Whether you’re investing in your very first supercar or adding to your cars, congratulations! Owning your own supercar is a great achievement but one that needs to be thoroughly protected with specialist insurance cover.

To help you find the best car insurance for your supercar, we’ve pulled together some guidance, along with the common mistakes to avoid.


Why You Need Specialist Insurance for Supercars.

Insuring supercars generally requires arranging a bespoke policy and NOT off-the-shelf, online cover. This is because;

  • The value of supercars often exceeds what can be covered under traditional car insurance making premiums expensive.
  • The best insurers take a case-by-case view of supercar insurance, looking in detail at factors such as drivers’ experience, parking, security and modifications and they only deal with brokers.
  • Advice matters, there are numerous technical differences in insurance for supercars so experts like Elevate can make a huge difference

What are the main differences between typical online car insurance and specialist supercar cover?

No personalisation or advice.

With online car insurers, you only receive general quotes. You then have to work through the insurance jargon to identify gaps and differences that ultimately decide the best combination of price and protection for you.

Accurate value of your supercar.

With specialist supercar insurers, we agree on a guaranteed value for the car in the event it’s written off or stolen and not recovered, not just a market value determined by the insurer.

No restrictions on repair centres.

Often, standard car insurers will have a set selection of repair centres your car can go to, which might not suit you. Bespoke supercar insurance allows you to choose a repair centre such as the main dealer and use only Original Equipment Manufacturer (OEM) parts for repairs if you wish.

Replacement Cars.

Most insurers cannot support supercar replacement cars. By using a broker like Elevate, we can find an insurer who will provide a new car replacement for 12, 24 or even 36 months, if you own your insured car from new.

High-value add-ons.

Using a specialist supercar insurer can often include exclusive extras such as European breakdown cover or cover you to drive other people’s cars comprehensively.

Speaking to an expert vs a computer.

Online insurers focus on speed, processing your details and insurance quotes as quickly as possible without speaking to anyone. When your supercar is a significant asset, you deserve advice from an experienced person like the Elevate team.

How does a broker help with supercar insurance?

At Elevate, we will;

  • Discuss your situation and the details of your vehicle before offering relevant advice on the best insurance options.
  • Speak person to person – no online forms, chatbots or call centres!
  • We’ll save you time and hassle by creating a risk presentation for insurers to assess.
  • We have access to specialist supercar insurers who only operate through brokers.
  • We get you the most competitive quotes with the best cover.
  • At the annual renewal, we re-evaluate the market; we don’t simply renew with the same insurer.
  • In the event of a claim, we’re here to navigate you through the process and provide support.

Top 10 mistakes when insuring supercars?

  • 1 = Policy wordings - In our experience, insurance from online insurers is often inadequate for supercars as it includes warranties and clauses designed to protect insurance companies, not you and your vehicle.
  • 2 = Your car’s value – Supercar values often change with the market, so it's essential to keep the value of your supercar updated, or you risk being paid out too little.
  • 3 = Additional drivers - It's tempting to add drivers, but a better option may be a specialist policy that covers any driver over 30 years old or only add a driver when they need to drive the car.
  • 4 = Inaccurate mileage - Supercars usually have low annual mileage, and new owners tend to overestimate how much they will drive the car, resulting in them paying more for their insurance.
  • 5 = Ignoring additional security – Most supercars have advanced security features, but there will be optional upgrades that may have a material impact on your insurance costs. Talk to the team at Elevate for some free advice.
  • 6 = Safekeeping and parking - Consider where you will park such a valuable asset. A relatively modest investment in gates, bollards, or a garage will pay back quickly in terms of lower insurance premiums. Whereas street-parked supercars are very difficult and expensive to insure.
  • 7 = The type of car you buy - Talk to an expert about the insurance implications of certain cars before you commit. It may be impossible or extremely expensive to insure certain supercars, depending on your background or where you live.
  • 8 = Existing or new modifications - Some modifications will be innocuous and have no impact on insurance; others may be red flags for insurers and increase your premium.
  • 9 = Processing claims - Managing claims with no advice or support from a broker can be highly stressful and very time-consuming. Experienced insurers, like Elevate, can guide you through the process.
  • 10 = Doing it yourself - Going through a specialist broker like Elevate will almost certainly get you a better cover at a competitive price, without the time and hassle of trying to sort everything yourself.

Please don’t make these mistakes; contact Elevate and check out our supercar insurance services.

Supercars Elevate Insure.

Models We Cover
Ferrari F8, Roma, Portofino, 812, Monza, SF90, F12, 812GTS, 458, 458 Speciale, 488, 296
Lamborghini Urus, Aventador, Gallardo, Huracan, Huracan EVO, Aventador SVJ
McLaren 570S, 600LT, 675LT, 765LT, P1, 540S, GT, Elva, Speedster, 650S, 540 560 650 600 620 675 720 765 MP412C, P1, Senna, GT, Artura
Koenigsegg one 1, Agera, Regera Jesko, Gemera
Pagani Huayra, Zonda
Bugatti Veyron, Chiron, Divo
Aston Martin Vantage GT12, GT8, DB11, DB12, DB9, DBS Superleggra, DBX
Porsche 911, GT3, GT3 RS, Panamera, Taycan, 718, Cayenne, Cayman GT4, GT2, GT2RS, 911 Turbo
Posted on 25 September 2023 in Cars