How Much Does It Cost To Own A Supercar?

Supercars are what dreams are made of, as a boy I used to have posters on my wall with the brightest Supercars ranging from a Rosso Corsa Ferrari F40 to a luminous Lamborghini Diablo! On that note do people still have posters up of their dreams?

As time goes on and you find your way in the world supercars get closer to your grasp, I would even say the majority of people use these icons as goals to achieve when enough success comes their way. We are all told by experts to set goals and look or read them daily, to feel like you already are living in this dream and that life will manifest in to reality sooner than expected!

So once you’ve hit the goal and bought your first dream supercar, assuming your Significant Other lets you, what is the real cost of ownership and what things do you have to consider?

Cost: £200,000 (for a half decent one!)

Now you own one what else is there to consider?

The security fitted to your pride and joy and where you keep it. This is important in more ways than one, yes I have to mention the topic of insurance here but this is to save you pain later on. Security of where your car is kept and what devices you have installed are critical to an underwriters decision to insure your car or not. For example, a semi detached home without a garage or gated driveway in a rural area is not an attractive risk however a home in a private estate with a large, alarmed, garage behind secure gates with CCTV is an attractive risk. So before you buy make sure your car can be kept in a secure location.

Then get the best security fitted to your car, after all you don’t want to lose it and have a huge claim on your record! Thieves are intelligent and have mastered every which way to steal your car! Whether that’s programming a key that’s emitting a signal from your hallway to the car, they can incept it, or the ability to access the OBD port to reprogram the cars ECU via the frames car door windows, that’s doable too. Think ahead and get the best security, my advice is a Ghost Immobiliser, a ADR Tracker and the most basic of all, a steering wheel lock. Believe it or not this is the best deterrent, why, because it is visible and a thief cannot drive anywhere with it on so this reduces the chances of theft significantly meaning the thieves only option is to lift your car up with a truck and that’s not so easy when it is tucked away in your locked garage.

Cost: Top of the Range Security Package £1,000

Of course if you do live in a semi detached house then you can use a secure storage facility. There are many of these around and they all have to have top level security to satisfy their own insurers so I would recommend this as a great option if you can suffer having your loved one (the car) tucked away out of sight.

Cost: £250 pm / £3,000 pa

Naturally you’ll only want to feed your beast the best of the best super unleaded, reading the studies apparently Tesco has the highest octane fuel at a reasonable price so don’t be afraid to tank her up at a Tesco petrol station, if not then head to Shell or BP.

Supercars generally do circa 3,000 miles a year, a supercar does under 15 miles per gallon, there are 4.5 Litres to a gallon so that’s about £1,000 for fuel in a year. Much more if you have a heavy right foot or even capable of some left foot braking Chris Harris style!

Cost: £1,500 for a medium heavy footed driver, which you will be in a new car!

Not cheap! Don’t expect to get change from £2,500 when carrying out an annual service, regardless of the mileage, however aim for a Ferrari with a service pack and save yourself a lot vs the other brands. When Ferrari came up with this service plan included in all new cars their sales rocketed.

Cost: £2,500 per annum (for the non Ferrari owners)

On to the last cost, or first for most people. Here’s where I’d like to have a little rant :)

Naturally as an insurance broker I am an advocate of our services but what we spend most of our time doing is educating and helping clients with their insurance and why they need us. However, insurance is always a grudge purchase, that’s until you need us the most, so I would like to try and change this stigma attached to insurance brokers. Firstly, we also have to buy our own insurance so not only are we in the same boat as you but don’t you think we have done our own research and so we are buying our insurance from the best possible broker (us). Why does that make us different though? Knowledge is the answer. 

Doing this for 15+ years I have learned a thing or two about insurance and realised what position you never want to find yourself in and also the favourable situations you do want to find yourself in. This means we can pass this expert knowledge on to our clients in a knowledge exchange process rather than a sales pitch. When you meet a master of their industry you tend to listen and be steered by them and feel grateful to have someone by your side helping you with this complex issue, that’s us in the world of luxury asset insurance.

Fortunately I would say 99% of our customers appreciate this and having known most of our customers for 10 plus years they rarely quibble or question our integrity. Yes we are here to run a business and earn money but at the same time we take more pride in knowing we have helped our customers purchase the very best insurance available in the whole market which in turn protects their pride and joy they have equally spent a lot of money on being the master of their industry.

So that’s my rant! My tips to you are: find a friendly and knowledgeable broker, not just about insurance but about the asset you’re insuring whether that’s a car or not. Take their sound advice and be happy you’ve got one more contact in your black book nailed and ready to help you at the drop of a hat when you need them the most.

Cost: Priceless