For car enthusiasts and collectors alike, Ferraris are some of the most sought-after luxury sports cars that money can buy. In fact, only about 8,400 Ferraris are built and sold every year. If you’re one of the lucky few Ferrari owners, you might be surprised to learn that getting car insurance is not always easy or cheap.

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Many auto insurance companies will not insure Ferraris and similar high-end sports cars for various reasons, such as the high cost of repairs. As a result, most Ferrari owners may need to get a special type of car insurance instead. The average driver pays $1,771 per year for a full coverage policy nationwide. However, whether your Ferrari is your daily driver or just a fixture in your garage, you can generally expect to pay a high price to insure your vehicle.

Key takeaway
Most traditional car insurance companies will not insure Ferraris, but your vehicle may qualify for sports car insurance, luxury car insurance or classic car insurance.

Car insurance for Ferraris

Purchasing a Ferrari is a big investment. In addition to the vehicle purchase and maintenance costs, it is important to consider the insurance implications associated with this type of vehicle. Car insurance, or proof of an alternative form of financial responsibility, is a legal requirement throughout the U.S., regardless of the type of car you have or how often you drive.

In many cases, traditional auto insurance companies will not underwrite policies for Ferraris because of the repair or replacement costs associated with a vehicle of this type. Should your vehicle get totaled or significantly damaged in a covered incident, it would cost the insurance company a significant amount of money to restore the vehicle. In addition, the risks associated with a vehicle capable of high speeds can affect an insurer’s willingness to provide coverage. Ultimately, the risk may be too high for an insurer, leaving you with limited insurance options.

Ferraris may not even qualify for specialty types of car insurance, depending on the company’s requirements.

Sports car insurance

Sports car insurance coverage typically includes comprehensive insurance and collision insurance (commonly referred to as “full coverage”), which would likely have much higher limits reflecting the value of your vehicle. If the insurer is willing to cover your Ferrari, your insurance costs would likely be much higher than that of a more common sports car (such as a Chevrolet Corvette) just based on the difference in cost.

For example, the cost of insurance on a 2019 Chevrolet Corvette — with an MSRP of $56,590 — costs an average of $2,220 per year for a full coverage insurance policy. In comparison, a 2019 Ferrari 488 Spider has an MSRP of about $280,900, and a much more powerful engine (496hp vs. 660hp, respectively). The value of the vehicle, repair costs and risks associated with the engine capabilities would have a high impact on the cost of insurance, compared to a common sports car.

Classic car insurance

Classic car insurance is another type of coverage that is used to financially protect specialty collector vehicles or antique cars. This also includes cars that are expected to increase in value, rather than depreciate over time. Many traditional car insurance companies offer classic car insurance policies, but to get a policy, your vehicle must meet a series of criteria.

First, the vehicle must be a certain age (i.e. at least 20 years old) in order to be considered “classic.” Mileage restrictions may also apply, so if you drive a classic car as your daily commuter, you may not qualify for this type of insurance. Additionally, some insurers have restrictions on how the vehicle is stored.

Unless you own an early Ferrari model that meets these qualifications, like a 1985 Ferrari Testarossa, you likely may not be able to get classic car insurance.

Exotic and luxury car insurance

You may be able to find an insurance provider to insure your Ferrari if they offer exotic or luxury car insurance policies. To determine the potential cost of Ferrari insurance, you may be able to gauge based on average rates for the most expensive cars to insure, although even these have a lower MSRP compared to newer Ferrari models.

For example, the average insurance cost for a Porsche Panamera, with an MSRP of about $87,300, is $3,302 per year for full coverage. A Tesla Model X, which costs just under $100,000 for the base model, costs an average of $3,324 per year to insure. Most new Ferrari models cost significantly more than both of these vehicles, which means the cost of insurance will likely be much higher.

Like classic cars and sports cars, your Ferrari may need to meet certain requirements to be considered a luxury vehicle. Depending on the insurer, your car may need to have a certain value and must meet various specs in terms of performance and speed to be classified as a luxury model.

Why don’t insurance companies cover Ferraris?

There are several reasons why most insurance companies will not provide insurance for Ferraris, but they primarily boil down to the risk of a costly claim.

Ferraris are incredibly expensive to fix, and many replacement parts need to be shipped from overseas. Additionally, qualified mechanics are harder to find. The insurance company would be responsible for a sizable claim payout in the event of a qualifying loss. The financial risk with a Ferrari is even greater if the vehicle is totaled and the insurer’s payout is based on the replacement cost.

Also, because Ferraris are performance vehicles that are designed for racing, insurance companies may feel that drivers who choose vehicles like this are more likely to get into an accident involving high speeds. In fact, insurers will not cover vehicles used for professional racing or — for obvious reasons — illegal racing. On top of that, insurance providers may be extra hesitant to insure high-risk drivers with a history of collisions or speeding tickets.

While many auto insurance companies may not insure Ferraris, some companies specialize in coverage for higher-value vehicles. Your best option is to shop around and look for providers that offer coverage for your specific Ferrari make and model, which will likely involve speaking to agents directly to discuss options and obtain a quote.

Here are a few insurance providers that advertise insurance for exotic, performance and high-value vehicles:

  • Grundy Insurance
  • Hagerty
  • Chubb
  • AIG Private Client
  • American Modern Insurance Group
  • PURE Insurance

When insuring a Ferrari, it is important to make sure you have the right coverages. At a minimum, you will need to carry enough insurance to meet your state’s requirements, which will include liability insurance, and potentially uninsured/underinsured motorist coverage and personal injury protection (in no-fault states). If you are financing the vehicle, you will likely be required to have full coverage, which includes collision and comprehensive insurance to protect your vehicle. Based on the value of the vehicle, these coverages may be in your best interest whether financed or not. Gap insurance could also be useful if you lease or finance your car, if your Ferrari is totaled and the payout is less than the remaining loan balance.

If you want additional liability insurance, you could also consider a personal umbrella insurance policy. However, keep in mind that this type of coverage only applies if you hit another driver and cause injuries or property damage. It will not offer more coverage for your losses if you get into an accident.

Factors that impact car insurance rates for sports cars

If you own a Ferrari or another exotic car, there are a number of factors that can impact your insurance rate. Here are some of the biggest ones:

  • Value of the vehicle: The cost of a Ferrari ranges significantly, starting from about $215,000 and exceeding well over $1 million. The high value of Ferraris means a covered claim may result in a sizable payout by the insurer, which typically comes at a higher monthly cost.
  • Cost of parts: Insurance premiums may be impacted by the cost of vehicle parts. Ferraris are expensive to manufacture and repair, and parts may need to be shipped from overseas. This contributes to the high cost of insurance.
  • Driver behavior: Ferraris have top speeds that exceed 200 miles per hour, which may increase the likelihood of getting speeding tickets or causing accidents. As such, some insurers may compensate for the risk by increasing premiums.
  • Driver profile: Insurance premiums are based on a variety of personal factors, including your age, gender, insurance claim history and driving record, or even your ZIP code and credit score in some cases. These individual factors typically contribute to your premium no matter what car you drive.

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