Supercars are the pinnacle of automotive engineering and design. With luxurious interiors and incredible performance, it’s no wonder why supercars make up the top tier of the lucrative luxury car market in the United States. Though supercars only accounted for around 4.5 percent of light vehicle sales in 2021, the premium segment still represented a whopping $5 billion in revenue.
For the select few who own one of the estimated 70,000 to 100,000 exotic supercars in the U.S., like Ferraris, McLarens, and Ford GTs, the experience of driving one is exhilarating.
However, when you’re behind the wheel of a rare, multi-million dollar vehicle, the risks are much higher. Even a minor fender bender can lead to repair bills in the tens or hundreds of thousands.
The High Cost of Super Car Repairs
Unlike regular cars that can be fixed at any local body shop, supercars require specialized technicians and parts. Bodywork, suspensions, brakes, and engines are often extensively modified or custom-built. Replacement parts can be extremely difficult to source.
For example, in 2011, Steffen Korbach, a German investment banker, was driving his rare $2 million Pagani Zonda on a highway in Italy in the rain. Despite traveling at low speed, he hit a puddle and hydroplaned into a road barrier. While Korbach and his passenger walked away unharmed, his hypercar (1 of only 25 made) looked completely destroyed. Repairing such a rare vehicle requires custom fabrication of parts, easily running into the mid six-figures.
Super Car Insurance Premiums
Insuring a supercar is extremely expensive. Premiums often cost thousands of dollars per year due to the high value of the cars. Coverage also may not fully protect owners in the event of a total loss or theft.
Scott Mansfield, an experienced car accident lawyer, explains: Many insurers refuse to offer collision and comprehensive coverage for extremely high-end supercars. Others set limits on payouts based on the vehicle’s depreciated value, rather than the much higher original sale price. This leaves owners to pay out-of-pocket for repairs or replacements.
Out-of-commission Time
Supercar repairs take much longer than regular cars. Parts shortages, extensive modifications, and a lack of qualified technicians all lead to significantly increased downtime. Owners can go weeks or months without being able to drive their car after an accident.
This also impacts indirect costs like alternative transportation, rental cars, and depreciation from having an out-of-service vehicle.
Consult a Car Accident Lawyer
After any accident, supercar owners should consult an attorney who specializes in these types of cases. An experienced car accident attorney can help navigate insurance claims, determine fault and liability, and pursue financial recovery if the owner was not at fault. They may also help with interacting with police and following proper procedures.
While supercars represent automotive styling and performance at their highest levels, owning one comes with serious financial risks. Minor collisions or mishaps can lead to repair bills of hundreds of thousands of dollars. Insurance costs are astronomical, and coverage is limited. Any accident also means months without your prized supercar. Being aware of these hidden costs is essential for all supercar buyers and owners.
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