How Much Does It Cost to Insure a Ferrari?

Last Updated on November 18, 2022

Insuring a Ferrari isn’t cheap. However, it may be cheaper than you think.

By taking advantage of discounts, using agreed value car insurance, and shopping around for the right insurer, Ferrari owners can save thousands per year on car insurance.How Much Does It Cost to Insure a Ferrari?

The average cost of insuring a Ferrari in the United States is around $11,021 per year, according to our model driver profiles. However, rates vary widely depending on your ZIP code, driving history, coverage, and other factors.

How much does it cost to insure a Ferrari? How much should you spend on Ferrari insurance? Find out everything you need to know about the cost of Ferrari insurance today.

Table of Contents:

The Average Cost of Ferrari Car Insurance

The average Ferrari costs around $200,000. Some models are worth much more.

When buying car insurance, your insurer uses risk to calculate premiums. Your insurer is agreeing to cover the cost of repairing or replacing your Ferrari. You pay your insurer in exchange for absorbing that risk.

The average Ferrari is worth around $200,000, with some models worth significantly more. Ferrari car insurance is expensive because insurers agree to cover this value.

However, the cost of Ferrari insurance varies based on your make and model. Here are some of the average Ferrari car insurance premiums according to our model driver profiles:

  • 360: $4,671 per year
  • California: $8,967 per year
  • 488 GTB: $10,001 per year
  • 488 Spider: $10,616 per year
  • F12 Berlinetta & F12 TDF: $11,784 per year
  • GTC4 Lusso: $11,791 per year
  • FF: $12,412 per year
  • 812 Superfast: $14,791 per year
  • Portofino: $13,091 per year

How to Buy Ferrari Car Insurance

Some Ferrari owners buy car insurance through a standard insurance company. Other Ferrari owners use high-end specialty car insurers. Depending on your unique needs and vehicle, one option or the other may be the right choice.

Some mainstream insurers don’t offer Ferrari car insurance. Allstate, GEICO, Liberty Mutual, Nationwide, Progressive, and Travelers do not offer car insurance on most Ferrari models, for example, despite being some of the largest insurers in the United States.

Some mainstream insurers do offer Ferrari car insurance. American Family, Farmers, and State Farm, for example, are some of the largest insurers in America that offer Ferrari car insurance.

Many Ferrari drivers work with specialty insurers, like Kelly Klee, which could offer unique advantages.

How Collector Car Insurance Works

If you insure your Ferrari with a collector car insurance company, then you could enjoy unique advantages.

Collector car insurance companies specialize in insuring high-end vehicles. They understand your Ferrari better than competing insurers. They know how much it costs to repair a Ferrari. They know the average accident rates and theft rates for Ferraris. They know how to charge customized rates for Ferrari insurance based on your unique driving habits, ZIP codes, and driving history.

Instead of forcing you into an ill-fitting plan with a major insurer that insures few Ferraris, a specialty insurer could build a cheaper, customized plan that better matches your unique needs.

Many collector car insurance companies, like Hagerty, Grundy, and Chubb, also offer agreed value policies. An agreed value policy might be the optimal choice for your Ferrari.

How Agreed Value Car Insurance Works for Ferraris

Some Ferrari owners carry agreed value car insurance. This insurance works differently than standard car insurance.

With a standard car insurance policy, the insurer agrees to cover the full value of your car. If your car is destroyed in an accident and declared a total loss, then your insurer compensates you for the full value of that vehicle.

With agreed value car insurance, your insurer only agrees to cover a portion of the value of your Ferrari. Instead of covering the entire $400,000 value of your car, for example, your insurer may cover $200,000. This is the maximum amount the insurer can pay after an accident. It lowers the insurer’s risk – and it lowers your insurance premiums.

The downside of agreed value car insurance is that it can leave you without adequate compensation after an accident. You’re absorbing more risk on your end.

Other Factors that Raise or Lower Ferrari Auto Insurance Premiums

Depending on your age, driving history, and other factors, you might pay substantially higher or lower rates for car insurance than other Ferrari drivers. State laws, your personal driving history, and your age can cause premiums to vary by thousands of dollars per year.

Some of the factors that raise or lower Ferrari car insurance premiums include:

State Insurance Laws: Some states have higher insurance requirements than others. Some states require drivers to carry very little insurance, while other states require excessive car insurance.

Rates of Uninsured Drivers: If your city or state has high rates of uninsured drivers, then you’ll pay more for car insurance on your Ferrari. An accident with an uninsured driver can be costly for an insurer. Some of the most expensive states in America for car insurance are states with high rates of uninsured drivers.

Age: Younger drivers pay more for Ferrari insurance than older drivers. Drivers under age 25 and over age 75 will pay higher rates for Ferrari car insurance due to their age. When you’re young, you lack driving experience. Statistically, young drivers cause more accidents than any other drivers on the road. As you get older, your reaction time slows. These factors are particularly important when driving a high-end car like a Ferrari.

Car Usage: Some drivers only drive their Ferrari during the summer months. Others use their Ferrari as their daily driver. Depending on your annual mileage and car usage, you might pay higher or lower rates for car insurance.

Driving Record: Insurers check your driving record before assigning premiums. Drivers with speeding tickets, reckless driving citations, at-fault accidents, and other incidents on their driving record will pay more for Ferrari car insurance than drivers with a clean record.

How to Save Money on Ferrari Car Insurance

Whether you want cheap Ferrari car insurance or high-end coverage, there are ways to save money on auto insurance. Here are some of the best cost savings opportunities for Ferrari drivers:

Raise Your Deductible: Raising your deductible can significantly lower your premiums. Some drivers have a $3,000 to $5,000 deductible on their Ferrari. A deductible this high would not be an option for ordinary vehicles, but it’s a good option for drivers looking to save on their Ferrari car insurance.

Shop Around: Compare quotes online or shop around to find the best rates on Ferrari car insurance. Some Ferrari owners are better off working with a mainstream insurance company. Others can find better rates with a specialty insurer, a classic car insurer, or another unique option. By shopping around, you can find the best car insurance for your unique needs.

Use Agreed Value Insurance: Many Ferrari owners have agreed value car insurance policies. With an agreed value policy, your insurer agrees to cover a pre-defined value of your vehicle. Instead of covering the full $300,000 value of your Ferrari, for example, your insurer might cover $150,000. That’s much less risk for your insurer – and much lower premiums for you.

Take Advantage of Discounts: Yes, Ferrari owners qualify for car insurance discounts too. You may be able to bundle multiple policies with one company to save money. Other Ferrari owners qualify for low mileage discounts and other perks.

Whether looking for the cheapest possible Ferrari car insurance or seeking an all-inclusive plan with plenty of coverage, you can shop around to find the best Ferrari car insurance for your unique needs. Enter your ZIP code online today to compare Ferrari car insurance quotes.

James Shaffer
James Shaffer James Shaffer is a writer for and a well-seasoned auto insurance industry veteran. He has a deep knowledge of insurance rules and regulations and is passionate about helping drivers save money on auto insurance. He is responsible for researching and writing about anything auto insurance-related. He holds a bachelor's degree from Bentley University and his work has been quoted by NBC News, CNN, and The Washington Post.
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