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Buying an exotic car model is significantly more expensive than getting most other types of vehicles. Due to their steep costs and ability to reach high speeds, you can also expect to pay more when getting auto insurance for supercars.
Our team compared industry leaders across the U.S. to find the best auto insurance company. The easiest way to find affordable rates and exceptional coverage for your supercar is by getting quotes from multiple providers at once.
What Is a Supercar?
A supercar is a high-performance vehicle that’s legal to drive in the U.S. These models are typically quite expensive and can move at extremely high speeds. Many motorists consider there to be no real difference between sports cars, exotic cars and supercars.
Which Automakers Build Supercars?
Below, we’ll list out a few companies that are known to produce supercars:
- Aston Martin
Why Is Auto Insurance for Supercars So Expensive?
It’s rarely cheap to insure exotic car models, and there are multiple reasons why. Below are a few factors that explain why it’s difficult to find cheap auto insurance premiums for supercars.
Supercars Are Worth More Money
One of the most obvious reasons for the higher cost of auto insurance for supercars is that the vehicles cost more. The higher the price tag of a car, the higher its insurance premiums usually are. After all, the auto insurance company may need to pay you its actual cash value (ACV) if the vehicle gets totaled. Charging you higher premiums helps the insurer cover potential costs.
Car Repairs Are Usually Pricier
Supercars aren’t just more expensive to buy; they’re also pricier to repair. Exotic car models frequently require unique parts that are both expensive and difficult to find. On top of that, mechanics who can properly take care of supercars typically charge higher-than-average prices at their repair shops.
Associations With Risky Driving
Car insurance for supercars is often pricier because companies associate high-performance models with risky behaviors such as speeding. These vehicles can quickly reach high speeds, and auto insurers worry about car owners putting all that horsepower to use. Your car insurance premiums will usually increase as the maximum speed on your supercar goes up.
Higher Risks of Car Theft
Another factor working against supercars is the fact that thieves are more likely to steal them. The high value of supercars makes it extremely appealing for thieves to target these models. After all, thieves get more by stealing a supercar than by going after a non-luxury car.
You’ll Want Full Coverage Car Insurance
If you own a supercar, it’s wise to purchase more than your state’s minimum liability coverage. Most motorists can’t or won’t want to repair or replace a supercar because of the steep costs. Simply put, full coverage auto insurance protects you financially in case of an accident or theft.
Check That Your Auto Insurer Covers Supercars
Keep in mind that not all car insurance companies will insure supercars due to them being considered both high-risk and pricey. Make sure to look at various providers of auto insurance for supercars before landing on a single one.
It’s smart to get multiple car insurance quotes before choosing your provider, as you could find widely varying rates for coverage. Supercars won’t be cheap to insure, but they can be much more affordable if you do your own research before picking a specific carrier.
Which Companies Have Auto Insurance for Supercars?
Exotic car models can typically be covered by mainstream car insurers such as GEICO, Progressive, Allstate, State Farm and USAA. While you may find that certain companies don’t extend coverage to supercars, that’s typically not the case with the larger brands.
You can also find sports car insurance through one of the many specialty insurers on the market. Hagerty is one of the most well-known insurance agencies that specifically focuses on high-end sedans and coupes.
Don’t Overlook Classic Car Insurance
Worth noting is that many companies offer auto insurance for supercars under the name of classic car insurance. While this coverage is typically intended for older vehicles, it also suits exotic vehicles extremely well. Keep in mind that classic car insurance is usually much more expensive than the coverage that’s standard on more typical models.
Factors That Affect Auto Insurance Rates
As with any type of car coverage, rates on auto insurance for supercars will depend on various other factors. Below are a few of the most significant ones:
- Location: Certain states require more coverage than others, leading to auto insurance costs that aren’t always consistent across the U.S. Those in rural regions usually pay less than drivers in urban areas due to a lower number of risks on average.
