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Although most people expect their auto insurance rates to go through the roof when they buy a Ferrari, thankfully, your premiums could be manageable depending on several factors.
There’s no denying the fact that due to the popularity of the Ferrari brand and the immense value of their cars, less flashy vehicles are much cheaper to insure.
However, you could be in store for some reasonable insurance rates, depending on the Ferrari you have and your personal driving circumstances.
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How much you will pay to insure your Ferrari will depend a lot on what year the car is and what kind of condition it is in.
If an insurance provider thinks it will end up paying thousands of dollars in response to a claim, your premiums will be higher.
For example, if you recently purchased one of Ferrari’s newest models, your rates will be much more than if you bought a used Ferrari with some wear and tear.
Ferrari’s newest cars have state of the art engines, body shells, and suspensions which are extremely expensive in comparison to what normal vehicles have.
Typically, Ferrari’s have an all-leather interior and high-tech vehicle control systems, which also don’t come cheap!
You can learn more about Ferrari’s latest models and their costs by referring to automobile publications like New Car or Ferrari’s official website.
While buying an older and used Ferrari will keep your insurance rates down, if the model you have is still in great condition and extremely rare, your rates will still be pricey.
If your Ferrari is a collector’s item and not your primary vehicle, however, then you may want to consider buying classic car insurance for it. Eligibility requirements for classic car insurance can vary.
Most classic car insurance policies come with annual mileage restrictions, so if you plan on driving your Ferrari daily, this type of coverage likely won’t work.
Other policies may only provide coverage for certain activities, like driving your vintage Ferrari to a car show or other events that are sponsored by the Ferrari Club of America.
Be sure to review any classic car policy carefully so that you know exactly what the requirements are.
Due to the low mileage requirements that come with classic car policies, the rates may be cheaper than what you would get with standard insurance.
How Much You Plan to Drive
What you’ll pay to insure your new Ferrari will also depend a lot on how much you plan to drive it.
Your rates will go up if it’s your primary vehicle that you’re going to do the following with it:
- drive to work
- run errands
- head out of town for the weekend
One way insurance providers determine your premiums is by reviewing how much you’re going to drive your car annually.
Regardless of your driving abilities, the more your Ferrari is in traffic, the more likely an accident involving it will be.
Similar to classic car insurance policies, however, providers will charge you lower premiums if you keep your mileage down.
Some providers even offer low mileage programs, which monitor the number of miles you drive, in exchange for cheaper insurance.
In addition, the less you drive your Ferrari, the fewer repairs it will need and the longer it will keep its value!
How much liability insurance you decide to purchase will also have a big impact on your rates. Liability is required by law and pays for the damages you cause to another person or property in a car crash.
Because car accidents can cause thousands of dollars in repairs and medical bills, it’s important to not skimp on the coverage you buy.
Remember, serious car accidents can even result in lawsuits, so having a good amount of coverage is always wise.
By being strategic about how much liability coverage you buy, you could save some money on your Ferrari’s insurance.
If you’re still shopping for a Ferrari, be sure to review each model’s safety features and records.
The more safety features a car has, like anti-locking brakes for example, the less likely you are to cause an accident.
You can find out more about which Ferrari’s have solid safety records by checking out publications like Automobile Magazine.
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Collision and Comprehensive Insurance
If you want your vehicles to be protected by insurance, you should consider collision and comprehensive insurance.
- Collision insurance pays for repairs your car needs when you cause an accident
- Comprehensive insurance covers repairs that aren’t caused in a car accident like a hailstorm, flood, theft, or vandalism
Remember, not only are Ferraris expensive to repair, but fancy cars are more likely to be targeted by criminals.
Even if you live a region that rarely has extreme weather, you should have some comprehensive insurance for your Ferrari.
Consider the type of Ferrari you have, the neighborhood you live in or whether the car is parked in a secure space most of the time.
Where You Live
Aside from whether you typically drive in a high or low traffic setting, what state you live in will also affect how much your Ferrari’s car insurance will be.
You probably will be buying more coverage than your state’s minimum requirements, but it’s a good idea to find out what they are.
Some states require drivers to buy additional policies, like personal-injury-protection insurance, while others don’t.
You can find out more by checking with the government department that oversees auto insurance in your region.
In some states, it may be the Department of Motor Vehicles, while in others it may be another name. For example, in Illinois, it’s the Department of Insurance.
Your Driving Record
If you have a clean driving record, with few to no speeding tickets, then you will have to pay much less to cover your Ferrari than someone who’s caused several accidents.
Due to the fact that Ferrari’s are high-performance vehicles, which can go much, much faster than a lot of cars, insurance providers are concerned they will not be driven safely.
If your driving record shows you haven’t been a safe driver in the past, then your insurance rates could take a big chunk out of your bank account.
The more claims you’ve filed in the past the higher your insurance rates will be.
Your Insurance Provider
Finally, how much you’ll pay to insure your Ferrari will depend on what company you buy your coverage from.
There are many different providers in the insurance industry, so by taking a little time to shop around and compare quotes, you can find some great deals.
If you weren’t thinking about switching providers, you may be missing some savings if you don’t shop around.
A great way to shop for your Ferrari’s insurance is to use a website that specializes in comparing quotes from major providers.
Once you’ve provided your general information the site will send you quotes from several different companies.
Find great deals on insurance now by entering your ZIP code into the FREE box found below!