How Much Does Ferrari Insurance Cost?
The average cost to insure a Ferrari is $448 per month, making it more than two and a half times more expensive than the average cost of car insurance in the U.S.
Find Cheap Ferrari Car Insurance Quotes
Ferrari owners who want to get the best deal on insurance may be better off buying a policy from an insurer that specializes in high-end policies.
For starters, getting Ferrari insurance at all may be a challenge, as not every mainstream insurer provides coverage. Specialty insurers are not only more likely to provide coverage, they are often cheaper than what a standard insurance company might offer.
The average cost to insure a Ferrari is $448 per month, making it more than two and a half times more expensive than the overall cost of car insurance in the U.S.
Find Cheap Ferrari Car Insurance Quotes
Average cost of Ferrari insurance
Ferrari insurance is very expensive. Across four insurers and 10 Ferrari models, we found an average rate of $448 per month. However, the cost varied dramatically depending on whether the quotes were from a standard insurer or from a company that specializes in coverage for classic and collector cars. In some cases, specialty insurers were 41% cheaper than a standard insurer.
The standard insurers we compared rates from gave us an average quote of $459 per month for coverage. Meanwhile, the specialty providers quoted an average price of $437 per month, with a wide range of rates.
The average cost of coverage among the companies we surveyed differed by more than $4,000 per year, so shopping around can lead to major savings.
Average monthly cost of Ferrari insurance by model
Model | Value | Standard insurance company | Specialty insurer |
|---|---|---|---|
| 2021 Roma Coupe Turbo | $341,545 | $459 | $558 |
| 2019 Portofino Convertible | $255,008 | $419 | $419 |
| 2018 812 Superfast Coupe | $335,275 | $600 | $548 |
| 2018 488 GTB Coupe | $252,800 | $498 | $417 |
| 2018 488 GTB Spider Convertible | $333,005 | $514 | $545 |
| 2017 GTC4Lusso Coupe | $298,900 | $505 | $490 |
| 2015 458 Italia Coupe | $270,000 | $459 | $417 |
| 2015 458 Spider Convertible | $245,715 | $428 | $432 |
| 2009 F430 Convertible | $149,830 | $340 | $260 |
| 2004 360 Coupe | $171,250 | $368 | $286 |
The primary reason for a Ferrari's high insurance rates is the cost of repair. Fixing a Ferrari after a crash is expensive, so the costs of collision and comprehensive coverage, which pay to repair your Ferrari when damaged, are high as well.
Collector car insurance for Ferraris
When you're thinking of insuring your Ferrari or other high-end luxury car, you may want to consider an insurer that specializes in coverage for exotic, collector and antique cars.
For owners of high-end vehicles, there are several benefits to going with a collector car insurance company. For starters, collector car insurance can be cheaper. The cheapest company to insure a Ferrari, Grundy, is a specialty company, though the most expensive one, Hagerty, is one as well.
Pros and cons of collector car insurance for a Ferrari
Pros | Cons |
|---|---|
| Price may be lower than standard policy | Mileage limits |
| Agreed value | May not insure mainstream cars |
| Specialized coverages and expertise |
Agreed value is a special benefit that insurance companies for exotic cars use. This is the price that you and your insurer agree the car is worth, and it'll be the amount you're paid if your car is totaled or stolen. With a regular car insurance policy, your insurer alone determines the maximum amount you'll be paid, which they base on its purchase cost and its depreciation at the time of the accident.
Depreciation doesn't factor in with exotic cars like Ferraris; in fact, some are actually worth more over time..
Specialty insurance companies also often include specialized coverages that are only applicable to high-end cars. This might include protection for your vehicle while it's on display at a car show or coveragefor extra parts like racing tires.
There are some drawbacks to collector car insurance companies, though. Most significantly, they often have low mileage limits, meaning you can only drive your car a certain number of miles per year. While many owners of Ferraris and other high-end cars primarily use their vehicles for pleasure driving, those who want to use their Ferrari to commute or run errands may be limited by these mileage caps.
Additionally, some collector insurance companies don't provide coverage for standard cars, so you may need a separate policy to protect your daily driver.
Where can I get Ferrari insurance?
Not every mainstream car insurance company sells car insurance for Ferraris. We checked with the top 10 car insurance companies and found that only five will give you a quote for a Ferrari: State Farm, Farmers, Allstate, USAA and Geico. Having fewer options to buy Ferrari insurance means you may have a more difficult time insuring your car.
Insurer | Sells Ferrari insurance? |
|---|---|
| Allstate | Yes |
| American Family | No |
| Farmers | Yes |
| Geico | Yes |
| Liberty Mutual | No |
| Nationwide | No |
| Progressive | No |
| State Farm | Yes |
| Travelers | No |
| USAA | Yes |
Methodology
We collected quotes from four insurance companies for our survey: two standard insurers (State Farm and Farmers) and two collector car insurers (Hagerty and Grundy). Rates are for a 30-year-old man who lives in the San Antonio, Texas area, drives his Ferrari 1,000 miles per year and owns another daily-driver car on a separate policy.
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