Key facts from this guide
- You could also request a policy that includes "new for old" replacement within the first 12 months of ownership.
In this guide
What Counts as a Write-Off for a Supercar?
A vehicle is typically written off when repair costs exceed a certain percentage of its value. With supercars, that threshold can vary depending on factors like rarity, repairability, and depreciation. Even cosmetic damage may lead to a write-off if it involves carbon fibre or bespoke materials.
Agreed Value vs Market Value Settlements
If your policy includes agreed value, you may receive a pre-agreed pay-out. This can protect you from market fluctuations. If not, the insurer may offer what they determine to be the current market value, which might not reflect true collector or replacement value.
What Happens to the Car?
Some insurers retain salvage rights, meaning they keep the vehicle. Others may allow you to buy it back, which could be valuable if the damage is mostly cosmetic. Depending on the insurer, you may or may not be allowed to use parts from a written-off supercar in future builds or restorations.
Finance and Lease Considerations
If the vehicle is on finance, the pay-out may go to the lender first. Gap insurance could help cover any shortfall between the insurer's offer and your outstanding balance.
What to Watch For
You may want to check whether your insurer uses independent valuers or in-house assessors. In some cases, there may be negotiation involved in agreeing on total loss value. You could also request a policy that includes "new for old" replacement within the first 12 months of ownership.
Summary
Learn more about how policies are structured on our Prestige Vehicle Insurance hub. You can also find tailored cover for marques like the Aston Martin Vantage and Ferrari. If you want to discuss cover with a specialist broker that offers agreed value cover, submit the quote form on our site.
Frequently asked questions
When is a supercar written off?
Typically when repair costs exceed a certain percentage of its value, though the threshold varies with rarity, repairability and depreciation. Even cosmetic damage can lead to a write-off if it involves carbon fibre or bespoke materials.
How much will I be paid if my supercar is written off?
With agreed value cover you receive the pre-agreed amount, protecting you from market fluctuations. Otherwise the insurer offers what it determines to be the current market value, which may not reflect true collector or replacement value.
Can I keep my supercar after it is written off?
Some insurers retain salvage rights and keep the vehicle, while others let you buy it back, which can be worthwhile if the damage is mostly cosmetic. Whether you can use its parts in future builds depends on the insurer.
What happens if my written-off supercar is on finance?
The payout may go to the lender first. Gap insurance could cover any shortfall between the insurer's offer and your outstanding balance.
What should I check in a supercar policy for total loss?
Whether the insurer uses independent valuers or in-house assessors, whether there is scope to negotiate the total loss value, and whether new for old replacement is available within the first 12 months of ownership.
Michael Foote, Insurance & Finance Expert
Michael Foote is the founder of Quote Goat and has over 20 years experience working in finance & insurance. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city.
