Exotic Car Insurance – How Much & Where to Buy

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Years ago we ran an article on exotic car insurance and the poor service we received from a company named Hagerty when we shopped for insurance. We mentioned that certain insurance companies like GEICO will not offer insurance on brands like Maserati, Ferrari, or Lamborghini simply due to the nature of the car, not even based on its value. Most small or discount based insurance companies will not insure those cars even if you had insurance with them for years under expensive nice luxury cars. So who do you go to?

It all depends on your record and your ability to pay up as it gets expensive the first few years but then becomes really reasonable once you prove your worth and ability to drive without hitting others or racking up many tickets.

Based on our recent research and rates based on LA, DC, FL, and TX, we have come to the following conclusions in terms of best insurance companies to use to insure you exotic cars.

State Farm: Clearly the best in terms of rate, coverage, and payout. State Farm not only had the lowest rates but also has the greatest reputation of paying out when things go bad. What is the point of insurance if you cannot count on it when you need it. The longer you stay with them, the lower the price will go, especially with a great driving record.

All State: Despite being about 20% higher in premium using the exact same scenario, All State is also well know for insuring exotic cars as well as paying out if things go the wrong way. They have been known to turn down exotics at times for drivers with bad records.

GEICO: While GEICO may not honor insurance on the Italian exotics as mentioned above, they are great if your garage consist of more ‘common’ entry level cars such as Porsche 911s, BMW M models, or Mercedes AMG. Below is a screenshot of our 6 month policy on a 2008 Mercedes CLK63 AMG Black Series, a car with originally a $130k MSRP but now valued around ~$65k.

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While companies like Progressive may selectively choose if they will insure exotics for their existing clients, we were not able to get a direct quote out of them on a new policy. Meaning that if you own a policy, you may be able to insure your new exotic without switching, but otherwise there are better choices out there.

Driving an exotic car is a privilege, not a right, and no one has to insure you. It’s no different than getting insurance when you are 16 and get your first car, as your first exotic car holds the same weight. Understanding that enables you to make better decisions when driving.

Reality is that exotic car insurance is actually very affordable and in some cases as low as $340 every 6 months for a Lamborghini which may seem like its unheard of but possible, but it ultimately all depends on where you live, what your record is, and of course your history of driving such cars responsibly.

For more truth on exotic car ownership and how to buy an exotic car without losing money please check out Exotic Car Secrets.

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