Ferrari has a long and rich history of crafting perfection in the form of Italian supercars. It all began with Enzo Ferrari in 1947. By then, Enzo had become a famous driver for the then-famous Alfa Romeo carmaker. In an effort to create his own cars, he created the first car bearing his mark- the Ferrari 125S .
By the 1950s the name Ferrari was known around the world. Since then, the automaker has continued to produce small-batch, handcrafted supercars for those who can afford them. The only Italian car that really competes with the brand is Lamborghini . Their most expensive model to date is the LaFerrari, which has a price tag of just over $1 million. These cars only appreciate in value as they age too. To date, the most expensive Ferrari ever sold was a 1963 Ferrari GTO, which was auctioned off for $52 million to a collector.
So, it's well accepted that Ferraris are expensive to both purchase and maintain. What about the cost of car insurance , though? Have you ever wondered how much does it cost to insure a Ferrari ?
We'll give you a hint - Ferrari auto insurance is not cheap either!
However, wealthy individuals who already spend a good amount of money on the car often take its rather expensive auto insurance costs into account. So if you're wealthy enough and are into racing, motorsports, and your enthusiasm can't be quelled, then the Ferrari can be a dream come true. In today's article, we're going to discuss some of the most iconic Ferraris ever made, how much it costs to insure these bad boys and help you get the cheapest possible Ferrari insurance quote online through this page.
If you're going to purchase a quarter-million-dollar car, then you'll want to make sure that it's fully insured with one of the best insurance companies in the world. You'll also want to get a full coverage policy that includes coverage for the following:
Bodily damage liability (covers the other person's medical bills if you're at fault).
Property damage liability (covers any damage to other people's property or car if you're at fault).
Personal Injury Protection (PIP) (covers your own medical costs).
Collision coverage (covers repairs to your car if you're at fault in an accident).
Comprehensive coverage (covers theft, vandalism, weather damage, or running into debris).
Collision insurance is particularly important for your Ferrari because these cars are very expensive to fix. For example, if another driver hits you and is found to be at fault, then they might owe you $40,000 for the repair costs to your Ferrari.
What if their insurance only covers damage up to $25,000, though? This is where your collision coverage would step in and cover the difference. Without it, you could be left to foot the rest of the repair bill out of pocket. These types of scenarios are relatively common and this is one of the prime reasons why Ferrari insurance rates are so high.
Get all the best quotes from leading providers in a click of a button!
Most people (and the automotive world) classify Ferraris as "supercars, " and they are a class unto their own, separated from "regular " sports cars like Jaguars, American muscle cars, and the like. However, as far as the insurance company is concerned, your Ferrari is classified as a "sports car. "
When you find an insurance company willing to give you an auto insurance policy for your Ferrari, it will be classified as a very expensive sports car, even if you drive a more luxurious model that others would consider being a luxury car.
The cost of your Ferrari insurance will depend primarily on the value and cost of the model you own. For example, insuring a $2 million LaFerrari is going to be a lot more than insuring an older, used Ferrari F430.
Aside from the cost of the vehicle itself, though, your personal data will also come into play. For example, if you have a clean driving record and haven't been involved in any accidents, then you could get a great deal. On the other hand, if you've been involved in several accidents before (or any at-fault accidents), then your Ferrari car insurance cost will definitely increase.
Another factor that comes into play will be your age. It doesn't take an expert to know that a 20 - year-old with a supercar is going to take more risks than somebody who's 50-years-old would. Until you hit the 25 - 30 range, car insurance companies are going to charge a heft premium for younger drivers.
So how much is car insurance for a Ferrari? Let's take a look at the average costs for insuring some of the most famous and popular Ferraris ever made!
The F430 is a modern classic. It was engineered in the early-2000s and became an icon. It has a low key appearance by the Ferraris of today. However, its super-reliable engine and sporty, natural driving feel have made it popular among collectors. The Ferrari F430 insurance cost is around $13,000 per year !
First produced in 2009, the 458 was the successor to the F430. Wondering how much is insurance on a Ferrari 458? The cost is about $17,000 per year for this beautiful baby! Not cheap!
