Auto insurance is not only required by law to be legally able to drive in California, but considering the cost of repairing a vehicle, having some isn’t a bad idea. Whether you want to stick with the state-mandated minimum amount of liability insurance or spend a little more to get collision or comprehensive car insurance will depend a lot on what kind of car you drive. An older economy car will be a lot less costly to repair than a newer luxury sedan, meaning that the owner of the former could probably get away with less automobile insurance coverage than the owner of the latter.
If you own an exotic sports car, the cost to fix your vehicle can be astronomical. Below are a few of the most expensive car insurance claims to date.
Ferrari 250 GTO
In 2012, the owner of a Ferrari 250 GTO lost control of his vehicle and crashed into another car. Not a big deal, right? Unfortunately, the Ferrari 250 GTO involved in the crash was one of only 36 in existence manufactured between 1962 and 1964. To purchase new in 1962, the vehicle cost $18,000 and buyers had to be personally approved by Enzo Ferrari himself. At the time of the accident, the vehicle was worth $35,000,000.
The second-most expensive car insurance claim also involved a Ferrari – though a significantly less expensive version. In 2003, Swedish businessman and suspected organized crime lord was driving a Ferrario Enzo he had illegally smuggled into the US down PCH in Malibu. He lost control of the vehicle and totaled it. It was worth $1.4 million.
In 2009, a man named Andy Lee House got it into his head that he could commit a bit of sneaky insurance fraud when he purchased a $1 million Bugatti Veyron and then protected it with a $2.2 million dollar auto insurance policy. He then proceeded to purposely drive the vehicle into the lake, attempting to cash in on the insurance after doing so. Unfortunately, his attempted auto insurance fraud was caught on camera and he wound up in jail.