Ferrari Insurance

The easy and affordable way

Ferrari Insurance

Ferrari was born out of one man’s passion for the Italian racing circuit, and since then the brand has never strayed far from its roots. Under the direction of Enzo Ferrari, the "Prancing Pony" emblem became a symbol for speed, power, and impeccable engineering. 

If you own one of these iconic cars, it’s important to be certain that your car insurance can keep up with your vehicle.

An independent agent can help you find the best Ferrari insurance policy for your unique risks. Local agents give personalized service and can recommend policies from a variety of insurance providers.

What Kind of Insurance Do You Need for Your Ferrari? 

Owning a Ferrari is a privilege so you'll want to choose carefully when selecting your car insurance options. Fortunately, you have a variety of coverages to choose from. Some coverages are state-mandated and others are recommended. 

With Ferrari's price point, you may need additional coverage provided by an umbrella policy. Your agent can help you understand how this type of insurance could help fill any gaps left by your regular car insurance. 

Most states have laws requiring the following coverage: 

  • Bodily injury liability: No matter how safe a driver you are, there’s a chance you could get into an accident and harm someone else. This coverage provides reimbursement to the other party for medical care and lost wages up to your policy limits.  
  •  Property damage liability: If you cause damage to someone else's property, a liability policy will pay for repairs for covered incidents. 

Many states also require this coverage: 

  • Medical payments/personal injury protection (PIP): In some states, you can purchase personal injury protection (PIP) or medical payments coverage, which helps pay for personal medical bills that result from an accident. Not only will PIP insurance cover you, but it will also cover any injured passengers that were in your vehicle. It will cover things like ambulances, doctor visits, medication, funeral expenses, and other related costs. 
  • Uninsured or underinsured motorist coverage: 13% of drivers operate a vehicle without insurance. This coverage protects you when another driver causes an accident and doesn’t have insurance.  Uninsured and underinsured motorist coverage also protects you against drivers whose policy limits aren’t enough to cover the damage. 

Optional coverage: 

  • Collision coverage: If you collide with other vehicles or objects like street posts or a parking meter, collision insurance will help you pay for repair or replacement. Even though collision insurance is not required by states, it's definitely worth speaking to your independent insurance agent about having. 
  • Comprehensive insurance: Many incidents other than collisions can cause damage to your vehicle. Theft, natural disasters, storms, and other mishaps are all possibilities. Comprehensive insurance protects you against these types of losses. 
  •  Glass coverage: Replacing the windshield or other broken glass in your Ferrari will set you back thousands of dollars. With glass coverage, those costs could be 100% covered. 
  • Gap insurance: It’s a good idea to carry gap insurance if you owe more on your car than it's worth. If you fail to carry gap coverage and your car is declared a total loss, you will still owe money on your vehicle. 

What Affects the Cost of Insurance for Your Ferrari?

Annual mileage

The more miles you put on your Ferrari the more it'll cost to insure. Frankly, the more often you drive, the greater risk you are for filing a claim with your insurance company.

Driving record 

Lower insurance premiums coincide with violation-free records. If you have a history of traffic violations, your premium will reflect that. 

The value of your car 

Car insurance is based largely on the retail price of the vehicle. If you have to make a claim, it will cost the insurance company a lot more to repair your Ferrari than it would if you drove a Toyota Corolla. If you are fortunate enough to own a Ferrari, you should expect higher than average car insurance rates.

Average price of a Ferrari by model
Ferrari 488 GTB $245,400
Ferrari 488 Spider $272,700
Ferrari 812 $335,275
Ferrari Berlinetta F12 & TDF $319,995
Ferrari California $202,723
Ferrari FF $295,000
Ferrari GTC4 Lasso $300,000

The safety of your Ferrari

Ferrari was, and still is, built first and foremost for speed. But Ferrari automobiles are also designed to be easy to manage and to provide a stable, luxurious ride. 

All models are equipped with front and side airbags as standard features, as well as ABS and stability control, which powers down the engine and applies select braking when the sensors detect a loss of traction or control. 

Ferrari also includes a sensitive anti-theft system, which sounds an intruder alarm, and prevents the engine from starting by any other means than the factory-made key.

These safety features help to keep insurance costs as low as possible, by reducing the risk of costly medical expenses in the event of an accident and defending the car from potential thieves. 

How Location Affects Your Ferrari Premiums 

Where you live has a lot to do with how much you pay for car insurance. Living in a congested area of the country means you are statistically more likely to be in an accident. Some states have higher insurance rates overall, as well. Typically, the states with the highest insurance rates include:

  • Michigan
  • Louisiana
  • Florida
  • Kentucky
  • Rhode Island

The most affordable states include:

  • Michigan
  • Louisiana
  • Florida
  • Kentucky
  • Rhode Island

Average Cost to Insure a Ferrari

That cost of car insurance premiums can vary greatly depending on selected coverage, age, driving record, etc. The average cost to insure your Ferrari per year sits around $3,456. 

If your Ferrari is over 25 years old, and driven less than 3,000 miles per year, you can find a better price for your policy by listing your car as a collector’s item. 

Your insurance rates also depend on the Ferrari model you choose. More expensive vehicles have higher rates. 

Model Monthly insurance premium
Ferrari 488 GTB $783
Ferrari 488 Spider $868
Ferrari 812 $1,188
Ferrari Berlinetta F12 & TDF $1,015
Ferrari California $648
Ferrari FF $935
Ferrari GTC4 Lasso $953

Save on Car Insurance

Our independent agents shop around to find you the best coverage.

Top Insurance Carriers That Insure the Ferrari

When choosing an insurance company, it's crucial to compare a number of options. You'll need a company that offers top-notch service, and has a reputation for being trustworthy and responsive. 

The U.S. Independent Insurance Agent Satisfaction Study by J.D. Power gave these companies excellent ratings: 

  1. Progressive
  2. Safeco
  3. Travelers

Your agent may also suggest that you extend your search for an insurance company to those that specialize in luxury vehicle protection, like Chubb or PURE. 

Find the Best Ferrari Insurance for Your Car

No matter which model you drive, whether new or classic, a local agent in the Trusted Choice network can help you find the precise Ferrari policy you need at the best rate. 

An independent agent is not bound to one insurance company and can shop a wide variety of providers to select the Ferrari coverage that fits your risks.

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