You’ve just purchased that luxury sports car you’ve always dreamed about, paying as much as you might for a small home. Perhaps you chose, for example, the gorgeous and sleek Ferrari 599 GTB Fiorano. The next step is to find a reasonable auto insurance quote for this 620-horsepower, V12 monster.
Luxury Car Insurance Costs More
The quick and easy answer to the question of whether sports car insurance costs more is yes. You should expect to pay at least 20 percent more to insure your Ferrari than to buy protection for a Ford. It’s a simple insurance fact. Insurance companies determine rates based on a number of variables, including driving record, where the vehicle is being driven (insurance in cities costs more than insurance in more rural areas) and what kind of safety features are included on the vehicle. Luxury cars are doomed to higher insurance costs because their repair and maintenance costs are higher than the average vehicle on the market. Luxury vehicles, because they can travel so fast, also are often involved in accidents, which lead to higher insurance. When a luxury car like a Ferrari is damaged in an accident, the repair cost is high, if no other reason than the fact that the vehicle’s initial sales price was high. But there are ways to try to get the most reasonable policy available for your new Ferrari.
How to Limit Luxury Insurance Costs
Choose a Ferrari or other luxury vehicle that has good safety features. If you’re intent on a Ferrari, you might do some research to find the model that has the best safety record and has the lowest costs to repair and maintain. Another factor to research is how appealing your luxury has been to thieves. Vehicles that are stolen most often will cost more to insure. Don’t forget that four-door vehicles cost less to insure, though that may be hard to find in many luxury cars. If you do enough research, you may decide that a particular model manufactured by Ferrari is a better choice because it will cost less for auto insurance.
Search for the Right Insurance Company
It is true that not every insurance company will offer policies for luxury vehicles like the Ferrari 599 GTB Fiorano. It won’t be terribly difficult to find companies with sports car insurance, but prices are more likely to vary from company to company, since there aren’t as many competitors in the market. Unlike the search for insurance on your Ford, expect some luxury auto insurance companies to ask you to agree to some restrictions before insuring your vehicle. These conditions can range from parking the vehicle in a garage at all times that is not visible from the street. Luxury cars attract attention and that as much as anything, leads to higher theft statistics. But a car in a garage not visible to someone walking by has a much reduced chance of getting stolen. An insurance company may also request that you install an engine immobilizer to stop thieves from getting away with your Ferrari. If an insurance company doesn’t ask you to agree to those restrictions, mention them to the company and see if that will result in lower insurance payments.
Insuring a sports car like a Ferrari is different than a Ford or Chevy because of the price of the vehicle and the high costs to maintain and repair sports cars. That difference will mean higher insurance costs. But if you take time to research companies offering auto insurance, it’s possible to get a more reasonable insurance premium. Begin that process by using the Free Car Insurance Rate Finder tool at the top of the page.