Ferrari Insurance Costs—What You Need to Know to Stay Protected (and Save Money)

When you buy your first (or second or third) Italian supercar, likely the last thing on your mind is getting the best Ferrari insurance quotes. But take our advice: don’t leave your Ferrari uninsured. Knowing more about Ferrari insurance costs—and how to get the best rates—can save you a lot of money and headaches down the line.

Why Insuring a Ferrari is Different

The average cost of car insurance and annual deductibles for even the average Ferrari will be higher than that of your standard Toyota. Don’t let that stop you from getting the best rates, though. Here are the factors you need to keep in mind when getting car insurance quotes for your exotic vehicle.

Considerations for Exotic Car Insurance Policies

Standard vs Comprehensive Coverage

Always choose full coverage over standard insurance coverage. Not only will you be better protected from liability in the event of an accident, but you can also ensure that your repair costs are covered, which can be quite hefty for vehicles of this caliber.

Where You Live

“Location is everything” is true for most industries, and luxury exotic cars are no exception. When it comes to insuring your exotic vehicle, where you register your vehicle can make a massive difference in terms of insurance and tax savings, sometimes to the tune of thousands of dollars.

In order to get better rates in the United States, many individuals register an LLC in Montana, use the LLC to buy an exotic vehicle, and then list that vehicle as a business expense, even if these individuals do not live in the state. The reason? Montana has no statewide sales tax or emissions test requirements to register a vehicle, which can lead to tens of thousands of dollars in savings. Furthermore, depending on where the car owner lives, insuring an exotic vehicle in Montana could be more affordable than insuring the vehicle where the owner actually lives, say, for example, California.


It may be possible to save money with a combined policy. For example, lower rates may be available with a bundled homeowners and car insurance policy from select auto insurance companies.

Driving History

Insurance premiums are determined by a wide range of factors, including your own driving history. Having a clean driving record can help keep your Ferrari auto insurance premiums down.

Pro tip: If you have recently received a minor speeding violation, don’t just pay the ticket! Hire a lawyer to argue the ticket from a moving to non-moving violation. This option may be a little costlier upfront, but it will prevent points being added to your license, which can cause spikes in insurance premiums.

Type of Ferrari Model You Own

Some Ferrari models are more expensive to own and insure than others. More expensive models to insure in the United States include the Ferrari 458 Italia Coupe, 812 Superfast Coupe 488 GTB Spyder, Portofino Convertible, and Roma Coupe Turbo.

Age of the Vehicle

Car insurance rates can vary depending on how old your vehicle is. A new Ferrari, for instance, will typically cost more to insure than an older model. Keep in mind, though, that these Italian sports cars maintain their value better than most other vehicles, meaning that even a used Ferrari will be more expensive to insure than a brand-new Toyota. In fact, in some cases, if you own a coveted classic car model, it could be more expensive to insure than a newer, less-popular model.

In these cases, you may get better rates if you opt for collector car insurance policies. As the name implies, these insurance policies are for vintage, antique, or otherwise “classic” vehicles that are not for primary daily driving use. Most of these types of policies consider classic vehicles to be those that are between 20 to 30 years old and in good condition.

Age of the Driver

Some insurance companies will only insure older, more experienced drivers. For many companies, that means that Ferrari insurance is in part contingent upon the age of the driver and how long the person has owned and operated exotic luxury cars.

Annual Mileage

Is your car for show or is it for driving? When you take your exotic vehicle out for a spin, just know that it will cost more to insure than vehicles that are for display purposes only. Some policies for strictly show-only vehicles can be much more affordable than policies for cars that are often taken out on the streets.

Ferrari Car Insurance Companies

Not just any car insurance company can provide the coverage you need for your supercar. Specialty insurance providers for these luxury cars in the United States include the following companies.

1. Hagerty


Hagerty offers a wide range of insurance options for Ferraris, including:

  • Collectors insurance for non-daily driving vehicles
  • Classic car insurance for vehicles older than 1980 and annual mileage less than 5,000
  • Specialty supercar/exotic vehicle insurance for vehicles made in 2000 or later and with an annual mileage not exceeding 5,000
  • Other specialty vehicle insurance for cars made in 1990 or later and also have under 5,000 annual mileage


2. State Farm


State Farm is currently the single-most popular car insurance provider in the United States, and it offers sports car and classic car insurance policies for Ferrari owners.

3. Chubb


Chubb is a specialty insurer that offers both classic car and high-performance car insurance to Ferrari owners.

4. American Collectors Insurance


American Collectors Insurance offers specialty import and exotic collectors policies for individuals who do not use their insured vehicle as a daily driver.

5. Grundy


Grundy offers both specialized classic car and car collection insurance.

When Ferrari Insurance Rates Aren’t Worth It

These Italian supercars are truly worth owning, but Ferrari insurance costs may be overwhelming in times of inflation and economic uncertainty. When your auto insurance rates get out of hand, it may be time to offload your exotic car. And when you want to offload your supercar fast, there is no better choice than We Buy Exotics. We give you a no-obligation cash offer for your vehicle—even if it’s still not paid off—within minutes of you giving us a little information about your car. We’ll pick up the vehicle at no cost to you. It truly is that simple.
We’ve helped thousands of people sell their luxury cars quickly and easily. And we can do the same for you.