Ferrari Car Insurance Rates

The average Ferrari car insurance rates are $288.21/mo in the US. Having more expensive parts means a Ferrari is more expensive to repair and insure.

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Reviewed byJoel Ohman
Founder, CFP®

UPDATED: Jun 25, 2020

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Here's what you need to know...
  • 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 coverage right for you

A Ferrari is the dream car for many motor vehicle enthusiasts represented by a poster of a gorgeous red Ferrari decorated (or not) with a supermodel on the wall of their room as a teen.

Many have that Ferrari in mind every time he or she purchases a lottery ticket.

Most people require a mass amount of disposable income to afford a Ferrari, because the new 2016 Ferrari 488GTB’s MSRP begins at $242,737.

Make sure to compare auto insurance quotes before making your choice. Simply enter your ZIP code into the FREE tool above!

2016 Ferrari Models

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

All have the variable timing feature. 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.

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Ferrari History

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.

They have 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 Rampante (prancing horse) logo on a yellow shield with the letters S F (for Scuderia Ferrari) and stripes of green, white, and red 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.

Some Celebrities Who Own a Ferrari

Ferrari vehicles have become popular with celebrities, particularly in the music industry. John Lennon of Beatles fame purchased a Ferrari hours after passing his driving test.

The 1965 light blue Ferrari was auctioned for £359,900 ($576,430.60) in July of 2013.

Eric Clapton, famed British musician, in January of 2010 gave an interview to Ferrari Magazine indicating that he felt a strong analogy between music and machines.

He purchased a Ferrari built especially for his use. That vehicle, an SPS12EC has now become an official model of Ferrari.

If you can cough up the £3 million or more for the vehicle, you could very likely purchase a close copy produced by Ferrari’s Special Projects program and Pininfarina.

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Insuring a Ferrari

Car insurance companies are rather conservative because their rates and underwriting are driven by statistics. These statistics indicate that a vehicle originally designed as a racing car and having 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 Ferrari name on a car indicates a history of racing in the background of the vehicle.

Because of that 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.

Safety equipment is aimed at preserving the life and limb of the driver rather than the car.

One does not receive a parking-lot dent with a Ferrari, he or she is more likely to receive a broken quarter-panel.

Therefore, purchasing insurance for a Ferrari is likely to be a challenge. It will probably remove a good bit of money from your wallet.

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Getting an Insurance Quote

The purpose of insurance is to extend risk of loss to others than just you.

By purchasing insurance, you agree to exchange money in the form of premiums for the guarantee that the insurance company will accept a portion of the financial responsibility in the event of an accident.

Most people find it difficult to come up with enough money to pay for the expenses involved when they are involved in an accident, so they purchase insurance. Also, it is legally required in almost every state.

Two things may happen if you are driving a Ferrari and have an accident that is your fault:

  1. The very cost of the vehicle indicates a source of money for lawsuits
  2. The destruction of the vehicle causes a huge financial loss

To get an insurance quote, you will need to collect the following information:

  • Names, license numbers, and dates of birth of all drivers
  • Place and manner of garaging – locked private garage, a parking lot, wherever
  • Yearly mileage
  • Agreed amount for which the vehicle will be insured

The ordinary property damage coverage for collision and comprehensive to protect the car and your property from physical damage will not be applicable to a Ferrari.

The cost of the vehicle will require your insurance broker to approach what is called a “Specialty Market” in the insurance industry.

The premiums are ordinarily based upon the value of the vehicle rather than the usual rate structure filed by insurance companies.

You will be asked to determine the amount of coverage in dollars (or pounds, if you’re in England) you desire for your car. Since a Ferrari is now selling for more than $200,000, the stated amount is going to be large.

Often, insurance companies want an appraisal from a qualified vehicle appraiser to verify the set amount. This is true particularly in the case of used vehicles.

Considering the difficulty of getting exact quotations without specific details of the automobile, we were able to obtain two quotes. They include the statutory limits of liability for the State of Colorado as well as a stated amount of property damage coverage of $200,000.

  • Insurance Company #1: $4,474.00 annually, including usage of 15,000 miles a year
  • Insurance Company #2: $2,443.00 annually, including 500 miles a year – and coverage during auto shows

Costs vary widely as you can see. Comparison shop for insurance to save yourself money. Every penny counts.

“Umbrella” Insurance

Because of the “Deep Pocket” theory, which is 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 what is referred to as an “umbrella policy.”

This type of policy provides liability coverage in the event that the claim exceeds the amount of coverage on your primary policy whether the policy is for your cars or home.

Few people are aware that, once the claim exceeds the limit of liability, they may be responsible for additional attorney fees and the cost of defense against a lawsuit.

Check with your insurance broker for this coverage and its cost.

Or you can simply enter your ZIP code into the FREE comparison tool below.

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