How do young drivers get insurance on supercars

[DeletedUser11]

MJ said in the book that the guy who drove the Lamborghini countach looked under 23 or something.

Just wondering how young drivers get insurance companies to insure them.

For example:

Andy Murray (professional tennis player) paid 150,000$ for insurance on a used ferrari f430, he is 22 and passed his driving test 5 months prior to buying the car.

Justin Bieber: He has 2 ferraris, a lamborghini, range rover, smart car and like 5 others. For a teenager his insurance on his 458 Italia must be insane.He bought most of the cars when he was like 17. His total car insurance could be over 1million$.

Any really young guys here with a supercar ?

 

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[vtlambo]

MJ said in the book that the guy who drove the Lamborghini countach looked under 23 or something.

Just wondering how young drivers get insurance companies to insure them.

For example:

Andy Murray (professional tennis player) paid 150,000$ for insurance on a used ferrari f430, he is 22 and passed his driving test 5 months prior to buying the car.

Justin Bieber: He has 2 ferraris, a lamborghini, range rover, smart car and like 5 others. For a teenager his insurance on his 458 Italia must be insane.He bought most of the cars when he was like 17. His total car insurance could be over 1million$.

Any really young guys here with a supercar ?

No offense at all but I'd worry about that when you get there. This is just a distraction in the mean time.

 

[DeletedUser11]

No offense at all but I'd worry about that when you get there. This is just a distraction in the mean time.

Haha true but I was just wondering how it works, you could end up buying a car that you cant get insured and it would just be sitting in your driveway

 

[wade1mil]

You can get insured. Some of the big companies like AllState might not touch you, but somebody will insure you. The reason the first guy paid so much is because he only had 5 months of driving experience, which is the equivalent of being 18-1/2. Doesn't matter that he's 22, he's only driven for a few months (legally).

P.S. You may not be able to insure a RENTAL car under 25, but that is just what I've heard.

 

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[biophase]

Justin Bieber: He has 2 ferraris, a lamborghini, range rover, smart car and like 5 others. For a teenager his insurance on his 458 Italia must be insane.He bought most of the cars when he was like 17. His total car insurance could be over 1million$.

Where did you get that figure of $1 million?

 

[CEBenz]

My only present understanding is that, typically, there's special insurers for exotics and that you get an agreed value policy rather than the usual states value policy. But rates would vary widely due to age, sex, driving record, marital status, homeowner or not, etc.

 

[CEBenz]

Stated* not states.

 

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[Kak]

F*cking insurance companies. They wrote my old car's off totally about 5 times over when I was a teenager... Never filed a claim.

 

[KeonTheGreat]

Some states allow you to "self insure" If you have enough money you put the state minimum requirements in a bond of some sort, they then issue you a type of certificate in place of an insurance card. There are pros(like not having to pay for something you may never use)and cons(like having to pay hundreds of thousands in ddamages if it got that far) to this of course.

 

[EastWind]

Who cares? When you buy one, then you worry about it.

 

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[maximus20895]

Why are people bashing him for wanting to learn? When you guys ask a question about how to make this or I wonder how this works people don't bash you and say make millions then ask questions.

Maybe he just wants to know because he likes learning and is naturally curious. What's wrong with that?

 

[biophase]

Why are people bashing him for wanting to learn? When you guys ask a question about how to make this or I wonder how this works people don't bash you and say make millions then ask questions.

Maybe he just wants to know because he likes learning and is naturally curious. What's wrong with that?

Well, I was wondering where he got this thought, " His total car insurance could be over 1million$."

I know he is young, but being young doesn't mean you should make statements or assumptions without any data to back it up. It is absurd to think that a stable of cars worth $1 million dollars is going to have insurance costs of $1 million dollars. People say things like that all the time and it just shoots down your credibility. I always ask what a person has based his statement on.

He could answer his own question by calling some insurance companies to see if they would insure him for a Ferrari or Lambo. Then he would have a real answer right there, and he could come back and inform everyone on the forum how much it costs to insure a Ferrari for an 18 year old. Then everyone here learns.

That is the real way to learn. With real world facts and figures.

PS: I can tell you that when I was 25, I called to see what insurance on a 1991 911 turbo would be. The answer was $8,000 a year. But that was a long time ago.

 

[bflbob]

Any really young guys here with a supercar ?

When I was 17, I drove a '71 Chevy Vega. Does that count?

I spent one night in March of that year, laying on my back in the freezing weather, installing a new clutch in it. Tightened it down nice.
Went to a Doobie Brothers concert with a girl. I dropped the clutch on the way home in an effort to impress her with the power of the 4-cylinder motor.

The clutch held. The transmission didn't. I had to drive all the way home (20 miles) in 2nd gear. VERY impressive.

