Best Ferrari Car Insurance Rates in 2024 (Find the Top 10 Providers Here)

The best Ferrari car insurance rates are from Progressive, Allstate, and Farmers, with Progressive offering the top pick overall with rates starting at $450 per month for full coverage. These companies provide comprehensive coverage options tailored to high-value vehicles, making them ideal for Ferrari owners.

Progressive stands out for its competitive premiums and extensive policy features. Allstate and Farmers also offer excellent coverage, with monthly rates beginning at $160 and $155 respectively. Insuring a Ferrari requires specialized policies due to its high performance and value, and these insurers meet those needs effectively.

Our Top 10 Company Picks: Best Ferrari Car Insurance Rates

Compare quotes from these top providers to ensure you secure the best Ferrari car insurance rates available. Get the right car insurance at the best price — enter your ZIP code above to shop for coverage from the top insurers.

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#1 – Progressive: Top Overall Pick

Pros

• Customizable Options: Our Progressive car insurance review highlights Progressive offering highly customizable insurance policies, allowing clients to tailor coverage to their specific needs.
• Snapshot Program: This program rewards safe driving habits with potential discounts, providing significant savings.
• Extensive Online Tools: Progressive provides a variety of online tools and resources for managing policies and understanding coverage options.

Cons

• Customer Service: Progressive’s customer service ratings are lower compared to some competitors, potentially leading to dissatisfaction.
• Claim Process: Some customers report that the claims process can be lengthy and complex.

#2 – Allstate: Best for Valuable Discounts

Pros

• Discount Variety: Allstate offers a wide range of discounts, including new car, multi-policy, and anti-theft device discounts.
• DriveWise Program: This program monitors driving habits and can lead to substantial discounts for safe driving.
• Strong Financial Rating: Insights from our Allstate car insurance review shows Allstate excellency with an A+ rating from A.M. Best, Allstate is financially stable, ensuring reliable claims payout.

Cons

• Premium Costs: Even with discounts, Allstate’s premiums can be higher than some other insurers.
• Local Agent Dependency: Many processes and services are dependent on local agents, which can vary in quality.

#3 – Farmers: Best for Accident Forgiveness

Pros

• Accident Forgiveness: Farmers’ accident forgiveness program helps prevent premium increases after the first at-fault accident.
• Signal App: This app tracks driving behavior and can offer discounts based on safe driving practices.
• Comprehensive Coverage Options: Based on our Farmers car insurance review, Farmers provides a broad range of coverage options, including specialty and add-on policies.

Cons

• Higher Premiums: Farmers’ premiums can be higher than those of some competitors, even with available discounts.
• Limited Online Tools: Their online tools and mobile app are not as robust as those offered by some other insurers.

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#4 – Chubb: Best for Elite Coverage

Pros

• High-Value Car Coverage: Chubb specializes in insuring high-value vehicles, offering insurance for luxury car owners.
• Agreed Value Coverage: Chubb offers agreed value coverage, ensuring full payout of the car’s agreed value in the event of a total loss.
• Exceptional Customer Service: Chubb is known for its high level of customer service and personalized attention.

Cons

• Premium Costs: Chubb’s premiums are generally higher due to the specialized coverage and service.
• Eligibility Requirements: Chubb’s policies may have more stringent eligibility requirements, potentially excluding some customers.

#5 – USAA: Best for Military Discounts

Pros

• Military Discounts: USAA offers substantial discounts for military members and their families.
• Excellent Customer Service: Our assessment of USAA car insurance review illustrates USAA being renowned for its exceptional customer service and high customer satisfaction ratings.
• Financial Strength: With an A++ rating from A.M. Best, USAA is highly financially stable, ensuring reliable claims processing.

Cons

• Eligibility Restrictions: USAA’s insurance products are only available to military members, veterans, and their families.
• Limited Local Offices: Fewer physical branches can be a drawback for those preferring in-person service.

#6 – State Farm: Best for Reliable Service

Pros

• Nationwide Network: State Farm has an extensive network of agents across the country, providing personalized service.
• Safe Driver Discounts: Offers various discounts for safe driving, including a good driver discount.
• Financial Stability: The results of our State Farm car insurance review suggests State Farms’ financial strength ensuring reliability in claims payment.

