How much is insurance for supercars?

Visitors lusting after the supercars featured at Dubai International Motor Show 2017 may well be planning out their dream garages, but supercar insurance doesn’t come cheap in the UAE.

Fully-comprehensive cover for the Ferrari 458, for example, costs an average of Dh10,433, according to an analysis from yallacompare. Meanwhile, fullycomprehensive insurance for the Mercedes-Benz G63 AMG, one of the UAE’s favourite superSUVs, will set buyers back an average of Dh10,225 if agency repair is selected as an add-on.

Predictably, convertible supercars are even more expensive to insure. With agency repair, fullycomprehensive insurance for the Maserati GranCabrio comes in at an average of Dh19,095, the Ferrari California costs an average of Dh20,010.

However, while these numbers are large in absolute terms, there is an argument to be made that supercar insurance in the UAE is reasonably priced — given how much these vehicles are worth.

“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 per cent of the car’s value to comprehensively insure your 2008 Mitsubishi Pajero. However, insurance for supercars is sold at anywhere between 0.5 to three per cent of the car’s worth — so, in one sense, supercar insurance is actually quite good value,” said Jonathan Rawling, CFO of yallacompare.

Indeed, to cover a Dh1.3 million Bentley Bentayga in the UAE, quotes are available from yallacompare starting at Dh8,474. This amounts to just 0.65 per cent of the car’s value. Fully-comprehensive cover for the Dh1.1 million Bentley Continental GT isn’t quite as attractive, coming in at 0.87 per cent of the car’s value — or Dh9,520. The Lamborghini Aventador, meanwhile, can be comprehensively insured for Dh14,404, just 0.96 per cent of the car’s Dh1.5 million selling price.

— business@khaleejtimes.com