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Owning a Ferrari car is probably every driver’s dream. However, owning a Ferrari won’t be an easy task with hefty starting prices for all models. In addition, the auto insurance rates have also increased since the manufacturers’ suggested a retail price of $242,737 for the 2016 Ferrari 488GTB. Since not every major insurer provides Ferrari insurance, finding affordable auto insurance for this luxury brand will be challenging.
Insurance premiums for luxury and sports cars are frequently substantially higher than those for regular cars. So if you’re considering buying a top-of-the-line Ferrari, keep in mind that your monthly auto insurance premiums will probably have a similarly rich price tag. However, some factors could lower your Ferrari insurance premiums. For instance, the state in which you reside affects your average auto insurance prices.
Similar to this, your driving history and level of experience can affect whether your premiums go up or down. So, how much does a Ferrari insurance cost? Which are the insurers that provides insurance for Ferrari cars? How can you find cheap auto insurance for your Ferrari car? Know all about insuring a Ferrari via our blog!
Regarding Italian supercars, Ferrari has a long and illustrious history of manufacturing excellence. Enzo Ferrari started this in 1947. Enzo was once a well-known driver for the renowned Alfa Romeo automaker. He built the Ferrari 125 S as the first vehicle bearing his mark in an endeavor to design his own cars.
The name Ferrari was well-known all over the world by the 1950s. The firm has made handcrafted, small-batch supercars for those who can afford them. Lamborghini is the only Italian carmaker that challenges the brand. The LaFerrari, which costs just over $1 million, is their most pricey model.
These vehicles only become more valuable as they get older. For instance, the most expensive Ferrari to date was a 1963 Ferrari GTO sold at auction to a collector for $52 million. In addition, Ferrari produced the Enzo from 2002-2004, their fastest model then, which was manufactured and named in honor of Enzo Ferrari.
It isn’t a secret that Ferrari insurance is very costly. On average, insuring a Ferrari car will cost you around $5,369 a year. But the Ferrari insurance cost depends on n whether the estimates came from a regular insurer or an insurer specializing in providing coverage for classic and collector cars.
Based on the rates, we found that the rates of some models by specialty insurers are more affordable than the rate of standard insurers. For example, the average quote for coverage among the typical insurers we compared rates with was $5,520 per year. On the other hand, the specialty providers provided quotes that ranged widely, with an average cost of $5,258.
| Car model | Value | Standard insurer rate |
|---|---|---|
| 2004 360 Coupe | $171,250 | $4,429 |
| 2009 F430 Convertible | $149,830 | $4,089 |
| 2015 458 Spider Convertible | $245,715 | $5,152 |
| 2015 458 Italia Coupe | $270,000 | $5,525 |
| 2017 GTC4Lusso Coupe | $298,000 | $6,070 |
| 2018 488 GTB Spider Convertible | $333,005 | $6,177 |
| 2018 488 GTB Coupe | $252,800 | $5,992 |
| 2018 812 Superfast Coupe | $335,275 | $7,216 |
| 2019 Portofino Convertible | $255,008 | $5,040 |
| 2021 Roma Coupe Turbo | $341, | $5,515 |
| Car model | Value | Specialty insurer rate |
|---|---|---|
| 2004 360 Coupe | $171,250 | $3,442 |
| 2009 F430 Convertible | $149,830 | $3,128 |
| 2015 458 Spider Convertible | $245,715 | $5,198 |
| 2015 458 Italia Coupe | $270,000 | $5,016 |
| 2017 GTC4Lusso Coupe | $298,000 | $5,896 |
| 2018 488 GTB Spider Convertible | $333,005 | $6,548 |
| 2018 488 GTB Coupe | $252,800 | $5,015 |
| 2018 812 Superfast Coupe | $335,275 | $6,592 |
| 2019 Portofino Convertible | $255,008 | $5,035 |
| 2021 Roma Coupe Turbo | $341, | $6,712 |
You might consider an insurer that specializes in providing coverage for exotic, collectible, and antique cars while thinking about insuring your Ferrari or other high-end luxury cars. There are numerous advantages for owners of high-end cars when working with a collector car insurance provider. In addition, collector car insurance may occasionally be less expensive.
| Advantages | Disadvantages |
|---|---|
| The cost can be less than the standard policy. | Limits on mileage |
| Makes use of agreed value | May not provide insurance for mainstream cars |
| Offers specialized coverage and expertise |
Another advantage is that exotic auto insurance providers also employ agreed value. So if your car gets totaled or stolen, you will get compensation up to the amount you and your insurance have determined the car is worth. Ferraris, however, do not lose value over time as regular cars do. Some increase in value over time. With agreed value insurance, you know your potential total reimbursement before your policy takes effect.
