Ferrari Car Insurance Rates
Ferrari car insurance rates average $288/mo or $3,456 annually. The base model Ferrari average cost is over $200,000, which is why Ferrari insurance cost is so high. Many major car insurance companies do not write Ferrari insurance. For Ferrari car insurance quotes, seek out luxury or exotic car insurance companies.
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UPDATED: Sep 29, 2020
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- Ferraris are known for their speed and because of that, the insurance costs will be high
- Ferraris are also very expensive, so insurance has to be expensive to protect so much worth.
- Comparing rate quotes of several companies is a good way to find the right coverage for you.
As a leading luxury brand, the average Ferrari car insurance rates will be much higher than other models. So how much does it cost to insure a Ferrari?
Luxury and sports car insurance rates are often much higher than economy vehicles. The Ferrari is no exception, especially since the 2016 Ferrari 488GTB’s manufacturers suggested retail price begins at $242,737.
Read through our comprehensive guide to better understand the cost to insure a Ferrari. Compare Ferrari car insurance quotes by entering your ZIP code into our FREE quote comparison tool above.
How much is insurance on a Ferrari?
How much is it to insure a Ferrari? When purchasing car insurance, you will be asked to determine the amount of coverage in dollars you desire for your car. Insurance companies often want an appraisal from a qualified vehicle appraiser to verify the set amount. This is typically also true in the case of used vehicles.
Considering how much a Ferrari costs to own, the stated amount of coverage you need will be higher. How much does a Ferrari cost to own? Ferraris are now selling for more than $200,000 so you can expect the cost to insure such a valubale vehicle to be high.
How much is insurance for a Ferrari 488? Rates range from $204-$373/month.
Ferrari car insurance costs around $3,456 annually. That means your Ferrari insurance cost per month will be about $288 or higher. In reality, cheap Ferrari insurance does not exist. Fortunately, comparison shopping for coverage can help you save money.
Due to the Ferrari’s high price tag, many national insurance companies will not even insure them. Securing a Ferrari insurance quote requires you to find a company that specializes in exotic car insurance. Not every company is a Ferrari car insurance company.
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Why are Ferrari car insurance rates so high?
Car insurance companies are rather conservative because their rates and underwriting are driven by statistics. These statistics indicate that the Ferrari, a vehicle originally designed as a racing car with many of the same configurations of a racing car, will inevitably be used to race.
The concern is that the temptation to drive at high speeds may be irresistible to many individuals.
The company celebrates its racing origins, as evidenced by the media campaign video for the Ferrari SF90 Stradale below.
Ferraris are still actively involved in the racing world, which makes the vehicle higher-risk to insure.
Insurance companies will also consider the costs to fix and replace your vehicle. How much does it cost to own a Ferrari 458? The base model starts at $240,000. Therefore, insurance on a Ferrari 458 will be higher than normal vehicles.
As you can see, a Ferrari tops the list below of cars with the highest collisions losses for insurance companies.
|Model||Make||Year||Category||MSRP||Loss for Insurance Industry|
|Ferrari||458 Italia two-door||2014||sports||$233,500||655|
|Bentley||Bentley Continental GT two-door 4WD||2017||luxury||$235,000||586|
|Bentley||Continental GTC convertible 4WD||2014||luxury||$238,000||497|
|Lamborghini||Huracan two-door 4WD||2017||sports||$200,000 (+/-)||462|
|Audi||S8 four-door 4WD||2017||luxury||$83,500||348|
|Audi||A8L four-door 4WD||2014||luxury||$82,500||314|
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Ferrari auto insurance rates can also differ based on the model you have. For example, Ferrari F12 insurance cost will not be the same as Ferrari 488 insurance, Ferrari Portofino insurance cost, or LaFerrari insurance.
Unsurprisingly, maintenance costs for the Ferrari are also higher, which leads to increased insurance rates. Because of their racing tradition, it is advantageous for Ferraris to be as light as possible to allow maximum power for speed. A Ferrari vehicle is made largely of aluminum, as well as high-impact steel and plastic compounds.
In other words, you won’t receive a parking-lot dent with a Ferrari; you are more likely to receive a broken quarter-panel. Safety equipment is aimed at preserving the life and limb of the driver rather than the car.