Cons

• Limited Multi-Policy Discount: The multi-policy discount is not as competitive compared to some other insurers.
• Premium Costs: Premiums may be higher compared to other insurers despite available discounts.

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#7 – American Modern: Best for Agreed Value

Pros

• Agreed Value Coverage: American Modern offers agreed value coverage, guaranteeing full payout of the car’s value in a total loss.
• Specialty Insurance: Provides specialized insurance for classic cars, exotic cars, and other high-value vehicles.
• Flexible Policies: Offers flexible policy options tailored to individual needs and preferences.

Cons

• Higher Premiums: Premiums can be higher due to specialized coverage options.
• Limited Discounts: Fewer discount opportunities compared to other major insurers.

#8 – Geico: Best for Affordable Rates

Pros

• Low Premiums: Our examination of Geico car insurance review shows Geico being known for offering some of the most affordable premiums in the industry.
• High Good Driver Discount: Offers a substantial discount for good driving records.
• Extensive Online Tools: Geico provides comprehensive online tools and a user-friendly mobile app for managing policies.

Cons

• Customer Service: Geico’s customer service ratings are average, which may impact overall satisfaction.
• Claim Processing: Some customers report delays and complications in the claims process.

#9 – Travelers: Best for Financial Stability

Pros

• Strong Financial Rating: The findings from our Travelers car insurance review demonstrates strong A++ rating from A.M. Best, indicating excellent financial stability.
• Comprehensive Coverage Options: Offers a wide range of coverage options, including umbrella policies and specialty coverage.
• Discount Opportunities: Provides various discount opportunities, such as multi-policy and safe driver discounts.

Cons

• Premium Costs: Premiums can be higher than some other insurers, despite available discounts.
• Customer Service: Customer service ratings are average, with room for improvement.

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#10 – Amica: Best for Customer Service

Pros

• High Customer Satisfaction: Amica consistently receives high ratings for customer satisfaction and service. Check and compare with our “Amica vs. Nationwide Car Insurance Comparison” for more information.
• Dividend Policies: Offers dividend policies that can return a portion of the premium to policyholders.
• Comprehensive Coverage: Provides a broad range of coverage options tailored to customer needs.

Cons

• Premium Costs: Amica’s premiums can be higher compared to other insurers, even with dividend returns.
• Limited Availability: Coverage options may not be available in all states.

History of Ferrari

The Ferrari Company is based in Maranello, Italy and was founded by Enzo Ferrari in 1929 as a manufacturer of race cars. The company moved into producing street-legal vehicles in 1947. Since 1969, Fiat has been the majority owner of the company, continuing the racing tradition of Ferrari.

Obtain more  information on our “Best Fiat Car Insurance Rates“.

Ferrari has specialized in Formula One racing vehicles with distinction. The Ferrari Testarossa with a 12-cylinder mid-engine is the best known of the Ferrari line. Ferrari is represented by the Cavallino Rampant prancing horse logo on a yellow shield with the letters SF. The letters stand for Scuderia Ferrari, and stripes of green, white, and red are featured at the top.

Under the direction of Enzo Ferrari, the “Prancing Pony” emblem became a symbol of speed, power, and impeccable engineering. Road cars, additionally, have a rectangular badge on the hood. For a long time, Ferrari was only produced in red, but they now offer an array of colors.

Cost of Ferrari Car Insurance Based on Coverage Level

How much is car insurance on a Ferrari? The provided table offers insights into the monthly insurance rates for Ferrari cars, categorized by coverage level and insurance provider. These rates vary significantly among different insurers, reflecting the diverse options available to Ferrari owners seeking insurance coverage.

State Farm emerges as the most cost-effective option, with the lowest monthly premiums for both minimum and full coverage plans, standing at $140 and $430 respectively. This suggests that Ferrari owners looking for affordable insurance may find State Farm to be a compelling choice.

Ferrari Car Insurance Monthly Rates by Coverage Level & Provider

Conversely, Chubb and American Modern present the highest premiums for full coverage, at $480 and $475 per month respectively. While these rates may seem steep, they could indicate a focus on specialized coverage or a niche market, potentially offering tailored protection for Ferrari owners with unique needs.

