Auto Insurance

What You Need to Know About Auto Insurance and Ferrari Vehicles


Ferrari – one of the most well-known sports cars in the world. The sleek, Italian design of these classic cars makes them a popular choice for luxury car enthusiasts. As such, more Ferraris are being purchased than ever before, especially in the US, where sales of "superpremium cars" (i.e., Ferrari, Lamborghini, Bentley) are up to 6,700 vehicles sold through July of 2022 - which is a 35.6% increase compared with the same period five years ago.

The iconic Ferrari sports car is a symbol of superior engineering, ability, and speed. If you own a Ferrari (or any other rare sports car), you need an insurance policy that protects your investment. Each of these vehicles has built-in characteristics that make them risky to insure - whether it is an unlimited top speed or acceleration capabilities, unlike those found in normal motor vehicles on the market. As long as you plan to own your Ferrari, you must fully understand how auto insurance providers view these vehicles and how they impact your coverage options.

Auto insurance & Ferrari vehicles are a complicated mix. 

Ferrari insurance is not that easy to find and can be expensive. Repair and maintenance costs can add up quickly, too, if you want to keep your vehicle in good shape over time. 


The standard insurance for a Ferrari has an average cost of $5,508 per year. However, this amount is likely higher depending on your Ferrari's base price. For brand-new Ferrari vehicles, the average annual cost can run approximately $10,000 or more. An older Ferrari, however, may cost less to insure if classified as a collector car.

While this may seem expensive, the truth is it's just the nature of owning a rare or exotic car. Many car insurance companies cater to high-end vehicles, and there are usually several alternatives to what is considered standard policies.

What factors influence the cost of luxury car insurance?

Ferrari car parts can be expensive and difficult to find in certain areas, too. If you combine this with risk and high replacement cost, you'll find that Ferrari insurance prices are higher than the average. It's also true that the more powerful a vehicle is, the more expensive it is to insure. Other factors may include your age and driving history, where you keep your vehicle, and how often you drive the vehicle.


You'll likely want more coverage for your Ferrari than what's standard for other cars. Exotic cars aren't standard cars, so they have specific insurance coverage needs, which is why many companies offer specialized policies for these exotic or luxury cars.

When getting an auto policy, insurance companies usually base coverage on actual cash value. Even if you don't have any claims at all, it's still important to purchase comprehensive coverage from a company that specializes in high-end sports cars.


Agreed-value policies are your best option when it comes to vehicle protection. If your Ferrari gets in an accident or is stolen, an agreed-value policy will ensure you receive the amount you and the insurance company agreed on when you purchased the policy. These policies do not have actual cash value stated anywhere in the coverage. 

You'll want to verify the insurance company uses an accurate value for the Ferrari when issuing the policy. If that value changes at any time, you also want the option to change the agreed value as well.

Actual Cash VALUE

When an accident or damage happens with an actual cash value policy, the insurance company decides what your collector car is worth. Generally, this means the value of your vehicle at the time of loss, considering its condition and depreciation. The insurance company may use a number of different methodologies to determine what it believes to be the actual cash value of the vehicle, which you may disagree with.

Stated VALUE

Many collector car insurance policies offer coverage with stated value as if this coverage is the same as the “agreed value.” However, they are not the same. Stated value policies usually pay either the stated value or the actual cash value, whichever is less. The purpose of this is to determine the total premium you'll pay for a policy, but stated value coverage still does not guarantee a claim payment to match the Ferrari automobile value at the time of the loss.


A claim can happen anytime, and depending on the accident's severity, your Ferrari may need repair. Most insurers will allow you to choose the repair shop where you take your Ferrari, but even before that, verify that your insurer will pay more for repairs done with original parts versus aftermarket parts. Should an accident or damage happen, the insurance claims adjuster will determine the worth of the Ferrari and the claims settlement amount.

There is no one insurance policy that's best for everyone. 

There is no one insurance policy that is best for everyone, and you'll need to make the ultimate decision yourself based on your Ferrari's needs. Spending time comparing all aspects of an insurance policy and not just the price will help you find the coverage that works best for your specific situation. Here are some questions to help you narrow it down:

What type of Ferrari do you own?

If your car is a classic model from the past, comprehensive coverage may be necessary in case something happens to it. You may even qualify for a special type of collector's car insurance. However, newer Ferraris may not require comprehensive coverage because they tend to be safer than older models

What is classified as a collector car?

Most exotic cars can qualify straight from the showroom floor, like the Ferrari Enzo or 458 Spider, while some may need time on the market to be categorized as collectible. Another factor could be their lack of mainstream availability, so they are highly sought after. 

To buy a collector automobile policy, many insurance companies mandate that you have another vehicle to use for everyday driving. 

how much does your Ferrari cost?

Ferrari's price points vary depending on several things, mostly the vehicle's scarcity and the number of models produced. Retail prices are typically reliable, but many Ferraris appreciate in value over time and usually go for significantly above their retail price when they end up at auction. It's important to remember all these things impact the base price of your Ferrari, which impacts your coverage options and policy premium.

Increased exposure to potential liability claims is common with exotic sports cars. 

Did you know that increased exposure to potential liability claims is common with exotic sports cars? Because of their high-performance capabilities, Ferraris are often involved in accidents with other vehicles or pedestrians. This can drive up the price of your policy, or cause a typical insurer to decline to cover your Ferrari.

Exotic cars are overall considered riskier to insure because they have more expensive parts, higher top speeds, and faster acceleration times than regular vehicles. That's why insurance companies charge higher premiums for faster cars. Uninsured losses are expensive for everyone involved - including insurers and policyholders alike. If someone drives their uninsured Ferrari into another car and causes damage or injury, that person will likely face lawsuits from both parties involved. In some cases, the uninsured driver could even face jail time if they don't have coverage themselves.

Additionally, the high cost of replacement parts for a Ferrari puts the vehicle at a higher risk for total loss with the possibility of limited options for repair estimates. This is also why every state requires that you buy some amount of property damage liability coverage. Minimums tend to be modest -- $10,000, for instance, but most car insurance companies and personal finance experts will recommend that homeowners with assets over $100,000 carry at least this much.

You can attempt to lower your overall risk by seeking the most dependable Ferrari model, which Hotcars lists the Ferrari F8 Tributo as the second most reliable exotic car to buy in 2023. 

Don't wait to get luxury vehicle insurance until it's too late.

Auto insurance will always be a necessary expense no matter what car you drive, and taking the time to find an agent that can meet your needs is well worth the effort. If your current insurance agent cannot offer you a true “Collector Car” insurance policy with an “agreed value” form, it’s time to find a new agent - one that specializes in high-end vehicles.

The driving experience of your supercar is only materialized when it is insured. Let Highline Risk Solutions help you find Ferrari insurance coverage for your situation by recommending policies from only the best exotic and collectible car insurance companies.


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