Car insurance for Lamborghinis

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For many vehicle enthusiasts, a Lamborghini may be a dream vehicle. They are among the most luxurious (and expensive) vehicles you can purchase. But purchase price is not the only financial impact to consider.

Many of the best car insurance companies will not underwrite a car insurance policy for a Lamborghini, due to the value and performance capabilities of the vehicle, in addition to other risks associated with these vehicles. While you can find Lamborghini insurance from some specialty insurers, the premium will likely be significantly more expensive than the national average rate for a standard vehicle.

Key takeaway
Many insurance companies do not underwrite policies for Lamborghinis due to the vehicle value and risk associated with performance capabilities. However, you can find Lamborghini insurance from providers that specialize in coverage for high-value or performance vehicles.

Car insurance for Lamborghinis

For several reasons, many traditional auto insurance providers will not insure a Lamborghini. These luxury vehicles are extremely expensive to repair, with many of the parts having to be shipped from overseas and installed by a specialized mechanic. It would also cost 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. To be considered a sports car, insurers may expect it to have only two seats, be smaller and lighter than a sedan, have a turbo-charged engine and have a motor that is bigger than 350-cubic inches.

Given these requirements, many Lamborghinis would not qualify as a traditional sports car. If your Lamborghini does qualify for coverage and was classified as a sports car, the premium will likely be extremely expensive. For comparison, a 2019 Chevrolet Corvette, which costs $56,590, has an average full coverage premium cost of $2,220 per year, based on quoted annual premiums from Quadrant Information Services. A Lamborghini Huracan, which costs around $308,000, would likely have a much higher insurance premium, based on the vehicle value alone.

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.

To get classic car insurance coverage, the car may need to be a certain age, typically at least 20 years old. Many companies also place restrictions around mileage. You usually cannot get classic car insurance on a daily driver, for example. In addition, you may find that insurers will only cover your vehicle if it is stored in an enclosed garage.

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. To determine the potential rate, you can consider the average insurance costs for the most expensive cars to insure, most of which are cheaper in price than any Lamborghini model.

For instance, the average premium for a Tesla Model X, with a base price of round $100,000, costs an average of $3,324 per year to insure. Lamborghinis cost anywhere from $200,000 to more than $400,000, which means the average cost of insurance for a Lamborghini is likely to be much higher.

With exotic car insurance coverage, you may find that insurers are less likely to cover a Lamborghini due to the higher risks associated with driving a performance vehicle. In most cases, insurers will not cover a racing vehicle, which means performance capabilities are taken into consideration. In addition, cars that are built for speed are more capable of severe crashes, and drivers who opt for vehicles with this performance capability may be considered riskier to insure as well. Any recurring speeding incidents or accidents have an impact on rates, whether the vehicle is high-performance or not.

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 be extremely expensive.

Also, because these vehicles 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
  • Chubb
  • Grundy Insurance
  • Hagerty

Like all vehicles, you must have 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, plus medical payments coverage if you get injured in an accident. The requirement for these coverages can 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 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 can 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 not include additional coverage for your losses, like property damage.

Factors that impact car insurance rates for sports cars

The cost of Lamborghini insurance will depend on many different factors. In most states, your age, credit score, location, ZIP code, driving record and claim history can all impact your premium. In addition, your insurance company, policy limits and deductibles can influence the cost of coverage.

To reduce risk, 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. 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

Can I get Lamborghini insurance quotes online?

Although many car insurance companies provide online quotes, it may be harder to get one for a Lamborghini. The insurance company could need additional information about your vehicle that is not included on the standard application. Instead, you might need to call an agent directly to get a quote.

What affects the average cost of Lamborghini car insurance?

The average insurance premium for a Lamborghini depends on many factors, including your age, credit score, location and claim history. As a result, every Lamborghini owner will pay a slightly different rate. In the United States, the average cost of car insurance is $1,674 for a full coverage policy, but Lamborghini insurance will likely be much more expensive.

Do I need insurance for a leased Lamborghini?

If you lease a Lamborghini, you will likely be required to have a full coverage insurance policy, which includes comprehensive and collision coverages as financial protection against damage sustained by your vehicle. A lessor may also suggest you consider gap insurance, even though it may not be required.