The team here at Saxon Insurance Brokers have an incredibly varied and exciting role, our dedicated brokers have the pleasure of insuring The World’s Finest Assets, from Superyachts in the Mediterranean to Supercars in Dubai.
Our privileged position provides us an insight into the lives of some incredibly interesting clients, with incredibly varied collections of luxury assets. We are proud to have dilligently arranged insurance policies ranging from €500,000 Classic Car collections, to €2,500,000 Private Jets and €25m Superyachts!
But how exactly do you insure a superyacht?, and if you are in the fortunate position to own a Bugatti Veyron, how much will it cost to insure? Well, wait no more! We dive into the ownership costs for a Bugatti Veyron below…
The words ‘Bugatti Veyron’ are often thrown around conversation with ‘McLaren P1’, ‘Koenigsegg Agera R’ or ‘Pagani Zonda’ - These are the supercars dreams are made of, bedroom walls are adorned with and #Insta is plastered with! But if you want to do anything more than dream, gaze or double tap one, you are going to need to insure one…
Below is list of the expenses attached to Hyper Car ownership:
Purchase price: £2,000,000
Fuel: c. £5,000 depending on the mileage covered
Professional Storage: £40 per week x 52 = £2,080
Annual Servicing: £20,000
Depreciation: Well, hopefully none!
But what about the insurance? How much is a Bugatti Veyron to insure? Insurance at this level can be calculated at circa 1% of the vehicle value, so for a £2,000,000 Bugatti Veyron you can expect to pay around £20,000 for insurance per annum. Note the policy excess, which is usually around £50,000, so if you crash or lose your Bugatti Veyron, the policy holder is responsible for paying the first £50,000 in repairs.
Prestige Cars are often considered a worthwhile addition within a diversified investment portfolio, these annual costs are regularly justified and reassuringly priced. Our clients value the best cover available.
Regardless of the annual mileage of the vehicle, Hypercars should be serviced annually, oil and other consumables have ‘shelf-lives’ and must be changed regardless of use - this approach is standard practice among prestige vehicles, and so annual maintenance remains a constant. It is imperative to protect not only the mechanicals, but the future re-sale value too.
We estimate a total of £47,080 of expenses for one Bugatti Veyron. Roughly 2.5% per annum. But what a fantastic asset to own, and one certainly worthy of protecting.
We are fortunate to work with some of the worlds leading underwriters for supercar insurance like Bugatti Veyron’s and also specialist Classic Car insurance underwriters who insure our clients famous collections across the world which include Ferrari 250 GTO's, Bugatti Type 57, Mercedes 300 SL Gullwing, Lamborghini Muira SV and many more!