Ferrari Auto Insurance (2024)

There are many factors that affect auto insurance rates for a Ferrari, including location, Ferrari model, and the type of auto insurance policy you buy. For example, if you drive a brand new Portofino Convertible in Los Angeles, your Ferrari insurance rates will be much higher than if you drove a 2008 model in the Midwest.

However, insurance rates for a Ferrari is higher than average due to the high-performance class of the vehicle. Auto insurance for luxury vehicles, such as Ferraris, carry higher rates to properly cover the higher cost of repairs if your exotic vehicle gets damaged in an accident or collision.

Ferrari car insurance rates in the U.S. average $448 per month. However, you can always secure lower insurance rates and find the best policy if you compare Ferrari insurance quotes. This guide discusses how much Ferrari auto insurance costs by model and helps you compare Ferrari insurance quotes from the best auto insurance companies.

Ferrari Auto Insurance Cost

Expect to pay $448 monthly on average for Ferrari auto insurance. For a base model, Ferrari insurance costs around $400 to $450 per month, but your rates can climb to over $500 if you own a classic or modified Ferrari.

The table below shows the average Ferrari insurance rates by model:

Ferrari Auto Insurance Monthly Rates by Model

As you can see, the kind of Ferrari you drive greatly impacts how much you pay for insurance. You’ll pay about $419 per month to insure a Ferrari Portofino Convertible. If you drive a GTB Spyder instead, your monthly Ferrari insurance rates jump to $529.

However, many variables impact your auto insurance rates, and each insurance company uses slightly different methods to calculate your Ferrari insurance premiums. Therefore, auto insurance rates vary drastically from one person to the next, even if you drive the same vehicle make and model.

For example, insurance laws vary by state, meaning your location impacts your Ferrari insurance cost. The population of your state also matters. If you live in a densely populated area, the auto insurance rates for your Ferrari will be higher than if you lived in a rural neighborhood.

Crime rates in your area also impact your annual rates. If you live somewhere with higher-than-average crime rates, especially vehicle thefts, expect higher Ferrari insurance costs to reflect that risk.

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Lowering Your Ferrari Auto Insurance Rates

Keep your Ferrari insurance rates as low as possible by maintaining a good driving record. Since insurance companies consider these vehicles to be high risk due to their speed and performance, you can mitigate that risk with an accident-free record or by taking a defensive driver course.

In addition, some of the best Ferrari auto insurance companies offer various auto insurance discounts to make your policy more affordable. For example, you could get a new car auto insurance discount if your brand-new Ferrari needs coverage.

You can also lower your insurance rates by not using your Ferrari as your primary vehicle. The best Ferrari auto insurance companies will charge you lower premiums if you keep your mileage down and some offer usage-based insurance programs that monitor the number of miles you drive in exchange for cheaper insurance rates.

Ferrari Auto Insurance Coverage Types

The kind of policy you carry will impact how much you pay for Ferrari auto insurance. For example, choosing a minimum liability auto insurance policy for your Ferrari is the cheapest option, but it wouldn’t cover your repairs.

A full coverage auto insurance policy would pay for repairs, but the limits of this standard policy aren’t enough to cover the value of a Ferrari. For this reason, you need to buy agreed-value auto insurance. With this type of policy, an appraiser will determine the worth of your Ferrari. Then, you and your auto insurance company will create a policy with a maximum payout that reflects the true value of your car.

Depending on what kind of Ferrari you drive, you may need a different type of agreed-value policy. For example, many auto insurance companies offer luxury, sports car, or classic car insurance for Ferraris.

Luxury Auto Insurance for a Ferrari

Luxury or exotic auto insurance is for imported vehicles whose cost exceeds the limits of a standard auto policy. Luxury auto insurance rates are higher to reflect the higher value of the vehicle. 

How much does a new Ferrari cost? A brand new 812 GTS costs just over $400,000, while a new Portofino lists at $227,000. How much your Ferrari costs will directly impact how high your luxury auto insurance quotes will be. Always compare Ferrari insurance rates to locate the best auto insurance for luxury cars.

Sports Car Insurance for a Ferrari

Auto insurance for sports cars caters to small, lightweight, and high-speed vehicles, like the Ferrari Roma or F8 Tributo. On average, insurance companies consider any vehicle with a horsepower over 400 to be a sports car.

However, limitations do apply, and the horsepower of your Ferrari may exceed policy limits with certain companies.

For example, while a Chevrolet Corvette engine averages between 490 hp and 495 hp, the Ferrari Roma turbo engine reaches 611 hp. Check your Ferrari insurance policy closely to ensure your model has coverage.

Classic Car Insurance for a Ferrari

Classic car insurance provides specialty coverage for older vehicles, often including auto show and exhibit coverage, flat-bed towing options, and mechanic referrals. Any Ferrari built between 1940 and 1970 is eligible for classic car insurance, but some companies will accept cars that are at least 20 years old. 

Be mindful of the eligibility requirements for classic auto insurance. Most policies come with annual mileage restrictions, so if you plan to drive your Ferrari daily as your primary vehicle, this type of coverage likely won’t work. 

However, due to the low mileage requirements that come with classic car policies, rates may be cheaper than with standard insurance. Shop around some of the top companies to see how much Ferrari classic car insurance costs in your area.

Best Ferrari Auto Insurance Companies

Finding an affordable Ferrari insurance company isn’t easy, since some standard insurers won’t write policies for these high-risk vehicles. However, you can always compare quotes and policy types from some of the best auto insurance companies for sports cars to start.

These companies are more likely to offer the kind of coverage you need and can give you a base average for Ferrari insurance rates in your area.

Here are some of the most competitive companies for Ferrari insurance:

• Allstate auto insurance
• Farmers auto insurance
• Geico auto insurance
• State Farm auto insurance
• USAA auto insurance

USAA is only available to military members and their families, but most of these companies are available across the country. Hagerty auto insurance specializes in classic and collector cars, if you require Ferrari classic car insurance coverage.

You may also find that a local insurer offers more competitive insurance rates for a Ferrari, so we recommend comparing quotes from at least three different companies before buying coverage. This way, you can guarantee you aren’t overpaying for Ferrari car insurance. 

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What You Need to Know About Ferrari Insurance Costs

The Ferrari’s average price greatly impacts your monthly insurance rates — the more expensive your Ferrari, the more you’ll pay for car insurance. On average, Ferrari insurance costs $448 per month, though exotic Ferrari auto insurance rates vary based on location and model. Read more about comparing auto insurance rates by ZIP code.

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For example, Ferrari 488 insurance costs about $458 per month, while GTB Spyder insurance is higher at $529 per month.

Ferrari auto insurance is expensive, but you can find cheap auto insurance for your Ferrari by shopping around with multiple companies for the right coverage. The top Ferrari insurance companies offer discounts to accident-free drivers with few or no traffic violations, and you can also lower your rates by reducing your mileage.

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