Nothing announces speed and luxury quite like a Ferrari. Unfortunately, Ferrari’s world-class performance and sports car status, along with its high prices, come at the cost of higher insurance rates. Drivers who research their coverage options, however, can continue to enjoy these extravagant vehicles while sticking to their budgets, relatively speaking. Read on to learn more about the factors that can affect your Ferrari insurance costs, the types of coverage available, and strategies you can use to reduce your Ferrari insurance rates.
How Much Does Ferrari Insurance Cost?
In general, Ferraris are among the most expensive cars for drivers to insure. On average, a six-month insurance policy for a Ferrari costs $5,235. However, many factors can affect the individual policy prices for Ferrari owners, including:
- Model of car: The model and value of your Ferrari can affect how much your auto policy costs. Typically, Ferraris that have a higher monetary value will cost more to insure.
- Year manufactured: Older Ferrari models may sometimes have cheaper insurance rates than newer ones.
- Cost of repairs: One of the major factors that insurance companies consider when pricing their auto policy rates is the potential cost of payouts in the event of an auto-related incident. Since Ferraris can have expensive repair charges, insurance providers may increase their policy rates for these vehicles.
- Intended use: Some insurance providers vary their rates for Ferraris based on their intended use. For example, a Ferrari intended for racing may incur higher policy rates, since racing can statistically lead to a higher risk of accidents or speeding violations.
- Storage: How you store your Ferrari may also affect the amount you pay for your auto policy.
There’s also an array of factors unrelated to your Ferrari that can affect your unique auto insurance costs, such as:
- Age: Nationwide, young drivers on average pay more for their auto coverage, no matter the type of car they drive.
- Resident city and state: Where you live can affect your auto insurance rates. Drivers in more urban areas, for example, might pay higher rates because they’re statistically more likely to be involved in traffic accidents.
- Credit record: Although your credit score doesn’t affect your driving ability or history, it can affect your insurance rates. This is because insurance providers worry that drivers with bad credit scores may not pay their premiums on time.
- Minimum requirements: Every state has different minimum requirements for auto insurance. If you live in a state that requires drivers to pay more for minimum auto coverage, you’ll likely pay more for your Ferrari insurance than someone in a state with cheaper minimum car insurance requirements.
Types of Insurance for Ferrari Vehicles
Ferrari owners can choose from a range of auto insurance types, based on their unique needs and preferences, so long as they meet the minimum coverage requirements for their state. Below are some of the most common types of insurance policies that you may encounter when shopping for auto coverage for your Ferrari:
- Property damage: Property damage coverage can help cover costs if you’re involved in an auto incident that damages either private or public property, such as buildings or other cars.
- Bodily injury: If you get bodily injury coverage, your insurance provider can provide payouts related to physical injuries or death when you’re in an at-fault accident.
- Collision: No matter whether you or another driver was at fault, collision coverage can help pay for any expenses incurred during that accident.
- Comprehensive: Comprehensive coverage means that an insurance provider will offer financial support for events beyond your control that cause damage to your car. Natural disasters, thefts, and vandalism are all examples of incidents usually covered by comprehensive auto insurance.
- Sports car: Sports car insurance usually includes both comprehensive and collision auto coverage. Coverage for sports cars is usually more expensive because of the higher insurance risks associated with this type of vehicle, such as speeding.
- Classic car: Many owners of antique or collector cars purchase classic car insurance. Some insurance providers offer this type of auto policy for cars that they expect to have an increased value over time, such as early Ferrari models that are at least 20 years old.
- Exotic or luxury car: Exotic or luxury car insurance policies financially protect cars that are both expensive and have excellent performance. A vehicle covered by an exotic or luxury insurance policy often has customized features or received a release as part of a limited-edition run.
Where Can I Get Ferrari Insurance?
Ferrari owners can purchase auto insurance from some traditional insurance providers, including American Family, Farmers, State Farm, and USAA. There are also specialty or collector car insurance companies where Ferrari drivers can purchase insurance for their vehicles.
In general, collector or specialty auto insurance providers charge 65% less for their Ferrari policy rates compared to mainstream auto insurance companies. However, there can be drawbacks to insuring your Ferrari with a specialty insurance provider, such as having a limit placed on how many miles you can drive your vehicle each year. Ultimately, the best coverage for your Ferrari can depend on a range of factors, including how you plan to use the vehicle and where you live.
How To Lower Your Ferrari Insurance Rates
Although Ferrari insurance typically costs more than coverage for more common types of vehicles, there are ways you can save money on your insurance for this luxury vehicle. Here are some strategies for lowering your Ferrari auto insurance rates:
- Maintain a clean driving record: The best way to reduce the cost of your Ferrari auto coverage is to avoid getting into any accidents or incurring traffic violations. Insurance providers deem safe drivers less of a financial risk, which can result in lower policy rates.
- Take a defensive driving course: Some insurance providers offer a discount to clients who enroll in and successfully pass a defensive driving course.
Owners of a Ferrari vehicle can enjoy traveling with both speed and style. With Ferrari insurance customized to your unique needs, you’ll also be able to cruise down the open road with fewer worries, knowing that both you and pedestrians or fellow drivers have protection in the event of an auto-related accident.

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.