Average cost of Ferrari insurance

Ferrari insurance is very expensive. Across four insurers and 10 Ferrari models, we found an average rate of $5,377 per year. 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 rates from gave us an average quote of $5,508 per year for coverage. Meanwhile, the specialty providers quoted an average price of $5,246, with a wide range of rates.

The difference between average rates among companies is more than $4,000 per year, so shopping around can lead to major savings.

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

For owners of high-end vehicles, there are many benefits with a collector car insurance company. In some cases, collector car insurance can be cheaper. The cheapest and most expensive companies we analyzed, Grundy and Hagerty, respectively, were specialty companies.

Pros and cons of collector car insurance for a Ferrari

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 like standard vehicles. Some are actually worth more over time. With an agreed value policy, you know the total amount you may be reimbursed before your policy goes into effect.

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 vehicles 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 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 10 largest 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.

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.