Insurance for supercars

I just saw a small story about a guy in Texas who drove his Bugatti Veyron into a salt marsh.

The Veyron costs about $1.7 million. Will regular car insurance companies like State Farm and Allstate cover a car that expensive or would you have to find a special company for coverage?

Typically cars like that are insured under special policies and not by the standard companies. Although some of them may offer coverage for it. I found a company that would insure that car for $42,000 a year, assuming you only drove it 5000 miles a year. (at least for an insta-quote, that would obviously be subject to change)

I don’t think you’d have to find a special company, but you’d have to find out if Allstate and State Farm would cover it. They might; but they also can decline coverage on such an automobile. Allstate and State Farm are, as I recall, “direct writers,” selling fairly standard insurance packages through their own agents, who don’t necessarily have the authority to accept business for special or unusual policies. Remember, any insurer, including those above, doesn’t have to take your business.

Many broker-market insurers can write a custom policy, as opposed to an “off-the-shelf” policy, for classic/rare/special-in-some-way automobiles. The best way to find out who might is through a call to an independent insurance broker or agent. Even if they don’t deal with insurers who underwrite such policies, they would have an idea of which insurers and brokers do, and would tell you how to go about getting such a policy.

In short, any insurer may cover such a car, but it may not be under a regular (and regularly priced) policy.

The car itself is probably self insured but liability may be done through an agency.

Interesting website. If the car is run at full speed the tires will only last 15 minutes and cost $25,000 a set to replace. It can’t be physically be done in one pass because the car runs out of fuel in 12 minutes.