How would you like to have a speed monitoring device on your 500-plus horsepower supercar?
In the age of Instagram and Snapchat, it’s quite easy to get caught in the fallacy of seeing only the picture-worthy parts of life while ignoring its more unpleasant trials and tribulations. The same can be said about supercar ownership. For example, all of those YouTube videos make owning a Lamborghini look like loads of fun, and it likely is, but they fail to outline the unsexy sides of owning a supercar like repair bills or insurance cost. Auto Guide was curious about the latter, so it decided to just ask insurance companies.
By interviewing representatives from insurers in Canada and the US, it learned about the discrepancies in price between the two neighboring nations as well as the factors that play a crucial role in altering cost. In Canada supercar owners have it good, paying about $4,200 per year for insurance. Compared to the average annual cost of insuring a car in Canada, about $4,000, that’s a steal. But things aren’t the same in the Red, White, and Blue. “For us, Lamborghinis are a cause for concern insurance-wise but not for what you expect,” said a Geico representative. “The major reason why we do not insure Lamborghinis or any type of supercar is simple. The value of these cars is too high for any Geico policy to sufficiently cover.”
Progressive had a different stance on supercar coverage, offering insurance for Lamborghinis and the like but with a few caveats. Among these are allowing the company to install a speed monitoring device to the vehicle to see if the owner engages in risky driving behavior. Under those conditions, an owner could expect to pay $4,000-$20,000 to insure a supercar. The reason that the range is so wide is that the price goes up or down depending on many factors—the age of the driver or the driver’s history for example. Persistent supercar owners can rest easy knowing that their group is catered to by smaller insurance companies that charge much higher rates but provide policies to match.
One such firm is Grundy Insurance—which quoted the price of insuring a Lamborghini Aventador for a driver that was over 25 years of age, had a clean driving record, kept the Lambo stored in a garage when not in use, and used another car for primary transportation—at $6,000 per year. Downgrade from an Aventador to a Huracan while keeping all other factors constant and the owner is looking at a much more reasonable $2,000 per year. It’s reasons like these that the class of “baby” supercars exist.