Specialty insurance firms frequently include specialized coverages exclusively applicable to luxury cars. For example, it may include coverage for extra items like racing tires or protection for your car while it’s on display at a car show.
However, there are several disadvantages while using collector car insurance. Most importantly, they frequently have modest annual mileage restrictions: you are only allowed to drive your car a set number of miles. It’s also possible that you’ll need a different policy to protect your everyday driver because some collector insurers don’t offer coverage for regular cars.
You should be aware that not all major insurers sell Ferrari insurance. So, a limited number of insurers imply that finding affordable auto insurance for your Ferrari car will be challenging. Here are some details of the insurers that sell and don’t sell Ferrari insurance.
| Insurer | Do they sell Ferrari insurance? |
|---|---|
| USAA | Yes |
| Allstate | Yes |
| Nationwide | No |
| Progressive | No |
| Farmers | Yes |
| American Family | No |
| Liberty Mutual | No |
| Travelers | No |
| State Farm | Yes |
According to the standard insurer rate, the cheapest Ferrari insurance comes to around $4,089. However, based on the specialty insurer rates, the cheapest rate is $3,128.
The 2009 F430 Convertible is the cheapest Ferrari to insure for 2022.
According to the standard insurer rate, the cheapest Ferrari insurance comes to around $7,216. However, based on the specialty insurer rates, the cheapest rate is $6,712.
Based on the standard insurer rate, the 2018 812 Superfast Coupe is the most expensive Ferrari to insure in 2022. According to the specialty insurer rate, the 2021 Roma Coupe Turbo is the most expensive Ferrari to insure in 2022.
Because statistics determine their prices and underwriting, auto insurance companies tend to be conservative. Nevertheless, these figures suggest that the Ferrari, a fast car initially intended as a racecar with many of the same configurations, will unavoidably be utilized in competitions. As a result, there is a worry that many people may find it impossible to resist the desire to drive at excessive speeds.
Ferraris provide a higher insurance risk because they are still actively used in the racing industry. The price to repair and replace your car will be taken into account by the insurers. The entry-level model of the Ferrari 458 costs $240,000. As a result, auto insurance for a Ferrari 458 will be more expensive than for other automobiles.
The car with the largest collision losses for insurers is a Ferrari. The Ferrari model you own may also affect the cost of your insurance. For instance, the cost of insurance for a Ferrari F12 will differ from that of a Ferrari 488, Ferrari Portofino, or LaFerrari. Also, Ferrari requires more maintenance, which surges the insurance costs.
Yes. Your Ferrari insurance premiums will lower if you’ve got a clean driving record. Auto insurance companies classify Ferraris as high-performance cars. Ferraris may therefore travel at speeds that are substantially higher than those of the majority of other cars. As a result, insurers frequently worry that you won’t drive Ferrari cars safely.
Remember that your Ferrari insurance cost will surge if you have speeding tickets. DUI/DWI or other citations on your driving record.
An umbrella policy offers additional liability protection if the claim necessitates more coverage than your primary policy. For example, the policy may cover your home or your cars. You should consider getting an umbrella insurance policy because of the deep pocket principle, which holds that rich people should be more willing to pay in an accident than others.
You are liable for additional legal fees and the expense of defending against a lawsuit once the claim exceeds the limit of liability. To determine the price of this coverage, speak with your insurance agent.
If you cause an accident while driving a Ferrari, you risk either of two outcomes:
It is very simple to use Way to obtain a Ferrari insurance quote. To compare the insurance rates from different insurers, first visit our website. After that, the best course of action is to purchase the cheapest Ferrari insurance policy available from the various insurance companies. Do you still need assistance obtaining a Ferrari insurance policy? Then, speak directly with a Way.com representative. They can help you get the ideal insurance plan for your needs!
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
A new Ferrari can cost you anything between $222,620 and $2,300,000.
A Lamborghini insurance can cost you between $5,436 and $7,961 a year.
Yes. The cost of maintaining a Ferrari is high. Normally, a service would cost you between $1,200-$2,000. On older Ferrari cars, an oil change usually costs around $1,000, and a detailed service check can cost anywhere from $3,000-$7,000.
The average cost of a Ferrari car can cost between $200,000-$400,000.
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