With a price tag that outrageous, you might be asking what does a $3 million-dollar car cost to insure? After checking with AccessInsuranceCompany.net there isn't even an option to get a Bugatti auto insurance quote. These super cars are so rare and so expensive, most carriers just don't insure them.
This is why you need specialty auto insurance coverage from select companies. It is estimated that a Bugatti Veyron costs approximately $50,000 per year to insure. That is more than what most people make annually. If you kept a Bugatti for 10 years your car insurance bill alone would cost about $500,000 and the insurance costs for 20 years would be a whopping $1 million.
Only the Super Rich Can Afford Super Cars
Most people can get an oil change for about $30. A lot of people think this is too much and change their own oil for about $10. Then there's the super affluent owners of Bugatti's. Hold your breath, cause a Bugatti oil change can cost anywhere from $20,000 to $25,000. The oil change cost more than many new vehicles. If you change the oil every three months, this means you are burning through a whopping $60,000 to $75,000 per year. Talk about expensive oil! This makes Bugatti's not only the most expensive car in the world to insure but the most expensive oil change in history. It probably cost less to change the oil in a space rocket.This is why most multi-millionaires can't afford Bugatti's, even if they have the cash to buy one. The ownership cost, including maintenance and auto insurance can cost a small fortune each year. Most people think of an exotic car as a Porsche or Corvette. However, you can buy over 30 Corvettes for the cost of just 1 Bugatti. Some of the demand comes from the ultra rich, who scoop up these cars as investments, and just store them. In this case, they get umbrella insurance and don't have to deal with all the maintenance costs, which does save a lot of money each year.
Why do Bugatti's Cost so Much?
No vehicle so typifies a super car more than a Bugatti. So why does it cost $3 million? They Veyron has 16 cylinders and hits speeds of over 250 miles per hour. It can go 0-60 MPH in under 3 seconds. That's ultra fast! It is made from very rare materials and is put together by hand. The worlds fastest sports car indeed costs a fortune to make. Limited production runs also push up the demand. For the average person, who probably won't make $3 million in a lifetime, can only dream of owning such an outrageously expensive vehicle.Who Insurers Multi Million Dollar Sports Cars?
Popular insurers like Esurance and Progressive won't insure a Bugatti. They do have insurance coverage for many sports cars like a Corvette or Porsche, but Bugatti's they just will not touch. Then, who insures these rare cars? There are several specialty insurers that fill this niche. They include companies like Chartis and Chubb. They sell what's termed agreed value policies. This gives the owner of the automobile the ability to set the value amount. In the event the vehicle is totaled, they can be reimbursed up to 100% of the value determined in the policy agreement.So, is a Bugatti the Most Expensive Car in the World to Insure?
According to many car blogs, the most expensive vehicles to insure are the ones that cost the most. Currently, the Bugatti is the most expensive production car, with a price tag full loaded of over 3 million. So many financial experts think it is the most expensive automobile to insure anywhere on the planet.For those lucky enough to buy a new Bugatti, they probably don't worry about the small $50,000 yearly auto insurance costs. These are the same consumers who can afford a yacht that can cost over $100 million. While millions are spent, the real question is a moral one. Is it worth it to spend millions on a car, while so many struggles to eat around the world? This is the eternal question of how rich is too rich. For Bugatti owners, we might have just found the answer.