The variability in rates across providers underscores the importance of comparing insurance options. Factors such as risk assessment methodologies, underwriting policies, and the extent of coverage offered all contribute to the disparities observed in the table. Thus, Ferrari owners should carefully evaluate their insurance needs and preferences to select the most suitable coverage at the best value.

In conclusion, the table serves as a valuable resource for Ferrari owners navigating the insurance market. By examining the monthly rates for different coverage levels and providers, individuals can make informed decisions to secure adequate protection for their prized vehicles while considering affordability and the quality of coverage offered.

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How Ferrari Car Insurance Rates Stand Out

Car insurance companies are rather conservative because their rates and underwriting are driven by statistics. These statistics indicate that the Ferrari, a high-performance vehicle originally designed as a racing car with many of the same configurations as a racing car, will inevitably be used to race. The concern is that the temptation to drive at high speeds may be irresistible to many individuals.

Ferraris are still actively involved in the racing world, which makes the vehicle a higher risk to insure. Insurance companies will also consider the costs to fix and replace your vehicle. So, is Ferrari 458 insurance cost expensive? The base model starts at $240,000. Therefore, insurance on a Ferrari 458 will be higher than on normal vehicles. A Ferrari tops the list below of cars with the highest collision losses for insurance companies.

Worst Cars for Collision Insurance Loss

Ferrari auto insurance rates can also differ based on the model you have. For example, Ferrari F12 insurance costs will not be the same as Ferrari 488 insurance cost, Ferrari Portofino insurance cost, or LaFerrari insurance.

Unsurprisingly, Ferrari car insurance cost on maintenance are also higher, which leads to increased insurance rates. Because of their racing tradition, it is advantageous for Ferraris to be as light as possible to allow maximum power for speed. A Ferrari vehicle is made largely of aluminum, as well as high-impact steel and plastic compounds.

In other words, you won’t receive a parking-lot dent with a Ferrari; you are more likely to receive a broken quarter panel. Safety equipment is aimed at preserving the life and limb of the driver rather than the car. According to the Insurance Institute for Highway Safety, the Ferrari 488 GTB two-door sports car landed second on the list of the worst insurance loss ratios for all vehicles on the market. The sports car’s collision loss is 464%.

All in all, buying Ferrari insurance is likely to be challenging and expensive.

Effect of Driving Record on Ferrari Insurance Rates

Your driving record majorly impacts your average Ferrari insurance cost, no matter what car you drive. Therefore, if you have a clean driving record, with few to no speeding tickets, then you will pay much less to cover your Ferrari than someone who has caused several accidents. Learn more on our “Do all car insurance companies check your driving records?“.

Ferraris are considered high-performance vehicles by auto insurance companies. This means Ferrari’s reach speeds that are much faster than most other vehicles on the road. Therefore, insurance providers are often concerned that these types of vehicles will not be driven safely.

Getting an Insurance Quote for Your Ferrari

Luxury car insurance usually costs upwards of 18% more than insuring an economy vehicle. How much does insurance cost for a Ferrari? The cost of a Ferrari is determined by a number of factors, including the vehicle’s age and model. If you can afford a Ferrari, the normal financial necessity for insurance might not apply to you.

However, according to the Insurance Information Institute, some form of car insurance is legally required in almost every state. To get competitive insurance quotes for your Ferrari, you will need to collect the following information:

• Names, license numbers, and dates of birth for all drivers
• Yearly mileage
• Agreed amount for which the vehicle will be insured

Ordinary collision and comprehensive coverages will not be applicable to a Ferrari. The cost of the vehicle will require your insurance broker to approach a specialty market. Specialty market premiums are typically based on the value of the vehicle rather than the usual rate structure filed by insurance companies.

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Umbrella Insurance for Ferrari

Two things may happen if you are driving a Ferrari and are at-fault in an accident. The cost of the vehicle indicates a source of money for lawsuits and the destruction of the vehicle causes a huge financial loss. Because of the deep pocket theory – the idea that a wealthy person ought to be willing to pay more in the event of an accident than others are – you should consider an umbrella policy.

