Lamborghini is one of the most expensive cars on the market. But you should know that they are equally expensive to insure. The average auto insurance cost for this vehicle is $7,949 annually. This is three times more than the average insurance cost of a Honda Civic.
Since the Lamborghini is a collector vehicle, the owners may have to obtain a specialized insurance plan. It is a good thing because the collector auto insurance policies for a Lamborghini cost 44% less as opposed to standard auto insurance plans.
How Much Will It Cost To Insure Your Lamborghini?
The cost of insurance can vary based on the model you own. Depending on the Lamborghini model, you can expect to pay between $5000 and $8,000 per year. The insurance rates are correlated to the value of the vehicle. So the newer models will have higher costs as opposed to the older models.
By the very nature of car insurance, it’s often difficult to make an estimate on the price. This is because every car is different, and they are owned by very different people.
This creates a complex formula in which the insurance company has to deduce the amount of risk they’re exposing themselves to when they let someone take out an auto insurance policy.
High-end luxury sports cars tend to be some of the most expensive because of the various risk factors that are associated with them, as well as their high repair cost. Over the course of today’s guide, we’re going to take a look at Lamborghini car insurance, including how much you can expect to pay for certain models.
Why Is Lamborghini Insurance Expensive?
Insurance companies plan their insurance rates depending on the likelihood that the insured would file a claim and its costs. Lamborghinis are high-performance vehicles that reach a high speed in a shorter time. So these vehicles are more likely to be in a car crash as opposed to common vehicles.
Insurance companies set rates based on the likelihood that the policyholder would file a claim and how much that claim could cost. High-performance vehicles such as Lamborghinis are more expensive to repair and replace as well as more likely to be in an accident than more common cars, so they represent a much bigger risk to an insurer.
To accommodate these increased risks, car insurance companies will charge high rates for cars like Lamborghinis or choose not to insure them altogether.
Lamborghinis are a high investment for both drivers and insurers but there are several factors, including clean driving history and low annual mileage, that can keep your insurance rates down.
Insurance for a Lamborghini will be especially expensive for drivers who are more likely to drive irresponsibly. If you are 17 to 19 years old—a demographic that is statistically likely to get into a wreck—we found the cost of insurance for a Lamborghini could be 121% higher than the rates quoted above for a 40-year-old male.
Across the quotes we gathered, the rate for a 19-year-old male driver to insure a Lamborghini Aventador is $17,533 per year, about $9,600 more expensive than our adult driver profile.
Your car insurance rates will also be affected by how frequently you drive your Lamborghini. One of the questions insurers typically ask is how much you plan to drive an insured vehicle in a year.
The likelihood of an accident increases the more you drive your insured vehicle, so therefore your insurance company will charge higher rates. Exotic cars such as Lamborghinis aren’t typically used daily, so driving only a few thousand miles per year can greatly reduce auto insurance costs.
Moreover, the repair and replacement of this vehicle are extremely expensive. All these factors represent a greater risk to the insurer. To deal with the high risks, car insurance companies tend to charge high rates for Lamborghinis. It is not just that there are many factors that increase the cost of the insurance. Some of these factors include:
The kind of driving record you possess determines the rate of insurance coverage. If you are someone with a clean driving record, no accidents, few to no tickets, no unpaid tickets, etc., then you can expect to get a lower insurance rate.
A good driving record represents that the driver is careful on the road. On the other hand, if you carry a bad driving record, with many speeding tickets, crash history, etc. Then you will be charged a higher rate for your Lamborghini coverage.
Comprehensive And Collision Coverage
Once you have invested in an expensive car like Lamborghini, you want to do everything to make sure it is well-protected. And including comprehensive and collision coverage is an important part of that effort.
Comprehensive insurance coverage encompasses repairs and replacements to the vehicle while it is in the stationary position. This will include damage from weather conditions, acts of nature, theft, vandalism, etc. Criminals are likely to target high-end vehicles more.
Additionally, you may be living in a safe place that does not witness extreme weather conditions. However, things can turn upside down anytime, and you need to be prepared for the worst.
Collision insurance offers coverage for the repairs that your vehicle requires when it collides in motion. For instance, if some other vehicle is hit while you are driving, then you can leverage your collision insurance. Since the repair for Lamborghinis is extremely costly, it is better to stay protected with collision insurance.
So when you add collision and comprehensive insurances into your primary insurance, you are likely to increase the rates. But when you raise the deductibles on both policies, you can reduce the overall monthly rates.
The Added Cost Of Liability Insurance
It is mandatory for car owners to have liability insurance along with their main insurance. Liability insurance covers the damage that is caused by you to another vehicle, individual, or property during a collision.
The government of Canada has set the minimum liability insurance coverage amount to $200,000. In order to get better protection, you should consider insuring a higher amount.
This is important because high-performance vehicles are more prone to accidents as opposed to other cars. And often, car crashes lead to a lawsuit, so you have to be prepared for it. When you have comprehensive liability coverage, you will be in a much better place to deal with the damages and fight the lawsuit.
Why Should You Opt For Collector Car Insurance?
Collector car insurance is specially designed for vehicles like Lamborghinis, which are expensive and tend to appreciate in value.
The aspect that separates collector car insurance from standard auto insurance is the fact that the former works on an agreed value basis. On the other hand, standard auto insurance works on the actual cash value of the car.
It would be less expensive for you to buy collectors’ car insurance for your Lamborghini in comparison to standard auto insurance. But this insurance comes with certain facets that restrict how far and often you can drive the insured vehicle.
But people generally do not take their Lamborghinis on a road trip, so buying collector insurance can be a cost-efficient deal.
What If You Are Leasing The Lamborghini?
If you plan to lease a Lamborghini, then the dealership will ask you to buy GAP insurance. It covers the remaining lease payments in case of an accident. This insurance is a safer option for both owners and insurance companies. This is because insurance companies generally only provide a maximum value on the vehicles that they cover.
This means that if you are investing $250,000 in a new model and the maximum value of the insurance company is $100,000, you will have to pay the rest of the amount from your pocket.
Is There A Way To Save Money With Lamborghini Insurance?
Just like any other auto insurance, Lamborghini insurance also allows you to qualify for certain discounts that include:
- Good student discounts
- Anti-theft devices
- Safe driver discounts
- College graduate
- Bundling multiple policies
- Secure parking
- Enrolling in a defensive driving course
Since it is a luxury vehicle, you have the opportunity to increase the deductible more than other vehicles while getting extensive coverage.
Buying insurance for high-end cars like Lamborghini comes with its share of difficulty. However, by thorough research and evaluation, you can find the right coverage for your luxurious vehicle without burning a hole in the pocket.
To find the typical cost of insurance for a Lamborghini, we collected sample quotes for four recent Lamborghini models: the Aventador, Huracan, Murcielago, and Gallardo (as well as a Honda Civic, for price comparison).
We gathered rates from five major national insurers: Allstate, Erie, Esurance, Farmers, and State Farm. We also gathered quotes for each model from American Standard Insurance, a specialty insurer that provides coverage for rare and exotic cars.
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