Lamborghini is one of the expensive cars in the market. But you should know that they are equally expensive to insure. An 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 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 $8000 in a year. The insurance rates are correlated to the value of the vehicle. So the newer models will have higher costs as opposed to older 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.
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:
Driving History
The kind of driving record you possess determines the rate of insurance coverage. If you are someone with clean driving records, no accident, minimum 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.
Driver insurance can be particularly expensive for those with poor records, as insurers view younger drivers as higher risk. Maintaining a clean driving record is crucial to keeping your insurance premiums as low as possible.
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 replacement in the vehicle while it is in the stationary position. This will include damages from weather conditions, the act 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 the main insurance. The liability insurance covers the damage that is caused by you to another vehicle, individual, or property during the 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, the 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 the 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 on a new model and the max value of the insurance company is $100,000, and 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 aย 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.
Final Thoughts
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.
