Cheap Ferrari Auto Insurance in 2024 (Save Big With These 10 Companies!)

Drivers looking for cheap Ferrari auto insurance will find the cheapest rates at Geico, AAA, and State Farm.

There are many factors that impact your auto insurance rates for a Ferrari, including location, Ferrari model, and the type of auto insurance policy you buy. However, you can always secure lower insurance rates and find the best policy if you compare Ferrari insurance quotes from the cheapest Ferrari insurance companies listed below.  

Our Top 10 Company Picks: Cheap Ferrari Auto Insurance

To secure lower insurance rates and find the best policy, compare Ferrari insurance quotes by entering your ZIP code into our free tool. 

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#1 – Geico: Top Overall Pick

Pros

• Competitive Rates: Ferrari owners will find some of the cheapest rates at Geico. Learn more about Geico’s rates in our review of Geico.
• Policy Management: Geico offers easy policy management with its app and online services.
• Coverage Options: Easily personalize your policy with Geico’s coverage offerings.

Cons

• Discount Availability: Geico’s usage-based discount may not be available in your state.
• Agent Availability: There may not be local agents in some areas.

#2 – AAA: Best for Specialized Coverage

Pros

• Specialized Coverage: AAA’s roadside assistance coverage can be specialized to meet drivers’ needs.
• Shopping Discounts: AAA members can score deals on more than auto insurance. Discover more in our AAA review.
• Financial Stability: Rest assured that AAA’s financial stability means it can pay claims without issues.

Cons

• Fee for Membership: Having to pay an annual membership fee may reduce savings at AAA.
• Options Vary by Location: AAA insurance is sold by different clubs, so your area may not have the same coverage options as another state.

#3 – State Farm: Best for Local Support

Pros

• Local Support: Ferrari owners can reach out to local agents for assistance. Our review of State Farm goes over its customer service.
• Widely Available: No matter where you move in the U.S., you can keep State Farm as a provider.
• Discount Options: You can apply for multiple discounts at State Farm to save.

Cons

• Good Driver Discount Availability: Some states don’t offer a usage-based discount.
• DUI Rate Affordability: State Farm’s rates can be on the higher end for drivers with serious infractions like DUIs.

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#4 – Travelers: Best for Bundling Policies

Pros

• Bundling Policies: Purchase auto and home insurance at Travelers to save. Learn about other saving opportunities in our Travelers review.
• Specialized Coverages: New Ferarri owners can get new car replacement insurance or loan/lease gap insurance.
• Financial Stability: A.M. Best gave Travelers a high rating for financial management.

Cons

• Reviews Vary: Not all ratings for Travelers’ customer service are positive.
• UBI Program Rate Increases: Travelers may raise rates for poor driving in its UBI program in some states.

#5 – Progressive: Best for Loyalty Rewards

Pros

• Loyalty Rewards: Progressive offers varying levels of discounts and small accident forgiveness to loyal customers.
• Online Tool Options: Easily manage policies online or make claims with Progressive.
• Coverage Options: You can add on extras like roadside assistance for your Ferrari. For a full list of coverages, read our Progressive review.

Cons

• UBI Program Rate Increases: Poor driving in Progressive’s UBI program can result in rate increases.
• Reviews Vary: Some customers have rated Progressive’s customer service as average or below average.

#6 – American Family: Best for Accident Forgiveness

Pros

• Accident Forgiveness: If you qualify for accident forgiveness, your rates won’t increase after an accident.
• Customer Ratings: American Family rates well for customer satisfaction. Read more in our American Family review.
• Local Agents: Most customers will be able to visit an agent in person.

Cons

• Availability: American Family is available in less than half of the U.S. states.
• Online Tools: American Family’s tools may be more limited in function than the others.

