Supercar insurance 'good value' at 0.5 percent to 3 percent of the car's worth - study
Fully insuring a supercar in the UAE, depending on its value, costs somewhere between AED8,000 and AED20,000, according to a new a survey.
Comprehensive cover for a Ferrari 458 costs an average of AED 10,400 according to an analysis from online comparison site yallacompare.
Full cover for one of the UAE’s favourite super-SUVs, the Mercedes-Benz G63 AMG, will set buyers back an average of AED 10,200 including added repairs.
Convertible supercars come with an even heftier insurance price-tag, costing an average of AED 19,095 for the Maserati GranCabrio with repair cover, and AED 20,010 for the sporty Ferrari California.
Full cover for a AED 1.3m Bentley Bentayga in the UAE, starts from AED 8,500, around 0.65% of the car’s value, according to quotes from yallacompare.
Fully comprehensive cover for the AED 1.1m Bentley Continental GT is less attractive, coming in at 0.87 percent of the car’s value – or AED 9,500.
While comprehensive insurance for the Lamborghini Aventador, comes in at AED 14,400 - one percent of the car’s AED 1.5m selling price.
At the same time, third-party insurance for supercars is, comparable to third-party insurance for normal cars, whether a Bentley, Lamborghini, Ferrari or Maserati, standing at between AED 1,300 and AED 1,900.
Commenting on the findings CFO of yallacompare Jonathan Rawling said the cost of insurance is reasonable when weighed against the overall value of supercar rides.
“With older vehicles – particularly SUVs – premiums for fully comprehensive policies can cost much more relative to the value of the car. You could be paying up to 10 percent of the car’s value to comprehensively insure your 2008 Mitsubishi Pajero.
“However, insurance for supercars is sold at anywhere between 0.5 percent to 3 percent of the car’s worth – so, in one sense, supercar insurance is actually quite good value,” he said.
The UAE Insurance Authority introduced new tariffs at the beginning of 2017, stating that insurers could charge no more than 5 percent of the car’s value for a fully comprehensive policy.
Another law states that fully comprehensive policies for a saloon car should be at least AED 1,300 and AED 2,000 for a SUV.For all the latest car news & reviews from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.