How Much Does It Cost to Insure a McLaren Supercar?
Updated: Oct 26, 2020
Sitting comfortably somewhere between the Prius and the Batmobile, McLaren’s mid-priced line of supercars are eye-catching, immediately recognizable, and shockingly speedy. But, before you splash the cash on this street-ready race car, you need to know how much you’re going to spend on insurance. With the lowest priced McLaren model sitting at ~$150,000 MSRP, the thought of additional costs like insurance and taxes can be frightening.
How much should you be paying for insurance? And, how do you get the best possible rates?
Today, we’re going to talk about how much that insurance is going to cost you, and give you some tips on saving cash on that next supercar purchase.
10 Factors Affecting How Much It Costs to Insure a McLaren Supercar
Car insurance isn’t static. Each insurance company leverages a plethora of variables to deliver their rates, and rates will likely vary by the individual and certainly by the vehicle. Let’s go over a few of the factors that will impact how much you pay for insurance on your McLaren.
1. How Old You Are
If you’re relatively young (i.e., 16 – 24,) your insurance premiums are going to cost you a pretty penny. On average, teens and young adults are going to pay 70% more for car insurance.
Why do insurance companies care? Teen drivers are more likely to cause accidents than any other age group.
2. Your Credit Score
Like almost every other purchase in your life, your credit score is going to have an impact on insurance. There’s no easy way to tell how it will impact your insurance, but, in general, the lower the score, the higher the insurance premiums.
Why do insurance companies care? A Report to Congress by the Federal Trade Commission showed that those with lower credit scores are more likely to file claims.
3. Your Driving History
Your previous experience driving plays a significant role on your rates. Simple things such as speeding tickets can bump your monthly payments up while prior DUIs or reckless driving incidents will cause sharp increases.
Why do insurance companies care? Insurers use your history as an indicator of your future driving capabilities. The more incidents on your record, the higher your premiums are going to be.
4. Your Driving Experience
While your age plays a role, the number of years you’ve actually had your driver’s license plays a bigger role. So, if you are a brand new driver, your insurance rates are probably going to be higher than someone who has been cruising for a while.
Why do insurance companies care? The more years you’ve been driving, the more experience you have avoiding accidents and following road safety rules.
5. Where You Live
The state that you’re buying insurance in definitely has a noticeable impact. For example, Maine’s average insurance rate across all vehicles is $845. Michigan, on the other hand, is a whopping $2,611. That’s a 300% difference!
Why do insurance companies care? Each state has certain property vandalism rates, weather conditions, and accident rates. Plus, the population density and number of cars on the road play a factor.
6. How Much You Drive
Did you know that your annual miles also play a role in your insurance premiums? In fact, people who drive more can pay a couple hundred extra a month.
Why do insurance companies care? The more you drive, the more likely you are to be in an accident.
7. Your Coverage Level
This one is simple. The better coverage you have, the more you’re going to pay. For McLaren’s, you’re going to want the best coverage available, which means you’ll be paying more.
Why do insurance companies care? This determines how much they’re going to pay out if you’re involved in an auto accident.
8. Any Previous Claims
If you’ve previously made any insurance claims, your insurance is going to go up.