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#7 – Nationwide: Best for Safe-Driving Discounts

Pros

• Safe-Driving Discounts: Participating in Nationwide’s safe-driving program can earn drivers a discount.
• Deductible Choices: Customers can adjust deductibles on coverages to fit their budget.
• Coverage Options: Add on extras like roadside assistance for your Ferrari. Read our Nationwide review for a full list of coverages.

Cons

• Agent Availability: Some customers won’t be able to locate an agent in their area to visit in person.
• Higher Premiums for Some: Nationwide’s rates can be more expensive for certain driving records.

#8 – Farmers: Best for Family Plans

Pros

• Family Plans: Farmers offers multi-car and multi-policy discounts that are great for families.
• Loyalty Discounts: Sticking with Farmers as an auto insurance company will pay off in the long run.
• Coverage Options: Add extra protection for your Ferrari. Our Farmers review goes into coverage options in detail.

Cons

• Discount Availability: Some of Farmers’ discounts, like its UBI discount, may not be available in every state.
• Rates Can Be High For Some: Farmers may not be the most affordable option if you have a poor driving record.

#9 – Allstate: Best for Pay-Per-Mile Rates

Pros

• Pay-Per-Mile Rates: Less-frequent drivers may save with Allstate’s pay-per-mile insurance policy.
• Add-On Coverages: Pick and choose from extras like roadside assistance. Learn more in our Allstate review.
• Discount Options: Allstate offers plenty of ways to save through discounts.

Cons

• Agent Availability: Customers may not have a local agent near them.
• Claim Complexity: Allstate’s claim process may not be as simple as at other companies.

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#10 – Liberty Mutual: Best for Customizable Policies

Pros

• Customizable Policies: Choose among several add-ons and deductible options at Liberty Mutual.
• Service Availability: Liberty Mutual’s 24/7 line can help you at any time of day.
• Discount Options: Save with multiple discounts at Liberty Mutual. Learn about discount options in our Liberty Mutual review.

Cons

• Agent Availability: Liberty Mutual has fewer local agents.
• Claims Service: Liberty Mutual’s claim service may be slower than that of other companies.

Ferrari Auto Insurance Cost

How much is insurance on a Ferrari? You can expect to pay $448 monthly on average for Ferrari auto insurance. For a base model, Ferrari insurance costs around $400 to $450 per month, but your rates can climb to over $500 if you own a classic or modified Ferrari. Always compare Ferrari insurance rates to locate the best auto insurance for luxury cars.

The table below shows the average Ferrari insurance rates by model:

Ferrari Full Coverage Auto Insurance Monthly Rates by Model

As you can see, the kind of Ferrari you drive greatly impacts how much you pay for insurance. You’ll pay about $419 per month for Ferrari Portofino Convertible insurance. If you drive a GTB Spyder instead, your monthly Ferrari insurance rates jump to $529.

However, many variables impact your Ferrari car insurance quotes, and each insurance company uses slightly different methods to calculate your Ferrari insurance premiums. Therefore, Ferrari insurance costs vary drastically from one person to the next, even if you drive the same vehicle make and model.

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For example, insurance laws vary by state, meaning your location impacts your Ferrari insurance cost. The population of your state also matters. If you live in a densely populated area, the auto insurance rates for your Ferrari will be higher than if you lived in a rural neighborhood.

Crime rates in your area also impact your annual rates. If you live somewhere with higher-than-average crime rates, especially vehicle thefts, expect higher Ferrari insurance costs to reflect that risk.

Lowering Your Ferrari Auto Insurance Rates

Keep your Ferrari insurance rates as low as possible by maintaining a good driving record.

In addition, some of the best Ferrari auto insurance companies offer various auto insurance discounts to make your policy more affordable. For example, you could get a new car auto insurance discount if your brand-new Ferrari needs coverage.

You can also lower your insurance rates by not using your Ferrari as your primary vehicle. The best Ferrari auto insurance companies will charge you lower premiums if you keep your mileage down and some offer usage-based insurance programs that monitor the number of miles you drive in exchange for affordable Ferrari car insurance rates.

