How Much Does It Cost to Insure a Ferrari?

There are some well-known luxury car names out there. Ferrari is one of them. Ferrari is renowned for its expensive sports cars, and many people consider them to be investments or collectors items.

Ferraris are very expensive, though, with the starting price of the Ferrari Roma (one of the more inexpensive models) coming in at $243,360 while a higher-end Ferrari SF90 Spider has a retail price of around $575,445.

Those who can afford these prices may not have to worry too much about whether they'll have enough money in their checking account to pay for auto insurance. Still, even people with the funds for a fancy sports car may want to know what they are getting into in terms of how much their car insurance premiums will be.

So, how much does it cost to insure a car like this? Here's what aspiring Ferrari drivers need to know.

The costs of insuring a Ferrari are quite a bit higher than a regular car

Perhaps unsurprisingly, the costs of insuring a Ferrari are a whole lot higher than the premiums for a regular old vehicle that the typical motorist would have in their driveway.

Premium prices do vary by model, but generally start at around $300 per month for the lower-end Ferraris like the Ferrari F430 Convertible Spyder and Ferrari 360 Coupe. At the other end of the scale, premiums climb above $500 and sometimes closer to $600 monthly for the Ferrari 488 GTB Spyder and Ferrari 812 Superfast Coupe.

Other factors besides the car model impact cost as well. For example, for a 40-year-old married man in Florida driving a 2023 Ferrari F8 Convertible, it would cost $437.22 per month to get coverage from a big-name insurer that includes $100,000 in personal injury liability coverage per person and $300,000 per accident. But a Ferrari owner might want more protection for their assets, so they may be interested in switching to a policy with $250,000 per person and $500,000 per accident in coverage. That would bring premiums up to $501.94 monthly.

Clearly this is a lot more expensive than insuring a regular car. The national average annual car insurance premium comes in at around $3,017 per year (or about $251 per month), which is around half what the Ferrari driver might expect to shell out.

Insuring a more expensive car is usually going to cost more

There are good reasons why insuring a Ferrari is going to cost more than, say, a Nissan. Insurers price policies based on the risk they feel the car and the driver present. The auto insurer is taking on a lot more risk when agreeing to replace a $500,000 car than a $50,000 one in an accident or if it is stolen.

A Ferrari would also cost more to repair even if the car wasn't totaled, because the parts are expensive. On the other hand, though, they may actually not be as prone to theft since it's a lot easier to spot a stolen Ferrari than a car that blends in more on the road.

Ultimately, drivers purchasing high-end sports cars (or other luxury vehicles) should realize they'll likely have to pay more not just for the car but for the insurance to cover it. These added premiums may not faze them, but it's still worth thinking about just how much insurance will be before committing to buy -- even if you're only buying that Nissan.