Owning a supercar: five key considerations before you buy

Owning a supercar is a dream held by so many. If you’re in the market for a performance car or a supercar, you’ll already have a comprehensive list of factors to consider. Whether purchasing a Lamborghini, Ferrari, or Porsche, the choices that come with an investment in a car of this calibre can be both exciting and complex –from brand to age, condition, mileage, and price. But there are other practicalities to consider too – and here we’ll take a look at the most important.

1. What security will your supercar need? Car theft in the UK is an ongoing problem, especially in light of a demand for car parts, fuelled by rising prices and supply chain problems. Within the last year, some areas of the country have seen car thefts rise by 25 percent or higher1 as thieves strip cars and sell them for parts. And it goes without saying that supercars like a Lamborghini or Aston Martin are highly desirable targets. Despite all vehicles coming with inbuilt security measures, criminals have developed sophisticated means to overcome these. As a result, you can now invest in police-approved security measures such as trackers and immobilisers to be fitted to your vehicle, keeping it safer. Immobilisers are designed to stop thieves from being able to gain entry and drive your car away, while trackers increase chances of recovery.

In fact, due to the high value of a supercar or performance car, your insurance provider is likely to require that it’s fitted with a tracker and/or immobiliser as part of your policy. Insurance-approved GHOST immobilisers are some of the most recommended on the market. Largely undetectable, they work by allowing you to create a unique disarm sequence using the control buttons inside your car. This works in a similar way to a PIN code, and you can only drive the car away once you have inputted the code.

When it comes to trackers, Thatcham-approved S5+ trackers include a combination of Global Positioning Satellite (GPS) and Very High Frequency (VHF) radio signals to pinpoint the location of your car – including if it’s stored underground or in a shipping container. As all UK police forces are set up to search stolen vehicles with VHF-broadcasting trackers, these are often the route recommended by your performance car insurance provider. Any tracker you have must be active and operational with a paid subscription as a policy could be void and a claim declined if it’s not live.

For more information take a look at our detailed guide to car trackers: The best car trackers for your supercar insurance

2. Where will you store your performance car?

A high-value vehicle should always be stored as safely as possible when not in use, whether it’s in a garage, driveway, or specialist facility. Before you buy your supercar, consider where it will be kept most of the time. Do you have a secure, alarmed garage? Do you have a security gate for your driveway? Do you have CCTV on your premises to help keep your vehicles protected from theft? Some supercar insurance companies may even require you to keep supercars like a Lamborghini or Ferrari securely garaged at certain times, for example between 10pm and 6am.

You can also choose to have your supercar stored securely at a specific storage location that’s geared towards protecting highly valuable vehicles. Facilities like these include services such as air-conditioned environments, regular checks of tyres and battery, and ongoing cleaning and maintenance while your performance car is stored there – as well as top quality security measures and full staffing.

For more advice read our article: Car insurance & vehicle security.

3. What running costs should you expect?

Supercars differ when it comes to costs such as fuel, servicing, repairs, and tax – all of which should be calculated before you purchase. For example, the fuel costs of a McLaren are likely to be significantly lower than a Lamborghini, with some McLarens costing around 25p per mile, while some Lamborghini models cost more than double that per mile2.

If you’re considering an electric supercar, it’s worthwhile comparing the costs of an EV with a petrol-powered supercar. For example, EVs are currently exempt from Vehicle Excise Duty (VED), although this is set to end in 2025. As a rule, they require less servicing than traditionally fuelled vehicles, but they do need specialists to carry out any repairs, and replacement parts can be more expensive. Electric performance car insurance may cost more too, as the EV insurance market is still young – you can find out more about owning and insuring an EV here.

5. What supercar insurance do you need?

All cars need insurance, and a supercar needs specialist cover, which goes above and beyond a standard motor policy. Typically, supercar and performance car insurance policies come with additional benefits to reflect the higher value – and the potential higher risk – associated with the vehicle, and are provided by specialist brokers and providers.

From setting an ‘Agreed Value’ (the amount mutually agreed to cover a total loss) to protection for personalised registration plates, performance car insurance can take into account every detail of your precious vehicle. If you’ve invested in a classic supercar that’s likely to go up in value, a supercar insurance specialist will be able to account for this too, as well as protecting a collection of vehicles.

It’s important to understand any stipulations within your policy that are designed to mitigate the risk to your performance car – for example, adding extra security devices or keeping your vehicle stored in a specific place at certain times – but your broker will be able to advise you.

Whichever supercar you choose to buy, we can help you protect it. Our team of specialists have the expertise and access to market to source the right supercar or performance car insurance, tailoring it to your needs.

Sources:

Rise in cars thefts fueled by parts shortages | What Car?
Petrol Supercars mpg, cost per mile & annual running costs, fuel efficiency (sust-it.net)