Auto insurance is an expense that comes with owning and driving any vehicle. Like expenses such as your energy bill or phone bill, you need to expect car insurance for as long as you plan to drive. Unlike a mortgage or car payment, however, your car insurance premium can vary based on numerous factors such as age, location, credit score, and driving record. Your rates also aren’t set in stone, as your driving behaviors could cause your premium to go up or down.
At the very least, you will probably require liability insurance for any car that you drive. Most states in the U.S. mandate that all drivers carry a minimum amount of liability insurance to operate a vehicle on the road legally. Liability insurance covers bodily injury and property damage claims made by other drivers if you are at fault in an accident. However, this insurance only covers other drivers and will not protect you or your car in an accident. As a result, many drivers also purchase collision and comprehensive coverage to provide full coverage protection no matter who is at fault.
The average driver in the United States pays around $1,600 a year for full coverage insurance rates. This average assumes that the driver has a clean record and drives a four-door sedan. As discussed, however, many factors influence insurance premiums. One major influencing factor is the type of car you need to insure. As a general rule, you will pay high rates for more expensive cars that insurance companies feel will cost more to replace. If you own an exotic sports car like a Lamborghini, you can expect to pay even more.
Lamborghinis not only come with an expensive price tag, but they also come with higher car insurance rates. Let’s take a closer look at auto insurance for a Lamborghini.
Cost of Insurance
So, how much is insurance on a Lamborghini? The average cost of insurance for a Lamborghini Aventador is around $8,000 per year. This rate is almost three times more than the cost of a regular sedan such as the Honda Accord. Just as with any other type of vehicle, different Lamborghini models have varying average rates. The Aventador is the most expensive as the MSRP on this vehicle is over $417,000. The Lamborghini Gallardo has the lowest MSRP of around $128,000 and costs about $5,500 to insure annually. Many factors contribute to auto insurance premiums, however, Lamborghini’s price tag is a major factor in insurance premiums.
Insurance Coverage
Insuring an exotic sports car like a Lamborghini can be difficult. Selling only around 1,000 cars in the U.S. per year, Lamborghinis are so expensive and rare that many insurance companies do not even offer coverage. Some national insurance companies such as State Farm and Allstate will provide coverage for Lamborghinis. However, others such as Progressive and Liberty Mutual do not. Having such an expensive car will necessitate full coverage. To find insurance for such a luxury car will require some shopping around.
If you cannot find insurance for your Lamborghini, you may have to resort to classic or collector car insurance. This type of specialty insurance is designed for very expensive vehicles like the Lamborghini. Collector car insurance policies have rates that are based on the agreed value of the car. Rather than using the car’s cash value like standard insurance, comprehensive and collision coverage with a collector car insurance policy will pay up to the agreed-upon amount to replace or repair the vehicle.
Insurance companies set rates based on the perceived risk of the driver and vehicle. Exotic cars like the Lamborghini are fast sports cars that are more expensive to repair or replace. As a result, insurance companies will charge high rates to insure the car, and some may not offer coverage at all.