According to the Insurance Institute for Highway Safety, the Ferrari 488 GTB two-door sports car landed in second on the list of the worst insurance loss ratios for all vehicles on the market. The sports car’s collision loss is 464 percent.
Purchasing insurance for a Ferrari is likely to be challenging and expensive.
Getting an Insurance Quote for Your Ferrari
Luxury car insurance usually costs upwards of 18 percent more than insuring an economy vehicle.
The cost of a Ferrari is determined by a number of factors, including the vehicle’s age and model. If you can afford a Ferrari, the normal financial necessity for insurance might not apply to you. However, according to the Insurance Information Institute, some form of car insurance is legally required in almost every state. To get an insurance quote for your Ferrari, you will need to collect the following information:
- Names, license numbers,and dates of birth for all drivers
- Yearly mileage.
- Agreed amount for which the vehicle will be insured.
Ordinary collision and comprehensive coverages will not be applicable to a Ferrari. The cost of the vehicle will require your insurance broker to approach a specialty market.
Specialty market premiums are typically based on the value of the vehicle rather than the usual rate structure filed by insurance companies.
Umbrella Insurance for a Ferrari
Two things may happen if you are driving a Ferrari and are at-fault in an accident:
- The cost of the vehicle indicates a source of money for lawsuits.
- The destruction of the vehicle causes a huge financial loss.
Because of the deep pocket theory – the idea that a wealthy person ought to be willing to pay more in the event of an accident than others are – you should consider an umbrella policy.
An umbrella policy provides extra liability coverage in the event that the claim exceeds the amount of coverage on your primary policy. The policy can be for your cars or your home.
Once the claim exceeds the limit of liability, you are responsible for additional attorney fees and the cost of defense against a lawsuit. Check with your insurance broker for this coverage and its cost.
How much does a new Ferrari cost?
The minimum price for a new Ferrari is over $200,000 in total. The 2016 lineup for the Ferrari manufacturing company is as follows:
- Ferrari 488GTB – 3.9L turbocharged V-8 engine]
- Ferrari 488 Spider – 3.9L turbocharged V-8 engine
- Ferrari 458 Speciale – 4,499cc V-8 engine
- Ferrari GTC4 Lusso – 6.3L V-12 engine
- Ferrari F12berlinetta – 6,262cc V-12 engine
- Ferrari California T – 3.9L V-8 engine
- Ferrari F12TDF – 6,262cc V-12 engine
- Ferrari LaFerrari – 6.3L V-12 engine
- Ferrari 458 Speciale Aperta – 4,497cc V-8 engine
The Ferrari Company indicates that the 488GTB is their two-seat, mid-rear engine sports coupe, designed for owners who desire on-road performance with an occasional dip into the race circuit. All Ferrari models have the variable timing feature.
The Ferrari Company is based in Maranello, Italy and was founded by Enzo Ferrari in 1929 as a manufacturer of race cars. The company moved into producing street-legal vehicles in 1947.
Since 1969, Fiat has been the majority owner of the company, continuing the racing tradition of Ferrari.
Ferrari has specialized in Formula One racing vehicles with distinction. The Ferrari Testarossa with a 12-cylinder mid-engine is the best known of the Ferrari line.
Ferrari is represented by the Cavallino Rampanteprancing horse logo on a yellow shield with the letters SF. The letters stand for Scuderia Ferrari, and stripes of green, white, and red are featured at the top.
Road cars, additionally, have a rectangular badge on the hood. For a long time, Ferrari was only produced in red, but they now offer an array of colors.
Celebrities Who Own a Ferrari
Ferraris have become popular with celebrities, particularly in the music industry. The Beatles’ John Lennon purchased a Ferrari hours after passing his driving test.
Lennon’s famous 1965 light blue Ferrari was auctioned for £359,900, or $576,430.60, in July of 2013.
Eric Clapton, another famed British musician, gave an interview to Ferrari Magazinein January 2010 indicating that he felt a strong analogy between music and machines. He purchased a Ferrari built especially for his use. That vehicle, a SPS12EC, has now become an official model of Ferrari.
If you have upwards of $3 million to pay for a Ferrari, you could very likely purchase a close copy produced by Ferrari’s Special Projects program and Pininfarina.
If you’re one of the few who can afford a Ferrari, you need to buy Ferrari car insurance right away. Enter your ZIP code into our FREE quote comparison tool below to find affordable Ferrari car insurance rates.