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Unsurprisingly, it can be expensive to insure a high-end Ferrari. However, there are still some tips and tricks you can employ to get cheaper car insurance.
Comprehensive Ferrari insurance premiums normally start from £5,000 per year, with quotes reaching £15,000+ for inexperienced drivers or expensive models. Factors impacting costs include:
Key factors that insurers assess when calculating premiums include:
A history of at-fault accidents, violations and claims increases insurance costs. Ferrari policies for drivers with poor records carry extremely high premiums.
Daily driver or main vehicle policies are more expensive than those covering occasional recreational use and low annual mileage.
Parking securely in low-crime areas and having approved alarms and immobilisers help reduce premiums.
Lower coverage levels reduce premiums, but comprehensive cover is recommended for Ferraris. Paying a higher excess also cuts costs if you can afford it.
Here are some top ways to potentially reduce Ferrari insurance costs:
The key to finding affordable Ferrari insurance is shopping around, minimising risk factors and leveraging available discounts. Quotes should come from specialist insurers familiar with high-value vehicles. With smart moves, exotic car ownership can be more affordable.
Ferraris usually sit in group 40 or higher. Limited edition models can be in group 50.
Comprehensive Ferrari insurance costs from £5,000 to £15,000+ annually, depending on driver age, experience, intended use, storage and other factors.
When properly maintained, Ferraris have a reputation for reliability and engineering excellence. But maintenance costs are extremely high.
Yes, Ferraris tend to hold their value very well thanks to their exclusivity, heritage, performance and prestige. Special editions may even appreciate over time.
Older entry-level Ferrari models like the 355 and 360 tend to be the most affordable to insure.
Using it for recreation only, adding experienced drivers, maintaining an excellent record, improving security, limiting mileage and shopping around help reduce costs.
