Owners of $1 million cars rely on specialty insurers like Hagerty and Chubb to protect their high-value assets. Standard policies often don’t cover such vehicles due to extreme repair costs and rarity.
Hagerty offers “agreed-value” policies, where the insurer and owner set a fixed coverage amount based on market data and collector trends. The company tracks vehicle values closely and publishes pricing guides to inform decisions.
Factors like storage location, intended use, mileage, and whether the car is part of a larger collection influence premiums. Driver experience with high-performance vehicles also plays a role.
For automakers like Bugatti, insuring these machines is routine for their clients-ultra-wealthy individuals who already insure yachts, jets, and luxury homes. They work directly with private insurance brokers to secure tailored coverage.