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How much is Ferrari auto insurance?

Can't-Miss Facts

  • Ferrari auto insurance costs $887 per month or $10,644 annually. These vehicles are so luxurious that not all major insurance companies will even sell policies for this car brand.
  • Ferrar is known for it’s racing origins and speedy sports cars. However, fatality rates for sports cars are 67 percent higher than the overall national average for fatalities across all vehicle types.
  • A base model Ferrari can cost anywhere from $200,000 to $400,000, with higher-end models and those with add-ons costing into the millions.

How much is Ferrari auto insurance? Ferrari auto insurance in the U.S. averages $887 per month or $10,644 annually for standard coverage. Because of the nature of the car, affordable Ferrari car insurance is hard to find.

Ferrari owners are usually prepared to pay more for auto insurance; however, your rates can be up to 10 times higher than the national auto insurance average. You’re much more likely to find cheap auto insurance if you drive a less flashy vehicle.

How much does insurance on a Ferrari cost? Read this article to find the answer and more information about Ferrari auto insurance.

Start your auto insurance search immediately by entering your five-digit ZIP code into our FREE quote tool above to get your cheapest Ferrari insurance quotes today.

Table of Contents

Ferrari Auto Insurance Rates

If you’re thinking about purchasing a top of the line Ferrari, remember that your monthly auto insurance rates will likely come with an equally luxurious price tag. Auto insurance for high-end cars often costs more than insuring basic economy sedans.

Do you know how much insurance really costs on a Ferrari? This is an important question to answer if you ever plan to drive the vehicle because if you can’t afford to insure it, is the purchase worth it?

While the American average is $887 per month, your individual rates may be higher or lower depending on your unique circumstances. For example, the state you live in drastically impacts your average auto insurance rates. Similarly, your driving record and level of driving experience can also cause your rates to increase or decrease.

Therefore, how much auto insurance is on a Ferrari changes from person to person. In fact, even the kind of Ferrari you drive will also drastically affect your overall premiums.  

For example, the average Ferrari 488 insurance rates are very different than the average Ferrari Portofino insurance costs. The same variations exist when it comes to insurance on a Ferrari 458. 

How much is it to insure a Ferrari based on the model type? Find out in the table below.

Ferrari Auto Insurance Rates by Model Type
Ferrari ModelMonthly Insurance RateAnnual Insurance Rate
Ferrari California T$648$7,776
Ferrari 458 Italia Coupe$704$8,444
Ferrari 488 GTB$783$9,396
Ferrari 488 Spider$868$10,416
Ferrari FF$935$11,220
Ferrari GTC4 Lusso$953$11,436
Ferrari F12 Berlinetta & TDF$1,015$12,180
Ferrari 812$1,188$14,256

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How much is insurance on a Ferrari 488? As you can see, it depends on whether it is a Ferarri 488 GTB or 488 Spider. Ferrari 488 Spider insurance will cost you about $868 per month, while the 488 GTB costs about $783 per month.

Auto insurance for a Ferrari 458 Italia is one of the more affordable Ferrari options at $704 per month. 

Keep in mind these are average rates from across the country. If you want more specific details, like how much insurance is on a Ferrari in California, then you will need to shop around for insurance rates in your specific area to find out.

Why do Ferrari insurance rates vary so much?

There are so many variables that impact auto insurance rates, and each insurance company uses slightly different methods to calculate premiums. Therefore, auto insurance rates vary drastically from one person to the next, even if you drive the same vehicle make and model.

For example, what you will pay to insure your Ferrari will depend a lot on what year the car is and what kind of condition it is in. If you recently purchased one of Ferrari’s newest models, your rates will be much more than if you bought a used Ferrari with some wear and tear. 

Closing out a claim to repair or replace a brand new Ferrari will end up costing the insurance company a lot more than an older, used model. To mitigate those losses, newer Ferrari’s receive higher annual quotes. 

Think about it. Ferrari’s newest cars have state-of-the-art engines, body shells, and suspensions, which are extremely expensive in comparison to what normal vehicles have. Typically, Ferraris have an all-leather interior and high-tech vehicle control system. None of this comes cheap.

