Best Auto Insurance for Supercars in 2024

The definition of an exotic auto depends on the height and weight of the vehicle, and its race-quality performance, which includes 500 horsepower or more. However, what defines a supercar are the number of cylinders and the horsepower of its engine.

Insurance companies will consider all of this and the make and model of your supercar when determining your rates. This means you can expect to pay higher auto insurance rates if you drive a Porsche, Lamborghini, or another vehicle that fits the exotic car definition.

How much does car insurance for a Lamborghini cost? Supercar insurance rates are twice that of the national average. Drivers can expect to pay between $3,000 and $5,000 per year for coverage.

You can reduce your rates by maintaining a good driving record and shopping around with auto insurance companies that offer agreed-value policies. This guide breaks down the type of coverage you need and compares insurance rates for the most affordable exotic cars.

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What is the best kind of car insurance for a supercar?

A standard policy will not cover a supercar, so your auto insurance company will require that you purchase a special policy for your vehicle. Due to the high replacement value and repair costs associated with supercars, your best option is to buy an agreed value policy.

Agreed value auto insurance for supercars sets a maximum payout based on your car’s total value. An appraiser will determine the value of your car, so you and the insurance company can agree on policy limits that will appropriately cover the vehicle in case of a claim.

The type of agreed value policy each company offers will depend on the kind of supercar you drive. For example, some drivers can qualify for sports car insurance if their exotic auto fits other parameters. Further, a vintage supercar used for shows may qualify for classic car insurance, which can result in cheaper auto insurance rates with certain companies.

You may also opt for additional coverages, including event and car club insurance if you use your car in shows or parades. If you’re financing your supercar, the loan company may require you to carry GAP insurance. Any extra insurance coverage will raise your rates, so shop with multiple companies to find the best price for your policy.

How much does supercar insurance cost?

Supercar insurance rates will vary based on the driver and the model, but you can expect to pay more than standard auto rates. On average, supercar insurance costs between $250 and $450 per month, nearly twice that of the national average.

The type of supercar you drive will have the most significant impact on your auto insurance rates. For example, even the best value supercar — the Porsche 911 — is among the most expensive cars to insure.

This table shows how supercar insurance can vary based on make and model:

Top 10 Most Expensive Cars Average Auto Insurance Monthly Rates

Vehicle	Rates
Audi R8	$381
BMW 7-Series	$294
BMW i8	$364
Maserati Ghibli	$335
Maserati Quattroporte	$419
Mercedes AMG-GT	$344
Mercedes S-Class	$312
Porsche 911	$311
Tesla Model S	$302

If you’re shopping for the best supercar for the money, consider the monthly insurance rates in your budget. For example, you would be paying almost $1,000 more per year to insure a BMW i8 compared to the 7-Series.

Why is supercar auto insurance more expensive?

Supercar insurance is more expensive than standard auto insurance for multiple reasons. The biggest factor is the vehicle’s MSRP. Additionally, high-price vehicles are stolen more often, leading to increased insurance rates.

The high purchase price of an exotic car also leads to expensive repair and replacement costs if the vehicle is stolen or damaged in an accident. Insurance companies charge higher rates to cover this difference.

Insurers are inclined to raise rates because supercars increase in value as they age. Unlike standard autos that depreciate as soon as they leave the dealership, insurance companies have to raise rates to compensate for the appreciation of your supercar over time. This is why it’s recommended that you buy agreed-value auto insurance to protect your vehicle.

How to Lower Your Supercar Insurance Rates

Supercars are among the hardest vehicles to insure, but that doesn’t mean there aren’t ways to save money on insurance.

You can lower your auto insurance rates by maintaining a good driving record, garaging your supercar, and paying your insurance bill in full. These things will earn you car insurance discounts from many companies that offer insurance for exotic cars.

Other popular insurance discounts for supercars are:

• Homeowners discounts. Owning a home and having a home insurance policy with the same company can earn you between 5%-10% off your auto rates.
• Paperless discounts. Paying your bills online can reduce your supercar insurance.
• Driver safety discounts. Taking a defensive driver class will give you 10% off your rates with some companies.

Insurance companies also offer discounts to drivers who only use their supercars for show and drive under a certain number of miles per year.

If you want to reduce your supercar insurance rates further, consider driving an American counterpart over an imported model. Repairs on imported cars are expensive and parts are often unavailable. You will find more affordable rates for American supercars because repairs are more feasible.

What insurance companies cover supercars?

Some companies will not provide coverage for certain types of supercars and exotic autos due to the high-risk nature of the policy. For example, if you’re looking for Geico exotic car insurance, the company will direct you to a specialty insurer that partners with Geico.

You may have to shop around with three or more local insurance companies until you find one with affordable rates. Fortunately, many of the best auto insurance companies offer sports and supercar insurance, including:

• Allstate
• Chubb
• Hagerty
• Progressive
• Safeco
• State Farm

However, whether you’re shopping with a standard or specialty company, read the terms of your supercar insurance policy closely. Some insurers may not have a high enough auto insurance limit to insure your car. For example, if the auto insurance company limits payouts to $250,000, but your car is worth $350,000, you will lose money.

Other insurance companies may also limit you to certain repair shops, which may or may not have the ability to work on supercars or imported autos. This means you would have to pay more to take your car to the repair shop of your choice.

Insurance companies might place other requirements on supercar drivers, including age restrictions. Do your research and compare multiple insurance companies near you to find one that offers the coverage you need.

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What You Need to Know About Auto Insurance for Supercars

Whether you already own a supercar or are in the market for a brand new one, it’s important to know how to save money on your auto insurance. Supercar insurance can cost upwards of $450 per month, but you can lower your rates with discounts.

The easiest way to save money on your auto insurance policy is to shop around and compare prices. We recommend comparing quotes from at least three different companies before committing to a policy.

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