Your dream has come true. You’ve finally put your name to the contract, received the keys, and parked that new Ferrari 488 in your garage, ready to ride in style. But now it’s time to keep that dream safe by finding the right insurance for your new set of wheels. Below you’ll find all the specs on the Ferrari 488 insurance cost, why insurance can be so expensive for the Ferrari 488, factors that influence the cost of the insurance, and helpful tips on choosing the right policy and provider for you.
Why Is Insurance So Expensive for the Ferrari 488?
It’s no secret that whichever version of the Ferrari 488 you have, the insurance is going to be fairly expensive. A large outlay on your coverage is unavoidable, due to the quality and luxury of this high-profile car. The average recorded cost of insurance on the Ferrari 488 is $868 per month or $10,416 per year.
Why does it cost so much to insure the Ferrari 488? This is mostly because the car itself is so expensive, making repairs much more difficult and pricey. The average price of a new Ferrari 488 is $276,878, so you can be sure that the insurance appraisal on the vehicle will be high. This, of course, means a high insurance rate. However, insurance on the Ferrari 488 is expensive even among specialty cars, because of certain details of the car itself. These include:
- Speed: Ferraris are fast, making them more accident-prone and therefore hiking up the price of insuring them.
- Weight: Since Ferraris are racing cars, their light frames won’t sustain an injury as well as a heavier vehicle might. So an incident that might dent the bumper of another car might seriously skew the frame of your Ferrari 488.
- Size: Again, this is a race car, so it has a small body, providing less protection in case of an accident.
What Variables Influence the Cost of Insurance for My Ferrari 488?
There are certainly ways to keep your insurance price tag as low as possible. Here are some of the things which factor into the cost of the insurance on the Ferrari 488, as well as tips on how to keep those monthly premiums low:
Coverage Extras
Although all those coverage add-ons are really nice to have, they do add considerably to your insurance bill. You can significantly reduce your payment by skipping on the extras, but this will also leave you less protected in case of an incident. So consider carefully what you think you’ll need, and don’t skimp on the necessary protection. Don’t put yourself in a position that you might regret later.
Driving Record
This really goes for any car, but the better and more law-abiding your driving is, the lower your insurance premiums will be. So if you stay below the speed limit, refrain from driving under the influence, and act responsibly on the road, you’ll be able to get a better insurance rate on your Ferrari 488.
Age
Any parent who’s had a teenage driver knows that the rates are significantly higher for young, inexperienced drivers. Obviously, there’s not much you can do about this one, but be aware that if you’re in an older age group, you can expect lower rates. If you’re younger, you’ll probably be paying more for the insurance on your Ferrari 488.
Safety Features
The safer your car is, the less your insurance company will charge to insure it, and the Ferrari 488 is no exception. Fortunately, this car comes with many safety features, from an anti-theft system to driveline traction control and a low-tire pressure warning. Having these systems can help reduce your monthly premiums by a significant amount.
Choosing Your Plan and Provider
Here are the options you have when it comes to picking the policy and the company you want to cover your Ferrari 488:
Insurance Policy
Of course, you can always go the route of a standard insurance plan, which covers the full value of your car if it’s totaled. But for your Ferrari 488, you may want to consider an agreed-value car insurance plan.
If your car is covered by an agreed-value insurance policy, your provider will cover a certain portion of the car’s value in case of an accident. You and the provider decide on that amount when you first purchase the policy. The rest of the damage will be up to you to cover. This will make your premiums much less, but be aware that if you do get in an accident, you’ll have much less coverage than on a standard policy.
Insurance Company
When you’re shopping around for an insurance provider for your Ferrari 488, it may be worth your while to check out specialty insurers as well as the standard insurance companies. In fact, many standard companies won’t even insure Ferraris, so you may be forced to go the route of specialty insurance.
These specialty insurance companies base their prices on the worth of the vehicle rather than on statistical rates, so their pricing model will be much different. A company that specializes in providing insurance for classic and collector cars may be able to offer you a better rate, but this isn’t universally true. So be sure to do your homework before you make a decision on your company and plan. There are certain boundaries on specialty insurance, like mileage limits, so don’t forget to look into that as well.
There’s no way to get cheap coverage on a Ferrari 488, but if you’re careful and smart, there are definitely ways to cut down on your premiums. Of course, you don’t want to skimp on safety or on adequate coverage. Still, being a cautious driver and shopping around for the best insurance policies can do a lot for knocking down your costs. Play it savvy, and you can get a good insurance policy for your Ferrari that gives you peace of mind on the road, without being more pricey than it needs to be.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