While buying an older and used Ferrari can help keep your insurance rates lower in comparison to newer Ferrari’s, if the model you have is still in great condition or if it is rare, your rates will still be pricey.

Some older Ferrari’s are considered to be collector’s items. If you own one of these models, even if it is not your primary vehicle, you may want to consider buying classic auto insurance or luxury and exotic auto insurance for it. 

Be mindful of the eligibility requirements for these policy types. Most classic auto insurance policies come with annual mileage restrictions, so if you plan on driving your Ferrari daily, this type of coverage likely won’t work. 

Other policies may only provide coverage for certain activities, like driving your vintage Ferrari to a car show or other events that are sponsored by the Ferrari Club of America. Be sure to carefully review any classic car auto insurance policy carefully so you know exactly what the requirements are.

Due to the low mileage requirements that come with classic car policies, the rates may be cheaper than what you would get with standard insurance.

Do I need liability insurance for a Ferrari?

According to the Insurance Information Institute, some form of liability insurance is required to drive legally in 49 states. Liability insurance pays for the damages you cause to another person or their property in a car crash. 

The actual liability limits vary by state, however, the state minimum standards will certainly not be comprehensive enough to fully protect a luxurious Ferarri. 

Because car accidents can cause thousands of dollars in repairs and medical bills, it’s important to not skimp on the coverage you buy. Remember, serious car accidents can even result in lawsuits, so having a good amount of coverage is always wise.

By being strategic about how much liability coverage you buy, you could save some money on your Ferrari insurance.

If you’re still shopping for a Ferrari, be sure to review each model’s safety features and records. The more safety features a car has, like anti-locking brakes and other driver assistance technologies, the less likely you are to cause an accident.

This can be especially important given that sports cars overall have a 67 percent higher fatality rate than the fatality rate for all vehicles.

Do I need collision and comprehensive coverage for a Ferrari?

If you want your Ferrari to be fully protected by insurance, you should consider adding collision and comprehensive insurance to your policy.

Collision insurance pays for repairs your car needs when you’re involved in an accident while your vehicle is in motion. This includes hitting another vehicle, a tree, or even a telephone pole. 

Comprehensive insurance covers repairs that are caused to your vehicle when your car is not in motion. This includes weather damage, theft and vandalism, and acts of nature. Even damage from animals can be covered by a comprehensive policy. 

Remember, not only are Ferraris expensive to repair, but fancy cars are more likely to be targeted by criminals. Even if you live in a region that rarely has extreme weather, you should still invest in some comprehensive insurance for your Ferrari.

Although you shouldn’t cut too many corners on your collision or comprehensive insurance when you own a luxury car, there are some ways you can keep a lid on your rates. If you raise the deductible on these two insurance policies, it can help lower your monthly rates. 

Ultimately, when it comes to auto insurance for your Ferrari, be mindful to choose a fuller coverage policy that protects your luxury vehicle as much as possible. Consider the type of Ferrari you have, the neighborhood you live in, or whether the car is parked in a secure space most of the time when deciding how much coverage to buy.

Does how much I plan to drive affect my Ferrari auto insurance rates?

We’ve looked at generic costs to insure a Ferrari, as well as explore some of the factors that impact your rates. But did you know that what you’ll pay to insure your new Ferrari will also depend a lot on how much you plan to drive it?

Your rates will go up if the Ferarri is your primary vehicle and you plan on using it to drive to work, run errands, or head out of town for the weekend.

One way insurance providers determine your premiums is by reviewing how much you’re going to drive your car annually. Regardless of your driving abilities, the more your Ferrari is in traffic, the more likely you are to end up in an accident while driving it.

Similar to classic auto insurance policies, however, providers will charge you lower premiums if you keep your mileage down. Some providers even offer low mileage programs, which monitor the number of miles you drive, in exchange for cheaper insurance.

In addition, the less you drive your Ferrari, the fewer repairs it will need, and the longer it will keep its value.

Does where I live affect my Ferrari auto insurance rates?

Aside from whether you typically drive in a high or low traffic setting, what state you live in will also affect how much your Ferrari’s auto insurance will cost. 

As mentioned previously, if you own a Ferrari, then you will probably buy more coverage than your state’s minimum requirements. However, it is still a good idea to be familiar with what those requirements are. Some states require drivers to buy additional policies, like personal-injury-protection insurance, while others don’t.

