How Much Is Insurance On A Ferrari?

Italian supercars made by Ferrari have a long and illustrious history of being the pinnacle of engineering. Enzo Ferrari set everything in motion in 1947. Enzo was once a well-known driver for the renowned Alfa Romeo automaker. He built the Ferrari 125S as the first vehicle bearing his mark in an endeavor to design his own automobiles.

The name Ferrari was well-known all over the world by the 1950s. The firm has kept making handcrafted, small-batch supercars ever since for those who can afford them. Lamborghini is the only Italian automobile that actually challenges the brand. The LaFerrari, which costs just over $1 million, is their most pricey model to date. These vehicles only become more valuable as they get older.

The most expensive Ferrari to date was a 1963 Ferrari GTO that was sold at auction to a collector for $52 million.

Therefore, it is common knowledge that Ferraris are expensive to buy and maintain. But what about the price of auto insurance? Have you ever wondered how much insurance for a Ferrari would run you?

Let us drop a hint: Ferrari car insurance is not inexpensive either!

But wealthy people who have already spent a lot of money on their cars frequently factor in the expense of relatively pricey auto insurance. So the Ferrari can be a dream come true if you’re affluent, interested in racing, and your zeal for motorsports can’t be contained.

In this post, we’ll talk about some of the most recognizable Ferraris ever produced, how much it costs to insure these powerful cars, and how to use this page to get the cheapest Ferrari insurance quote online.

It can be difficult to obtain any Ferrari insurance at all because not all major insurers offer protection. Specialty insurers occasionally charge Ferrari drivers 41% less than normal carriers for coverage, which could result in insurance savings for drivers.

insurance for a Ferrari

If you plan to buy a car for $250,000, you should make sure it is adequately covered by one of the top insurance providers in the globe. Additionally, you should purchase a full coverage policy that covers the following:

  • If you are at fault, bodily injury liability pays the other person’s medical expenses.
  • If you cause damage to another person’s property or vehicle, you are responsible for it.
  • Protection from Personal Injury (PIP) (covers your own medical costs).
  • If you cause an accident, collision coverage will pay for your car’s repairs.
  • Complete protection (covers theft, vandalism, weather damage, or running into debris).

Given how expensive it is to repair a Ferrari, collision insurance is very crucial. For instance, if another motorist strikes you and is judged to be at fault, they may be responsible for paying you $40,000 to fix your Ferrari.

But what if their insurance only pays for $25,000 worth of damage? Your collision insurance would kick in at this point and pay the discrepancy. Without it, you might have to pay the remaining repair costs out of your own pocket. One of the main causes of Ferrari insurance prices being so expensive is the relative frequency of situations of this kind.

The average cost of Ferrari insurance

The cost of Ferrari insurance is high. We discovered an average rate of $5,377 per year among four insurance companies and ten Ferrari models. But the cost varied significantly depending on whether the estimates came from a regular insurer or from a business that specializes in providing coverage for vintage and collector cars.

Our average quote for coverage among the typical insurers we compared rates with was $5,508 per year. The specialty providers, on the other hand, provided quotes that ranged widely, with an average cost of $5,246.

The price of repairs is the main factor in the high insurance costs for Ferraris. The cost of collision and comprehensive coverage, which pay to repair your Ferrari if it is damaged, is high as well because fixing a Ferrari after a collision can be costly.

How Much Does a Ferrari Insurance Cost?

The worth and cost of the Ferrari model you own will have the biggest impact on the price of your insurance. For instance, the cost of insurance for a $2 million LaFerrari will be significantly higher than that of an older, used Ferrari F430.

But in addition to the price of the car itself, your personal information will also be taken into consideration. For instance, you might be able to get a great deal if you have a spotless driving record and no accidents. On the other hand, your Ferrari car insurance premium will undoubtedly go up if you’ve been in multiple accidents (or any accidents for which you were at fault).

Your age will be another aspect to consider. It doesn’t take a professional to understand that a 20-year-old driving a supercar will take more chances than a 50-year-old would. Car insurance firms are planning to charge teenage drivers a high rate up until they are in the 25–30 age bracket.

So how much does Ferrari auto insurance cost? Let’s look at some of the most well-known and well-liked Ferraris ever produced in terms of average insurance rates!

F430 Insurance Cost

The F430 is a contemporary icon. It was created in the early 2000s and quickly became famous. Compared to modern Ferraris, it has a subtle appearance. However, it has become well-liked among collectors because of its incredibly dependable engine and sporty, natural driving experience. The annual cost of insurance on a Ferrari F430 is over $13,000!

Price of Ferrari 458 insurance

The 458, which was introduced in 2009, replaced the F430. Are you curious about the cost of Ferrari 458 insurance? For this adorable baby, the annual cost is roughly $17,000! Not cheap!

Ferrari 488 Insurance Cost

The 458’s older, more potent sibling is the Ferrari 488. It comes in a Pista (racing version) and a Spider (regular version), both of which have more aggressive looks and a more potent engine. So how much does insurance for a Ferrari 488 cost? Well, the annual insurance premium for a Ferrari 488 is about $15,500.

Ferrari California Insurance Cost

The company’s touring vehicle, the Ferrari California, isn’t as sporty as previous models. There is much more legroom, and the trunk is bigger. So, how much does Ferrari California insurance cost? Since it isn’t as focused on racing, its auto insurance prices are considerably more affordable, coming in at “just” roughly $8,000 per year.

Ferrari collector car insurance

You might want to think about using an insurer that specializes in providing coverage for exotic, collectible, and antique cars when you’re thinking about insuring your Ferrari or another high-end luxury vehicle.

There are numerous advantages for owners of high-end vehicles when working with a collector car insurance provider. Collector car insurance may occasionally be less expensive. Grundy and Hagerty, the two least and most expensive companies we looked at, were niche businesses.

Another advantage is that exotic automobile insurance providers also employ agreed value. If your automobile is totaled or stolen, you will be compensated up to the amount that you and your insurance have determined the car is worth. With a standard auto insurance policy, your insurer bases the maximum payout on the cost of the vehicle at purchase and depreciation.

Ferraris, however, do not lose value over time as regular automobiles do. Some really increase in value over time. With agreed value insurance, you are aware of your potential total reimbursement before your policy takes effect.

Specialized coverages that are exclusively applicable to expensive cars are frequently included by specialty insurance firms. This may include coverage for extra items like racing tires or protection for your automobile while it’s on display at a car show.

However, there are several disadvantages to using a collector car insurance company. Most importantly, they frequently have modest annual mileage restrictions: you are only allowed to drive your automobile a set number of miles. Although the majority of Ferrari and other luxury car owners use their cars primarily for pleasure driving, those who want to use their Ferrari for commuting and doing errands may be constrained by these mileage restrictions.

It’s also possible that you’ll need a different policy to protect your everyday driver because some collector insurance firms don’t offer coverage for regular cars.


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