The Ferrari 488 is the 458's older, more powerful brother. It features more aggressive styling, a more powerful engine, and was made in a Pista (racing) version and a Spider (standard) version. So how much is it to insure a Ferrari 488? Well, Ferrari 488 insurance costs around $15,500 per year to insure!
The Ferrari California is the company's version of a touring vehicle and isn't quite as sporty as the other models. There's a lot more legroom and a larger trunk. So how much is insurance on a Ferrari California, you ask? Well, since it's not geared so much towards racing, its car insurance quotes are a good bit cheaper, costing "only " around $8,000 per year to insure.
LaFerrari insurance cost is approximately $1,600 per month, or $19,000 per year, on average.
This is a classic relic from the early-1960s and is a famous collector's item. In fact, the last Ferrari GTO sold was auctioned off for nearly $50 million. That being said, if you're looking to know Ferrari 250 GTO insurance cost, you would be looking at at least $10,000 per year, plus any additional fees the insurance providers wanted to charge for the mere fact that it's a high-value classic car.
The Portofino is Ferrari's latest grand-touring car, made in the image of California. However, these cars are among the most expensive Ferraris to insure due to the fact that they spend more time on the road (as a touring car should). The average Ferrari Portofino insurance cost is around $24,000 per year!!
The Ferrari F12 is a beautiful model that shares a lot of stylistic similarities with the 812. This sports car costs around $12,500 per year to insure!
The Ferrari 812 Superfast is one of the few front-mid-engine cars developed by the manufacturer. It's one of the most expensive coupes in their lineup and insuring one costs an average of $18,000 per year!
Get all the best quotes from leading providers in a click of a button!
sources:
Image:
By emperornie - File: Ferrari 488 GTB (17134610179).jpg, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=44935732
Terrible company when it comes to honor their liability for other automobilists. Their driver crossed right light, destroyed my vehicle and liberty mutual denied my claim. First, for months they did not respond our emails. Than I called and their agent Danelle Bechard asked me to email her the details of the accident. another two months passed and again, no response from her. I called again and she was like, let me check your email and said, your claim is denied. She decided in few seconds after checking my email. In fact she never read my emails, just wanted to give me false hope. They could do investigation, they could read my emails, they could go through pictures but hey had already decided to deny my claim. They knew that I do not have a camera in my car or any witness. I am an Uber driver, I lost my car, and my job because of this accident. I had to borrow money from friends to purchase another car and I still owe money. Just because I cannot prove it, does not mean it did not happen. I could not do anything so just writing this review.
THE WORST INSURANCE COMPANY IN THE WORLD. Had the for 5 years, cost doubled neve had a claim of ticket, no service dept. They keep changing my policy without my approval. AND paid payment on line. They took a extra $4000 . Took a year to get them to admit there wrong. Customer service is like talking to 4 year old. I wouldn't trust this company with a dime. Now have a good HONEST company thats $489 cheaper on my auto policy alone. NEVER trust aaa..
I was hopeful about going with Travelers. My cousin oversees the building of large hotels (the W and Virgin in Nashville) and told me that is who he had used commercially. But after having roof damage from a storm, I have had a really bad experience. From the very first person I dealt with, it became quickly clear from my first dealings and was confirmed throughout the process, is how little they care about the people they insure and how they truly want to pay as little as possible. While my neighbors were having positive experiences with their insurance companies after the storm, mine has been terrible. I would highly recommend staying far away from Travelers Insurance and going with literally anyone else but them. —Jason McAnally
AAA is only good if you never have to use them. My daughter was borrowing my car and got hit by a hit-and-run driver who left the scene. AAA would not pay for damages on my car because she was not on the policy and I didn't have full coverage on my car I did have uninsured motorists but they still would not pay the claim so I have a wrecked car and now AAA is canceling my insurance What a waste of time and money. We reported to insurance board and still nothing was done. I'm going back to allstate, atleast they pay claims.
The quote they gave me was not the correct price. it turned out to be twice the amount they said. Plus the agency is in California 1500 miles away and I received bad customer service.
Not all those who wander are lost.
Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
