A Lamborghini is one of the most expensive and luxurious vehicles one can own, making it a dream purchase for many vehicle enthusiasts. However, as a high-powered, exotic sports car, most car insurance companies choose not to insure Lamborghinis, which might dash the dreams of a Lamborghini owner.
While you can find Lamborghini insurance from some specialty insurers, the premium will likely be significantly more expensive than the national average rate of car insurance for a standard vehicle. If you are still considering purchasing a Lamborghini, you should understand what factors go into pricing and how to ensure you get the right policy for your new purchase.
Car insurance for Lamborghinis
For several reasons, many traditional auto insurance providers will not insure a Lamborghini. These luxury vehicles are typically extremely expensive to repair, with many of the parts having to be shipped from overseas and installed by a specialized mechanic. With the higher estimated cost of repair, a Lamborghini could end up costing the insurance company a great deal of money if the Lamborghini was totaled in a covered accident.
However, keep in mind that if you own a registered Lamborghini and you drive it, the car must be insured. Driving without insurance (or an alternative proof of financial responsibility) is illegal, and exposes you and other drivers to financial risk.
For insurance purposes, Lamborghinis are treated differently than sports cars, classic cars and even exotic cars. While you might think you would be able to purchase these types of insurance for a Lamborghini, the car typically has to meet a variety of qualifications.
Sports car insurance
Sports car insurance coverage includes financial protections designed for drivers of performance vehicles. Though each insurer’s expectations may differ, some sports car qualifications may include:
- Seats for only two passengers
- Smaller and weighing less than a sedan or larger model vehicle
- Made with a turbo-charged engine
- Motor larger than 350-cubic inches
Given these requirements, many Lamborghinis would not qualify as a traditional sports car. The Lamborghini Urus is an SUV with four seats rather than a coupe with two seats. And some trims of the Lamborghini Huracan have smaller than 350-cubic inch engines. Lamborghini has also decided to swap out the turbo-charged engine in the Aventador with a naturally aspirated V12 engine.
Classic car insurance
Classic car insurance specifically covers collector and antique cars, which would exclude most Lamborghinis. This includes cars that are expected to increase in value, rather than depreciate, like a regular vehicle. While some national car insurance companies sell classic car insurance, your car typically has to meet certain criteria in order to purchase this policy, like:
- Being at least 20 years old
- Driven less than a certain number of miles per year (typically 2,500 or less)
- Not used as a daily driver
- Must be stored in an enclosed area and secured, like a locked garage
- Being a retired model for the manufacturer
Certain Lamborghinis will qualify for classic car insurance, but only if they meet the requirements. So, while a 2010 Lamborghini Gallardo would likely not qualify, a 1970 Lamborghini Espada might, assuming it fits all the other criteria.
Exotic and luxury car insurance
Depending on your Lamborghini’s model and year, it might qualify for exotic or luxury car insurance. However, the cost of insurance will probably still be very high, as it is tied to the value of the vehicle, cost of repairs and other criteria. To determine the potential rate, you can consider the average insurance costs for the most expensive cars to insure, most of which may be cheaper in price than a Lamborghini model.
For instance, the average premium for a Tesla Model X, with a base price between $115,000 and $139,000, costs an average of $3,324 per year to insure, according to Bankrate’s research. Lamborghinis cost anywhere from $200,000 to over $400,000, likely leading to a much higher average cost of insurance for a Lamborghini.
Unlike luxury car insurance, which puts an emphasis on comfort and quality, exotic car insurance is made for cars built for performance and speed. While a Lamborghini certainly fits the exotic car criteria, this type of insurance is usually only available through specialty insurers. With such a high-risk vehicle on the road, your driving history may be more heavily scrutinized than on a standard car policy, making it more difficult to get covered if you do not have a clean driving record.
Why don’t insurance companies cover Lamborghinis?
There are a few reasons why many insurance companies do not cover Lamborghinis. In the event of a claim, repairing or replacing a Lamborghini would generally be highly expensive.
Also, because Lamborghinis are designed for speed and high performance, it is possible that drivers are more likely to get into an accident. If you are a high-risk driver with a history of speeding tickets or other violations, it may be even harder to get Lamborghini insurance.
However, there are a handful of insurance companies that sell insurance for ultra-luxury vehicles, like Lamborghinis. Here are some of the insurance providers that may offer Lamborghini insurance:
- AIG Private Client: Offers coverage nationwide and over 80 countries worldwide, AIG Private Client works with high-value individuals and families to insure their property. Lamborghini owners may be interested in higher liability limits, worldwide coverage and agreed value from AIG.
- Chubb: This insurer is available across the U.S. and in 54 countries. Chubb offers peace of mind that if an insured vehicle is damaged, it will be returned to pre-claim condition with OEM parts and have the repairs overseen by its collision repair experts.
- Grundy Insurance: This national insurer offers coverage for many makes and models. If your Lamborghini qualifies, you could choose to personalize your insurance with agreed value coverage, OEM parts, pet coverage and personal property coverage.
- Hagerty: One of the most recognized collectors and classic car insurers, Hagerty may only be for Lamborghini owners with models that fit this category. The national insurer offers coverage for spare parts, instant new purchase and auto show injury reimbursement.
Like all vehicles, you must maintain at least a minimum amount of car insurance to legally drive your Lamborghini. In addition to liability insurance, you might also be required or advised to purchase a full coverage policy that includes collision and comprehensive coverage for damages sustained to your vehicle. Coverage requirements will depend on the state you live in or whether or not your vehicle is financed. Limits above the minimum required can be beneficial, depending on your preferred level of financial protection.
If you lease or finance your Lamborghini, gap insurance can be a valuable addition. It helps pay your remaining loan balance if your new car gets totaled in a covered claim and the payout amount is less than what you owe. Most private insurance companies sell gap insurance for vehicles one year or newer in age, but you could also get it through most leasing companies.
Lamborghini owners looking for extra coverage can also consider an umbrella policy, which provides additional liability insurance once you max out the limits of your basic policy. However, note that umbrella insurance only covers another driver’s losses if you cause an accident. It does not include additional coverage for your losses, like property damage.
Factors that impact car insurance rates for Lamborghinis
The cost of Lamborghini insurance will depend on many different factors. Driving and claims history for all household drivers and the state you live in are all determining factors. In addition, your insurance company, policy limits and deductibles can influence the cost of coverage.
Insurance companies may be more likely to insure a Lamborghini driver who has no prior insurance claims and has a clean or almost-perfect driving record to reduce risk. If you have a spotty driving record or have filed multiple claims in the past, insurance companies may consider you to be at higher risk of future claims, which can make it more difficult to get a policy or find more competitive rates.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 vehicle of the following model types, commute five days a week and drive 12,000 miles annually:
- 2019 Chevrolet Corvette
- Tesla Model X
These are sample rates and should only be used for comparative purposes.