How Much Does Ferrari Insurance Cost?
Find the Cheapest Auto Insurance Quotes in Your Area
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 got 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
| Model | Value | Standard insurance company | Specialty 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 |
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
| Benefits | Drawbacks |
|---|---|
| Price is often lower than standard policy | Mileage limits |
| Agreed value | May 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.
| Insurer | Sells Ferrari insurance? |
|---|---|
| Allstate | No |
| American Family | Yes |
| Farmers | Yes |
| GEICO | No |
| Liberty Mutual | No |
| Nationwide | No |
| Progressive | No |
| State Farm | Yes |
| Travelers | No |
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.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.