But it worked. Just celebrated our 35th anniversary on March 4th.

If they insured me, they'll insure anyone.

 

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[CEBenz]

Well, I was wondering where he got this thought, " His total car insurance could be over 1million$."

I know he is young, but being young doesn't mean you should make statements or assumptions without any data to back it up. It is absurd to think that a stable of cars worth $1 million dollars is going to have insurance costs of $1 million dollars. People say things like that all the time and it just shoots down your credibility. I always ask what a person has based his statement on.

He could answer his own question by calling some insurance companies to see if they would insure him for a Ferrari or Lambo. Then he would have a real answer right there, and he could come back and inform everyone on the forum how much it costs to insure a Ferrari for an 18 year old. Then everyone here learns.

That is the real way to learn. With real world facts and figures.

PS: I can tell you that when I was 25, I called to see what insurance on a 1991 911 turbo would be. The answer was $8,000 a year. But that was a long time ago.

Just tried that. So far Geico and Allstate don't cover them. Lol

 

[CEBenz]

Hmmm. I'm starting to smell an opportunity here.

 

[Vigilante]

minuscule market size

 

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[CEBenz]

minuscule market size

But traffic attracting from dreamers.

 

[Vigilante]

true!

 

[biophase]

Just tried that. So far Geico and Allstate don't cover them. Lol

Nope, I had to switch from Geico and Allstate when I got mine. I think State Farm said yes but was crazy expensive. I use Amica. There are alot of companies that insure them, just not the companies that you see lots of commercials for.

 

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[CEBenz]

Nope, I had to switch from Geico and Allstate when I got mine. I think State Farm said yes but was crazy expensive. I use Amica. There are alot of companies that insure them, just not the companies that you see lots of commercials for.

I'll call my agent Monday and see if they'll cough up any answers for me. I'm going to keep working in this until I get some answers.

 

[CEBenz]

On*

 

[Immunnics]

Hi, I am uh spammer.



* Runum didit

 

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[Immunnics]

I don't know how to act on this here interwebs.



* Runum didit

 

[Immunnics]

Will you be my friend?




* Runum didit

 

[GPM]

Immunnics brings more to this forum in his few 12 posts than anyone I have ever seen before! Ding ding ding

 

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[ColtonJD91]

Immunnics... how far have you fallen to prove our beliefs by tolling our forum... Sidewalker.
I'm curious what you find out CEBenz. I checked my comapny (esurance) and they said I was un-insurable for an exotic lol. I'm young and less than perfect on my driving record tho. I'd assume millions would be accurate for the Beiber example, however, I have no data to back that up. I can't even name one of his songs... let alone his expenses.

 

[adiakritos]

No offense at all but I'd worry about that when you get there. This is just a distraction in the mean time.

That's like saying "Where exactly is San Diego?" - "Oh, don't worry about it until you make it there..."

It helps to know how much this stuff costs so you can plan on whether the lifestyle money target you're shooting for is enough to support it. If I plan to make $10k per month passively with my business that's not enough to buy a brand new Aventador Roadster when I'm 28. Or is it? How do I know?

 

[sbinnc]

This is a stupid thread.

I've owned a few "Exotics" and the rates were never insane. In fact on a few they were between $70-85 a month full coverage at the time I was 23-25

The only issue you would run into are some companies won't insure the type of car, I had this issue with one brand but State Farm was able to take care of me, only big name brand that would touch the type of car. All other general insurance companies it was on their "black list"

 

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[CarrieW]

insurance rates vary from place to place also... what it may cost me to insure something here is not what its going to cost in new York or California... (I pay less for full coverage on a brand new car than liability cost me in pa)

that said. what kind of insurance are we talking? are we talking a paid for car or a financed one? this stuff makes a difference in what you have to provide as far as insurance...

all that is required if you own the car outright is basic liability. (to fix the other persons car) and if it is financed you have to have enough insurance to pay off the loan. (or enough for value and a gap policy for the difference) remember it goes down in value the moment the title is transferred into your name. so it is never worth what you paid until it starts to appreciate (rare for cars but possible for classics an exotics I suppose)

what your probably talking about is your collision portion of your own policy or underinsured or non insured if someone hits you, or if you are at fault. that's where it gets expensive. again depending on if you own it or its financed this portion is negotiable.

in order to compare prices properly you have to have all the same numbers and coverage amounts

curious to know what was found out by the op

 

[Connor]

As much as it pains me to say this as a commercial underwriter, you can insure your exotics way cheaper under a commercial policy than through a personal lines carrier. I see Aston Martins, Ferraris, etc. that belong to the owner under the auto policy for the business he/she runs, and it is significantly less expensive, due to lower commercial rates and the spread of risk when you have multiple autos on a policy.