An umbrella policy provides extra liability coverage in the event that the claim exceeds the amount of coverage on your primary policy. The policy can be for your cars or your home. Once the claim exceeds the limit of liability, you are responsible for additional attorney fees and the cost of defense against a lawsuit. Check with your insurance broker for this coverage and its cost.

Exploring the Price Tag of a Brand New Ferrari

What is the cost of a Ferrari and how much does a new Ferrari cost? The minimum price of Ferrari that is new is over $200,000 in total. The 2016 lineup for the Ferrari manufacturing company is as follows:

• Ferrari 488GTB – 3.9L turbocharged V-8 engine
• Ferrari 488 Spider – 3.9L turbocharged V-8 engine
• Ferrari 458 Speciale – 4,499cc V-8 engine
• Ferrari GTC4 Lusso – 6.3L V-12 engine
• Ferrari F12berlinetta – 6,262cc V-12 engine
• Ferrari California T – 3.9L V-8 engine
• Ferrari F12TDF – 6,262cc V-12 engine
• Ferrari LaFerrari – 6.3L V-12 engine
• Ferrari 458 Speciale Aperta – 4,497cc V-8 engine

The Ferrari Company indicates that the 488GTB is their two-seat, mid-rear engine sports coupe, designed for owners who desire on-road performance with an occasional dip into the race circuit. All Ferrari models have the variable timing feature. Compare Ferrari car insurance rates to know more.

Real-Life Experiences With Ferrari Car Insurance

When insuring a high-value vehicle like a Ferrari, owners must navigate the complexities of specialized policies and high premiums. The following case studies illustrate how different Ferrari owners managed to find the best insurance for Ferrari according to their needs.

• Case Study 1 – John’s Ferrari 488 GTB: John, a Ferrari 488 GTB owner, secured a policy with Progressive, benefiting from their competitive premiums and comprehensive coverage tailored to exotic cars. By leveraging Progressive’s extensive policy features, John ensured his Ferrari had optimal protection at a reasonable cost.
• Case Study 2 – Lisa’s Ferrari California: Lisa, proud owner of a Ferrari California, found substantial savings through Allstate by utilizing their valuable discounts for safe driving and low mileage. This approach allowed her to reduce her premium significantly while maintaining robust coverage.
• Case Study 3 – Mark’s Ferrari F12: Mark, navigating the insurance market for his Ferrari F12, opted for Farmers, taking advantage of their accident forgiveness policy. This choice provided him peace of mind knowing his premium wouldn’t spike after his first at-fault accident.
• Case Study 4 – Emma’s Ferrari Portofino: Emma, the owner of a Ferrari Portofino, worked closely with Chubb to craft an elite coverage plan that included specialized protection for her high-performance vehicle. Chubb’s exceptional customer service and tailored options met all of Emma’s insurance needs perfectly.
• Case Study 5 – Tom’s Ferrari LaFerrari: Tom, driving a rare Ferrari LaFerrari, found the best insurance solution with USAA, capitalizing on their military discounts and strong customer support. This ensured his high-value car was adequately protected without excessive premiums.

These case studies highlight the diverse strategies Ferrari owners can use to secure optimal insurance coverage for their high-value vehicles.

By comparing quotes, leveraging discounts, and choosing specialized insurers, Ferrari owners can find policies that offer both comprehensive protection and reasonable premiums.

If you’re a Ferrari owner, take the time to explore your options and work with your insurer to craft a policy that meets your unique needs. Remember, thorough research and a personalized approach can significantly impact your insurance experience and costs.

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Conclusion: Securing the Best Insurance for Your Ferrari

Finding the right insurance for your Ferrari involves careful consideration of various providers and their offerings. Companies like Progressive, Allstate, and Farmers stand out for their competitive rates and specialized coverage options. While insuring a high-performance vehicle like a Ferrari is inherently expensive, comparing car insurance can help you find the best deal.

It’s crucial to look for insurers that offer tailored policies and exceptional customer service. Regularly reviewing and updating your coverage ensures it remains adequate for your valuable asset. Our free quote comparison tool allows you to shop for quotes from the top providers near you by entering your ZIP code below.

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