We’ve summarized the minimum requirements per state in the table below. Take a look.

Minimum Auto Insurance Requirements by State
StateInsurance required in the stateMinimum liability limits
AlabamaBI & PD Liab25/50/25
AlaskaBI & PD Liab50/100/25
ArizonaBI & PD Liab15/30/10
ArkansasBI & PD Liab, PIP25/50/25
CaliforniaBI & PD Liab15/30/5
ColoradoBI & PD Liab25/50/15
ConnecticutBI & PD Liab, UM, UIM25/50/20
DelawareBI & PD Liab, PIP25/50/10
District of ColumbiaBI & PD Liab, UM25/50/10
FloridaPD Liab, PIP10/20/10
GeorgiaBI & PD Liab25/50/25
HawaiiBI & PD Liab, PIP20/40/10
IdahoBI & PD Liab25/50/15
IllinoisBI & PD Liab, UM, UIM25/50/20
IndianaBI & PD Liab25/50/25
IowaBI & PD Liab20/40/15
KansesBI & PD Liab, PIP25/50/25
KentuckyBI & PD Liab, PIP, UM, UIM25/50/25
LouisianaBI & PD Liab15/30/25
MaineBI & PD Liab, UM, UIM, Medpay50/100/25
MarylandBI & PD Liab, PIP, UM, UIM30/60/15
MassachusettsBI & PD Liab, PIP20/40/5
MichiganBI & PD Liab, PIP20/40/10
MinnesotaBI & PD Liab, PIP, UM, UIM30/60/10
MississipiBI & PD Liab25/50/25
MissouriBI & PD Liab, UM25/50/25
MontanaBI & PD Liab25/50/20
NebraskaBI & PD Liab, UM, UIM25/50/25
NevadaBI & PD Liab25/50/20
New HampshireFR only25/50/25
New JerseyBI & PD Liab, PIP, UM, UIM15/30/5
New MexicoBI & PD Liab25/50/10
New YorkBI & PD Liab, PIP, UM, UIM25/50/10
North CarolinaBI & PD Liab, UM, UIM30/60/25
North DakotaBI & PD Liab, PIP, UM, UIM25/50/25
OhioBI & PD Liab25/50/25
OklahomaBI & PD Liab25/50/25
OregonBI & PD Liab, PIP, UM, UIM25/50/20
PennsylvaniaBI & PD Liab, PIP15/30/5
Rhode IslandBI & PD Liab25/50/25
South CarolinaBI & PD Liab, UM, UIM25/50/25
South DakotaBI & PD Liab, UM, UIM25/50/25
TennesseeBI & PD Liab25/50/15
TexasBI & PD Liab, PIP30/60/25
UtahBI & PD Liab, PIP25/65/15
VermontBI & PD Liab, UM, UIM25/50/10
VirginiaBI & PD Liab, UM, UIM25/50/20
WashingtonBI & PD Liab25/50/10
West VirginiaBI & PD Liab, UM, UIM25/50/25
WisconsinBI & PD Liab, UM, Medpay25/50/10
WyomingBI & PD Liab25/50/20

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You can find out more details about your state minimum requirements by checking with the government department that oversees auto insurance in your region.

Why does state auto insurance vary from state to state? For one thing, each state has different auto insurance laws. The population of your state also matters. If you live in a part of a state with a higher population density, your auto insurance rates for your Ferrari will be higher than if you lived somewhere rural. Crime rates in your area also impact your annual premiums. 

If you live somewhere with higher than average crime rates, especially vehicle thefts, expect your Ferrari insurance costs to be higher than average. 

Does my driving record affect my Ferrari insurance rates?

Your driving record majorly impacts your average auto insurance rates, 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.

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.

If you have a clean driving record, then you can prove you’re a safe driver. This will help minimize your auto insurance costs. 

Some insurance companies will even provide you with a safe driver discount, which can help minimize those expensive Ferrari insurance rates. 

Do different insurance providers charge different Ferrari insurance rates?

It may surprise you to learn that every auto insurance company uses a slightly different method for determining your insurance quotes. Therefore, how much you’ll pay to insure your Ferrari will depend on what company you buy your coverage from.