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Ferrari Auto Insurance Coverage Types

The kind of policy you carry will impact how much you pay for Ferrari auto insurance. For example, choosing a minimum liability auto insurance policy for your Ferrari is the cheapest option, but it wouldn’t cover your repairs.

A full coverage policy would pay for repairs, but the limits of this standard policy aren’t enough to cover the value of a Ferrari. For this reason, you need to buy agreed-value auto insurance. With this type of policy, an appraiser will determine the worth of your Ferrari. Then, you and your auto insurance company will create a policy with a maximum payout that reflects the true value of your car.

Read more: Best Auto Insurance Companies That Offer Agreed Value

Depending on what kind of Ferrari you drive, you may need a different type of agreed-value policy. For example, many auto insurance companies offer luxury, sports car, or classic car insurance for Ferraris.

Luxury Auto Insurance for a Ferrari

Luxury or exotic auto insurance is for imported vehicles whose cost exceeds the limits of a standard auto policy. Luxury auto insurance rates are higher to reflect the higher value of the vehicle. 

How much does a new Ferrari cost? A brand new 812 GTS costs just over $400,000, while a new Portofino lists at $227,000. How much your Ferrari costs will directly impact how high your luxury auto insurance quotes will be. 

Sports Car Insurance for a Ferrari

Sport car insurance caters to small, lightweight, and high-speed vehicles, like the Ferrari Roma or F8 Tributo. On average, insurance companies consider any vehicle with a horsepower over 400 to be a sports car.

However, limitations do apply, and the horsepower of your Ferrari may exceed policy limits with certain companies.

For example, while a Chevrolet Corvette engine averages between 490 hp and 495 hp, the Ferrari Roma turbo engine reaches 611 hp. Check your Ferrari insurance policy closely to ensure your model has coverage.

Classic Car Insurance for a Ferrari

Classic car insurance provides specialty coverage for older vehicles, often including auto show and exhibit coverage, flat-bed towing options, and mechanic referrals. Any Ferrari built between 1940 and 1970 is eligible for classic car insurance, but some companies will accept cars that are at least 20 years old. 

Be mindful of the eligibility requirements for classic auto insurance. Most policies come with annual mileage restrictions, so if you plan to drive your Ferrari daily as your primary vehicle, this type of coverage likely won’t work. 

However, due to the low mileage requirements that come with classic car policies, rates may be cheaper than with standard insurance. Shop around some of the top companies to see how much Ferrari classic car insurance costs in your area.

Best Ferrari Auto Insurance Companies

How much is car insurance for a Ferrari? Finding an affordable Ferrari insurance company isn’t easy, since some standard insurers won’t write policies for these high-risk vehicles. However, you can always compare quotes and policy types from some of the best auto insurance companies for sports cars to start.

Ferrari Auto Insurance Monthly Rates by Coverage Level & Provider

These companies are more likely to offer the kind of coverage you need and can give you a base average for Ferrari insurance rates in your area.

USAA auto insurance is another great company, but it is only available to military members and their families. Hagerty auto insurance specializes in classic and collector cars, if you require Ferrari classic car insurance coverage.

You may also find that a local insurer offers more competitive insurance rates for a Ferrari, so we recommend comparing quotes from at least three different companies like Geico or AAA before buying coverage.

By getting quotes, you can guarantee you aren’t overpaying for Ferrari car insurance. 

What You Need to Know About Ferrari Insurance Costs

The Ferrari’s average price greatly impacts your monthly insurance rates — the more expensive your Ferrari, the more you’ll pay for Ferrari car insurance. On average, Ferrari insurance costs $448 per month, though exotic Ferrari auto insurance rates vary based on location and model. Read more about comparing auto insurance rates by ZIP code.

Ferrari insurance rates are expensive, but you can find cheap auto insurance for Ferraris by shopping around with multiple companies for the right coverage. Compare rates now with our free quote tool. 

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