How much does it cost to insure a supercar? Picture: Porsche.
How much does it cost to insure a supercar?
They offer the ultimate in speed, exclusivity and excess. But, practically, how much does it cost to insure a supercar?
How much does it cost to insure a supercar? Picture: Porsche.
99% of us will never have the privilege of experiencing a supercar that can exceed 320 km/h and turn heads wherever it goes. But for those that do, how much does it cost to insure a supercar?
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It’s a practical, real-world concern of high-end car ownership that most of us never consider when we see one flash by on the highway. So, we asked King Price Insurance to provide some insight: how much does it cost to insure a supercar?
HOW MUCH DOES IT COST TO INSURE A SUPERCAR?
Because supercars carry such expensive price tags, they need to be comprehensively insured. This brings with it a higher monthly premium, says King Price Insurance. The figures for cars in excess of R3.5-million will probably shock you.
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Comprehensive cover for the latest Porsche 911 GT3, for example, with an insured value of around R5.5-million will cost R14 098 a month. Interestingly, even insurance on supercars depends on a number of factors.
“Considerations such as the age and experience of the driver, the applicant’s claims history, their credit score, the area in which the car is stored and the agreed-upon excess amount, come into play.”
Wynand van Vuuren from King Price Insurance.
IT ALL DEPENDS ON RISK
How much does it cost to insure a supercar like an older Ferrari 458 Spider valued at R6-million? This will cost the owner R11 868, again depending on the variety of risk-profile considerations we mentioned.
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You would pay R9 740 in monthly premiums for a new V10-powered Audi R8 with an insured value of approximately R3.6-million, according to King Price. While a Mercedes-AMG G63 insured for R3.8-million would bear a monthly premium of approximately R10 388.
MORE MONEY, MORE PROBLEMS
So, the next time you see a high-end supercar, don’t feel so envious. Remember that the owner is forking out massive amounts of money, not just on monthly repayments and maintenance, but on insurance, too.
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Although most supercar lovers would consider these figures a mere snip compared to the joy their treasured cars bring them.
