq, most insurers set their maximum limits at about $200,000. This means that, as an exotic car owner, you’ll need much higher limits than other drivers. The amount you pay for insurance will reflect your increased limit. You can mitigate these higher costs by comparing quotes from insurance providers.

Supercar owners pay more for their auto insurance for many reasons. Here are some of the most common reasons why you’ll likely pay a higher premium for your high-end car:

Safety Issues

Let’s be honest, you didn’t buy a supercar to drive 30 mph. Supercars are popular because of their ability to go insanely fast. Unfortunately, this also means that they can be less safe than regular cars. Insurers tend to think of supercar owners as “higher-risk,” even if you’re the best driver in the world.

Exotic cars also lack some safety features you’d find in a commuter car. Instead, more of the focus tends to be on speed and cutting-edge design choices. Because of the increased risk and general lack of safety, auto insurance providers will raise rates for these types of cars. This also means that you might not be able to qualify for certain safety discounts.

Expensive Repairs

Repairs on exotic cars can end up being very costly. This is due to their exclusive, unique nature and how pricey they are. If you get into a wreck and damage your car, many of the parts could be very expensive for you and your insurer to fix or replace.

In some cases, only specialized people know how to do repairs on exotic cars. Since these mechanics are very few and can be hard to find, you’ll pay a lot more than you would at a typical repair shop.

Higher Theft Risk

Supercars are extremely flashy and coveted vehicles. They offer a feeling of both luxury and fun. Their parts are also unique and generally more expensive.

But with the widespread desire for super and exotic cars, also comes a much higher risk of theft and break-ins. Insurers are aware of how popular and high-risk supercars tend to be. So, they raise their rates accordingly.

Which Companies Insure Exotic or Supercars?

There are a variety of car insurance companies that offer exotic/supercar insurance. Providers such as Progressive, Hagerty, NCM Insurance, and State Farm sell insurance to owners of exotic and supercars.

Some bigger companies are a little more specific about which types of cars they insure. For instance, GEICO doesn’t insure the highly powerful exotic cars like Lamborghini, Ferrari, and Maserati. But they’ll still insure the more typical sports cars such as BMW and Mercedes-Benz. Be sure to contact your carrier to see which types of coverage options they have for exotic cars.

Gap Insurance

As an owner of an exotic car, you may consider buying gap insurance. Gap covers the difference between what you owe on a financed car and its actual cash value (ACV). The ACV is the price you’d sell the car for if you put it on the market. Buying gap insurance will help you have coverage if your exotic car gets badly damaged, totaled, or stolen.

Specialty Insurance

Specialty insurance is coverage that’s specifically designed for special or complex items. Exotic or supercars would be one example of something unique and special. For that reason, it would be a good idea to at least think about getting specialty coverage if your car is difficult to insure with regular insurance companies.

It can be harder to get coverage for some rarer and more exotic cars than the more common ones. If your car is one-of-one or a type of race car, you’ll likely have a difficult time insuring it without specialty coverage. This is because these cars tend to be way more expensive to buy than pretty much every other car on the market. Most insurance companies won’t want to hand out coverage to cars that would cost a ton to fix after an accident.

In other cases, businesses may want to get specialty coverage. If you own a collector car rental business, it’s probably a good idea to buy specialty insurance. For example, it’d be a little hard to insure a classic Batmobile with the same insurance you’d use with a 2016 Toyota Camry.

Renting Exotic and Supercars

So, you want the thrill of an exotic car without buying one? If this is the case, you might consider renting one. This is quite common in places like Las Vegas where people want to show off and make the most of their trip.

Note that you must be at least 25 years old to rent an exotic or supercar. This is because drivers under the age of 25 have a statistically higher likelihood of getting into an accident.

If you’d like to rent an exotic car, you can get started by contacting a rental company such as Hertz or Enterprise.

How Much Does Renting Cost?

The price to rent an exotic or supercar can vary because of many factors. Enterprise, for instance, comes up with a price based on:

  • Make and model of the car. Certain cars, like exotic or foreign cars, may cost more to rent than others.
  • Location. Your location and its amount of traffic could have an impact.
  • Date and time. As an example, driving in rush hour could be more expensive because there’s more traffic.
  • Availability of cars. Certain cars may be in more demand, leading to a higher price.
  • Length of rental period. How long you rent the car is one of the main driving factors of the price. Sometimes you might rent for as long as a week. Or you may do it for just a day.

Benefits of Renting

Renting is great for those who only want to use an exotic car for a special occasion or on a trip. It’s entirely common for people to rent a high-end car for weddings, proms, or other types of events.

When you rent, you don’t have to pay for the expensive insurance that comes with owning an exotic car. You get to focus primarily on the fun and less on the costs.

Frequently Asked Questions

Q: Which auto insurance companies will insure a Lamborghini?

A: Not every major car insurance company will insure a Lamborghini or any other supercar. But you can typically get coverage from companies such as:

Q: Which types of car brands count as an exotic or supercar?

A: You’ll usually have an exotic if your car is fast, unique, or was very expensive. Common super/exotic car brands include:

  • Bentley
  • Bugatti
  • Ferrari
  • Lamborghini
  • McLaren
  • Rolls-Royce

Q: How old do you need to be to rent an exotic car?

A: You must be 25 years of age to rent an exotic or supercar. You can rent super, exotic, or luxury vehicles from companies such as Hertz and Enterprise.

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