After the recent McLaren accident, YouTuber Steve Hamilton goes over what it now costs to insure over $30 million worth of exotic supercars.
For most of us, getting a reasonable car insurance quote is one of the last hurdles we need to get over before driving our pride and joy on the road.
Along with the usual lengthy negotiation at the dealership to find the best PCP finance rates or best cash deal for your vehicle, what insurance you can get can make or break if you can even afford a new car.
It might seem like the ultimate first-world problem, then, to have totaled a McLaren Senna worth $1.4 million and then have your insurance provider drop you after they just paid out the cost of your wrecked hypercar.
For YouTuber Steve Hamilton of The Hamilton Collection, that’s exactly what happened and in his latest video, he goes through the costs of getting insurance through a new carrier while throwing some shade at the company who dropped him.
Crashing A McLaren Senna Insurance Headaches
While Steve did have the option to keep the Senna and repair it at a significant cost, he decided to claim the cost of the car – with the Senna now in the hands of fellow automotive YouTubers Goonzsquad.
Any wreck on your policy will likely increase your premiums, though. Steve was understandably frustrated that his previous carrier, Country Financial, dropped him completely.
Steve then found that trying to go to a single insurance carrier with around 30 cars worth $30 million will likely scare them off. Or at the very least trigger a significant background check on who you are and what you do with your cars. Steve has a habit of doing some pretty wild things with his cars for his YouTube channel and so found that no one would insure him.
Steve then enlisted the help of an insurance agent from Green Brook Insurance named Andrew to help Steve get his cars back on the road.
How Are Hypercars Insured?
Instead of trying to insure all 30+ cars under one carrier, Andrew instead divided Steve’s cars into groups of 5 or 6. This meant he could get discounts for having multiple cars on the same policy without the carrier flagging up such a large and expensive car collection.
While some of the prices inevitably skyrocketed, some actually went down – quite to Steve’s surprise. Despite crashing his McLaren Senna, Steve loved the car so much that he bought another one, with the cost to insure it only going up from $215 to $239 per month.
Steve also owns the “holy trinity of hypercars” and despite his Porsche 918’s premium going up by nearly $300 per month, the costs for his McLaren P1 and LaFerrari have actually gone down slightly.
All in all, Steve’s yearly premiums have gone from around $35k to $50k a year for insurance. While this is a significant jump, it’s still pretty reasonable all things considered – costing less than 0.25% of the cost of his fleet.
