Compare Ferrari Car Insurance Rates (2024)

When you’re looking for style mixed with performance, few cars come to mind as fast as Ferrari. This famous Italian brand is one of the most sought-after luxury cars, with many drivers listing it as their dream ride. That dream comes at a cost — the cheapest new Ferrari costs well over $200,000.

Luxury car insurance is different from standard coverage and is often more expensive, but Ferrari coverage has pricier quotes than most brands. The average Ferrari driver will pay more than double the national average in the U.S.

Despite having high prices, there are ways to bring your Ferrari insurance costs down. Explore Ferrari car insurance rates below. Then compare quotes with as many companies as possible to find the perfect policy for your dream car.

How much does Ferrari car insurance cost?

Luxury car insurance always costs more than a standard policy, but Ferrari coverage is considered expensive even among similar competitors. Luxury car insurance costs more because it costs more to repair or replace them. Since Ferraris often cost $500,000, insurance companies have to charge higher rates to absorb those costs.

Aside from the higher repair and replacement costs, several other factors affect your Ferrari car insurance rates. These include:

• Age and gender
• Marital status
• Vehicle safety
• Location
• Driving history
• Credit score

Aside from these factors, the amount of coverage you want to buy will also impact your rates. Ferrari drivers often choose to keep full coverage, even if they own the cars outright. Minimum insurance is your cheapest option for coverage, but it doesn’t protect your vehicle. Since Ferraris are high-value cars, full coverage is usually your best bet.

Many drivers also opt to add extra coverage to their policy, which increases prices. Although adding more coverage is never a bad idea, you should be cautious about adding insurance you don’t need.

Keeping these factors in mind, the average Ferrari driver pays about $448 a month for insurance. While this is much more expensive than the national average, having the right protection for your Ferrari is worth the cost.

How much car insurance should you buy for a Ferrari?

Although you can buy minimum insurance for a Ferrari once you own it outright, most drivers want more coverage. Ferraris are expensive cars and are usually considered prized possessions, so it makes sense that you’d want more coverage.

Many Ferrari owners select a full coverage policy for their vehicles. When you buy full coverage, you get the following types of protection:

• Liability: While it doesn’t cover your car, liability insurance protects you from paying for damages and injuries you cause in an at-fault accident. Comparison shopping for liability coverage is a great way to find affordable coverage and also see what insurance companies offer for liability.
• Collision: Collision insurance covers you and your vehicle, while liability covers the other driver and their vehicle.  Collision will help with your Ferrari’s repairs after you hit something, whether it’s another driver, a parked car, or a stationary object like a tree.
• Uninsured/underinsured motorist: Most states have insurance laws, so drivers don’t have to worry about losing their car if someone hits them. If a driver with inadequate coverage hits you, uninsured motorist insurance pays for your repairs.
• Comprehensive: Comprehensive insurance covers your car from life’s unexpected events, like fires, floods, extreme weather, animal contact, vandalism, and theft. You can often compare comprehensive car insurance coverage in terms of what it will cost and what it will cover.
• Medical payments/personal injury protection: Depending on your state, you can buy medical payments or personal injury protection insurance to cover health care costs after an accident.

Since Ferraris are so expensive, many drivers add extra coverage to their policies. Popular add-ons for Ferraris include gap insurance, new car replacement coverage, and original equipment manufacturer coverage. They’ll increase the price of your insurance, but many Ferrari owners think the price is worth it. Comparing gap insurance coverage and what it will include against other additional types of insurance will often provide you with a better idea of what you may want to include in your policy.

How can you save money on your Ferrari car insurance?

Since Ferrari insurance rates are much higher than other luxury brands, finding ways to bring your rates down is crucial. If you’re looking for Ferrari insurance, keep the following tips in mind to help you save:

• Consider collector’s car insurance. Collector’s car insurance is an alternative to a standard policy that might save you money. Make sure to carefully go over a collector’s policy, as some limit how much you can drive. It is also often referred to as specialty car insurance coverage and is used to protect antique, kit, or classic cars.
• Keep your driving record clean. Drivers with DUIs, speeding tickets, and other traffic violations pay much higher rates. Some infractions increase your rates for seven years, so keeping your record clean is crucial.
• Keep your car safe. Not many Ferrari owners leave their cars parked in the street. If you regularly park your car in a secured garage or private driveway, your rates will be a little lower.
• Raise your deductible. You can choose a higher deductible to see lower insurance rates. Be cautious, though – you have to pay your deductible before your insurance kicks in.
• Find discounts. Popular discounts for Ferrari owners include savings for bundling policies, remaining claims-free, and being a homeowner.
• Try a telematics program. Usage-based insurance programs allow your insurance company to track you with a small device. If you’re a safe enough driver, you can see up to 40% savings.
• Choose your coverage carefully. While add-ons are tempting, you don’t want to add coverage you don’t need to your policy.

While drivers who own a Ferrari outright have the option of buying the least amount of insurance required in their state, most choose more coverage. Full coverage can cost double or even triple what minimum insurance costs, but the extra coverage is usually worth it.

Find the Best Ferrari Car Insurance Today

Although Ferrari car insurance is expensive, most drivers are happy to pay the price. Car insurance is one of the best ways to protect your Ferrari from everything the road can throw at it, so it’s important to find the right coverage. You might have to pay higher rates, but there are ways to minimize your costs.

When you need Ferrari car insurance, you should compare quotes with as many companies as possible. Some companies won’t insure such an expensive car, while others might have much cheaper rates for you. If you don’t compare your options, you’ll overpay for your insurance.