- Driving history: Those with bad driving records can expect to pay higher rates on auto insurance for supercars. Expect to spend thousands on auto coverage if you’ve got speeding tickets, at-fault accidents or DUIs on your record.
- Credit score: Those with poor credit scores are often severely penalized with increased rates for auto insurance.
- Safety and security features: Your premiums could be lower if your car comes with sophisticated safety and security components.
- Chosen deductible: Motorists who choose a high deductible will get cheaper auto insurance rates per month, but they’ll pay more out of pocket after an accident.
If you’ve got a poor credit score or a bad driving record, it’s unwise to get a supercar. Consider getting a different model until you gain a more stable footing with your credit and with your driving behaviors.
How To Lower Car Insurance Costs
Auto insurance policies for supercars and collector cars won’t ever be cheap, but there’s no reason to pay extortionate rates for coverage. We’ll show you how to lower auto insurance premiums on expensive cars in the section below.
Don’t Reduce Your Insurance Coverage
Think twice before reducing your coverage down to property damage and bodily injury liability insurance. If you end up wanting to file an insurance claim, expect to face high repair costs that your auto insurer won’t have to cover.
We’d recommend not downsizing your car insurance coverage unless it’s absolutely necessary. If you were able to purchase a supercar, you should have the resources to purchase collision coverage and comprehensive coverage.
Bundle Your Insurance Policies
A better way to reduce auto insurance rates is by bundling your coverage with a homeowners or renters insurance plan. You’ll likely receive lower rates for each type of insurance than it would cost if the two were purchased separately.
Increase Your Insurance Deductible
Your deductible is how much you’ll pay before auto insurance for supercars kicks in after an accident. Increasing your deductible means you’ll have to pay more upfront before coverage begins, but you’ll pay less each month.
Our Recommendations for Auto Insurance
Whether you’re looking for auto insurance for supercars or for other vehicles, we suggest checking out GEICO, Progressive and State Farm. It’s easy to compare free quotes from various providers to find options with extensive insurance policies and affordable rates.
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GEICO: Best Overall
Drivers often turn to GEICO for its impressive coverage options and wide range of discounts. You’ll likely receive savings for seat belt use, for being a responsible driver and for driving a newer vehicle. GEICO’s rates are generally some of the lowest across the U.S.
Progressive: Best for High-Risk Drivers
Progressive is an excellent option for those who’ve received a speeding ticket or a DUI violation. That’s because the auto insurer readily accepts new drivers and doesn’t penalize those with flawed driving records as harshly as some companies. Learn more about the provider in our Progressive insurance review.
State Farm: Best Student Discounts
State Farm has received a strong reputation for the quality of service offered by local auto insurance agents. It’s easy to connect with State Farm agents, as the company has offices in communities all across the country. Students often receive significant discounts from State Farm, so make sure to consider the provider if a young driver needs coverage.
Frequently Asked Questions (FAQs)
How do insurers determine insurance rates for sports cars?
Insurance companies use the agreed value of a sports car, how often it’s driven, your driving history, the car’s location and your credit score to determine rates. The top speed and engine output can also have large effects on auto insurance premiums for supercars.
Why would my insurance be higher if I own a sports car?
Sports cars typically have a higher value that insurers would have to pay if the vehicle gets totaled. Repair costs are also usually more expensive, and sports cars are routinely used for speeding and reckless driving.
What companies offer supercar insurance?
Companies that offer exotic car insurance coverage include State Farm, GEICO, Allstate and Progressive. While most providers will protect exotic vehicles, that’s not always the case. You may find that some providers use classic car insurance to cover supercars.
The Detroit Bureau collects data from every major car insurance provider to formulate rankings of the best insurers. Our in-depth rating system takes into account market share, coverage, auto insurance rate estimates generated by Quadrant Information Services, customer satisfaction and ratings from industry experts. Each insurer is given a weighted score in four categories, as well as an overall score out of 10.0.
We recommend auto insurance companies based on these rankings, but we also encourage you to perform your own research and compare quotes to find the best coverage.