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Predictably, insurance for a high-end Ferrari can be expensive. However, there are some tips and tricks you can use to get cheaper car insurance, including for these premium cars.
Comprehensive Ferrari insurance premiums normally start from £1,700 per year, with quotes reaching up to £15,000 or more for inexperienced drivers or expensive models.
Some factors that impact costs include:
Key factors that insurers assess when calculating premiums include:
A history of at-fault accidents, violations and claims increases insurance costs. Consequently, Ferrari policies for drivers with poor records carry extremely high premiums.
Daily driver and 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 to reduce premiums.
Lower coverage levels reduce premiums, though comprehensive cover is recommended for Ferraris. Increasing your excess amount also cuts monthly costs if you can afford to pay more when you claim.
If you’re wondering how to reduce your insurance costs, you could try the following:
Ferraris usually fall under groups 40 or higher. Limited edition models can be in group 50.
When properly maintained, Ferraris have a reputation for reliability and engineering excellence, but their maintenance costs are extremely high.
Yes. Thanks to their exclusivity, performance and prestige, Ferraris tend to hold their value very well. Special editions may even appreciate over time.
Older entry-level Ferrari models such as the 355 and 360 tend to be the most affordable to insure.