Some companies might consider your age to be more important than how many miles you drive annually. Others may weigh your driving record more so than your age.

Geico, for example, is known for providing teenage drivers with lower average annual rates than most other companies.

Similarly, some companies are much less present in certain parts of the country, therefore the rates provided by those companies may be unrealistically high. 

However, because the Ferrari is such a luxurious and expensive vehicle, not all major companies will sell you a policy. Take a look at the following table to see which major providers do sell Ferrari insurance, and which ones do not.

What Insurance Companies Sell Ferrari Auto Insurance?
GroupDoes This Group Sell Ferrari Auto Insurance?
American FamilyYes
Liberty MutualNo
State FarmYes

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Fortunately, there are so many different providers in the insurance industry. From nationally recognizable brands to locally owned companies, the choices are endless. 

By taking a little time to shop around and compare quotes, you can find some great deals and even better service for your Ferrari. A great way to shop for your Ferrari’s insurance is to use a website that specializes in comparing quotes from major providers.

Once you’ve provided your general information, the site will send you quotes from several different companies to help you chose which company is best for you.

Ferrari Auto Insurance: The Bottom Line

Now that you know how much insurance is on a Ferrari, you’ll have to decide if the cost of purchasing, owning, and insuring it is the right financial decision for you.

There are a few things to keep in mind when you’re shopping for Ferrari insurance. First, remember that the more expensive and valuable your Ferrari is, the more it will cost to replace or fix damaged parts

Next, depending on your own personal driving history and other factors, you may be able to find ways to lower insurance costs

And finally, keeping your driving record clean and limiting how you use your vehicle both play a part in helping keep insurance rates down

Additionally, insurance companies that do offer coverage for Ferraris may require an appraisal of your vehicle, to provide you with an exact rate for your policy.

How much is insurance on a Ferrari? Now that you know, get ready to find great deals on Ferrari auto insurance quotes right now by entering your ZIP code into the FREE tool below.

Frequently Asked Questions: Ferrari Auto Insurance

You are now an expert on securing affordable Ferrari auto insurance. Are you ready to buy Ferrari car insurance or do you still have questions.

Want to know how much a Ferrari would cost, for example? Just read through our frequently asked questions below to learn more.

#1 – How much is insurance on a 2019 Lamborghini?

Depending on the model and year, monthly insurance rates typically range between $833 and $2,500. Like with Ferraris, not all insurance companies offer coverage, so you’ll need to shop around to find a company that offers insurance for a high-value, luxury vehicle like a Lamborghini.

#2 – Are Ferraris expensive to maintain?

The short answer is yes. Even an oil change can cost you around $1,000 depending on the model and year of your Ferrari and a service check could be anywhere between $2,000 and $7,000.

#3 – How much is the average Ferrari?

How much does the Ferrari cost? This depends on the model, the year, whether you’ve included any add-ons or anything above the base model, etc. However, at a minimum, you’re looking at anywhere from $200,000 to $400,000 for a basic Ferrari.

How much is a Ferrari in America? As we’ve already noted, this depends on the model and year, but you can expect prices to be in the same range we noted above.

Keep in mind that the cost of purchasing a Ferrari is just the beginning and answering the question of how much does it cost to insure a Ferrari is just one financial point you’ll need to consider.

#4 – How much does a Ferrari cost per month?

The answer to this question will depend on a few factors. First off, did you pay for the vehicle outright? Or do you have a car payment? If you have a payment on your Ferrari, that’s the first monthly cost you’ll have to pay, but it’s not the only one.

You’ll also need to add in the cost of your insurance, which, as you know, can vary significantly. For example, a Ferrari 458 Italia insurance cost averages about $704, while a Ferrari 812 insurance rate could cost you $1,188.

You’ll also need to factor in any regular maintenance and average fuel costs to your monthly estimate to come up with an accurate monthly cost to own a Ferrari.

#5 – What insurance group is a Ferrari?

The Ferrari 458 insurance group, and the insurance group for most Ferraris, is group 50. This insurance grouping structure is typical for the U.K. but not in America.


  1. https://www.iii.org/article/background-on-compulsory-auto-uninsured-motorists

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