How Much Does Ferrari Insurance Cost?

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The average cost to insure a Ferrari is $5,325 for six months of coverage, making it more than five times more expensive than the average cost of insurance in America. Getting Ferrari insurance at all may be a challenge, as not every mainstream insurer provides coverage.

Ferrari owners may be better off buying a policy from an insurer who specializes in high-end policies, which are more likely to provide coverage, and is often cheaper than a standard insurance company: We found that specialty insurers charge 65% less than standard insurers for Ferraris.

Average cost of Ferrari insurance

Ferrari insurance is very expensive. Across four insurers and nine Ferrari models, we found an average six-month policy cost of $5,235. 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.

The standard insurers we compared quotes from gave us an average quote of $8,169 for six months of coverage. Meanwhile, the specialty providers quoted an average price of just $2,832 — nearly two-thirds cheaper.

Average cost of Ferrari insurance, by model

ModelValueStandard insurance companySpecialty insurer
2019 Portofino Convertible$279,575$12,285$2,785
2018 812 Superfast Coupe$449,000$9,077$4,448
2018 488 GTB Coupe$269,965$9,352$2,694
2018 488 GTB Spider Convertible$339,900$7,968$3,379
2017 GTC4Lusso Coupe$329,900$8,704$3,281
2015 458 Italia Coupe$249,900$8,444$2,497
2015 458 Spider Convertible$229,984$7,013$2,302
2009 F430 Convertible$309,995$6,321$3,086
2004 360 Coupe$99,999$4,358$1,018
State Farm did not offer quotes for a 2019 Portofino, so the standard policy price is based solely on a quote from Farmers Insurance.

The primary reason for a Ferrari's high insurance rates is its cost of repair. Fixing a Ferrari after a crash is expensive, so the costs ofcollision and comprehensive coverage, which pay to repair your Ferrari after it's 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 buying coverage from an insurer that specializes in coverage for exotic, collector and antique cars.

For owners of high-end vehicles, there are a lot of benefits to going with a collector car insurance company. The biggest benefit is that they can be much cheaper: For the nine Ferraris we looked at, the specialty insurers provided insurance quotes that were 65% less expensive than the ones we received from mainstream insurers.

Benefits and drawbacks of collector car insurance

BenefitsDrawbacks
Price is often lower than standard policyMileage limits
Agreed valueMay not insure mainstream cars
Specialized coverages and expertise

Another benefit is that insurance companies for exotic cars also use agreed value: This is the price that you and your insurer agree the car is worth, and it's the amount you'll be paid if your car is totaled or stolen. With a regular car insurance policy, your insurer determines the maximum amount you'll be paid based on its purchase cost and depreciation. But exotic cars like Ferraris don't depreciate in value the same way; some actually become worth more over time. With an agreed value policy, you know the total amount you may be reimbursed before your policy goes into effect.

Specialty insurance companies also often include specialized coverages that are only applicable to high-end cars. This might include coverage that protects your vehicle while it's on display at a car show or protection for extra parts like racing tires.

There are some drawbacks to collector car insurance companies, though. Most significantly, they often have low mileage limits; you can only drive your car a certain number of miles per year. While most owners of Ferraris and other high-end cars primarily use their Ferraris for pleasure driving, people who want to use their Ferrari to commute and run errands may be limited by these mileage caps.

Additionally, some collector insurance companies don't provide coverage for more typical 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 will sell car insurance to a Ferrari owner. We checked with the top 10 car insurance companies and found that only four will give you a quote for a Ferrari: State Farm, Farmers, American Family and USAA. Having fewer options to buy Ferrari insurance means you may have a more difficult time insuring your car.

InsurerSells Ferrari insurance?
AllstateNo
American FamilyYes
FarmersYes
GEICONo
Liberty MutualNo
NationwideNo
ProgressiveNo
State FarmYes
TravelersNo

Methodology

We collected quotes from four insurance companies for our survey: two mainstream insurers (State Farm and Farmers) and two collector car insurers (Hagerty and Grundy). Our sample driver is a 30-year-old male who lives in the San Antonio, Texas area, who drives his Ferrari 1,000 miles per year and owns another daily-driver car on a separate policy.

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