Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 13, 2020

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Key takeaways...

  • Expensive cars are expensive to insure
  • Many factors affect the cost, including the car’s cost, size of the engine, likelihood of being stolen, and your age
  • Shopping around can save you a lot

What’s your dream car? A Ferrari? A Lamborghini? Maybe something a little more sedate like a Rolls Royce or a Bentley?

If you are in the market for one of these beauties, you might not have given much consideration to how much it will cost to insure. After all, if you can afford a supercar, you can certainly afford the insurance.

That assumption may be true, but that doesn’t mean you should spend more than you have to.

There are a number of factors that insurance companies consider when they set the premium price for an automobile policy.

Understanding what these factors are and how each of them affects the cost to insure the car will help you make the best decision about which car to buy and how much to pay for insurance.

To find the best rate for car insurance, enter your zip code above and compare insurance companies side-by-side.

Table of Contents

Price Matters

The cost of the vehicle is one of the primary factors insurance companies use when they calculate the premium. The reason for this calculation is simple: If the car is stolen or totaled, the insurance company has to pay to replace it.

Cars that are expensive to buy are also expensive to repair. But the cost isn’t the only factor. Here are some other variables that are calculated into your premium:

  • Horsepower – Cars with a lot of power under the hood will be more expensive to insure than those with less horsepower. Muscle cars go faster, making them more likely to be in an accident in the first place and to sustain more damage when they are.
  • Theft Some makes and models of cars are more likely to be stolen than others. If you are insuring one of these often-stolen models, expect to pay a higher premium than you would if you chose a vehicle that is less appealing to thieves.

According to the Highway Loss Data Institute, the Ford F-250 was the most stolen vehicle in 2013.

For several years prior, the Cadillac Escalade had been the likeliest target of theft, but General Motors recently boosted the anti-theft technology on the luxury SUV, making it a bit safer to own.

In general, pickup trucks and large SUVs top the list of the most-stolen vehicles.

When it comes to luxury cars, German vehicles are the most frequently stolen.

Mercedes Benz and BMWs make up five of the top 10 models stolen between 2009 and 2012, according to The National Insurance Crime Bureau. The Mercedes Benz C Class topped the list.

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Sports Cars Will Cost You More

Insurance companies are well aware that people buy sports cars for one reason: to go fast. And cars that go fast get in more accidents, and cause more damage when they do.

If your sports car has a convertible top, it can be an easier target for theft, making it even more expensive to insure.

These Factors Affect Everyone

Keep in mind that the factors that affect all insurance premiums also affect those for supercars. These factors include

  • Your age
  • Your driving record
  • Where you and your car live

Younger drivers are a bigger risk for insurers. They tend to be less experienced behind the wheel, which makes them more likely to have an accident. They may also be more prone to take risks, which could also make an accident more likely.

If you have had one or more accidents already, your premium will go up, especially if the accident was your fault. Your driving record increases your premium by a certain percentage, so you could pay significantly more if you’re insuring a supercar.

Here’s an example: Let’s say you were at fault in an accident, which caused your insurance premiums to go up by 20 percent. If the premium for your new car would be $500 for someone with a perfect record, yours would be $600.

If you are buying a car that a driver with a perfect record would pay $1500 to insure, your policy would be $1800.

Shop Around for Insurance for Your Supercar

If you are buying a rare vehicle, it makes more sense than ever to compare rates from different insurance companies.

Some companies may have more experience insuring rare or expensive vehicles, so they may be able to give you a lower price than someone who doesn’t see many Ferraris come across the desk.

Just because you can afford an expensive car doesn’t mean you should overpay to insure it. Choosing the right car and the right insurance company could save you some money down the road, so it makes sense to do your homework.

You may still be wondering how much it actually costs to insure a Ferrari.

For the base model of a 2016 Ferrari 488 GTB, which has an MSRP of $249,150, you could be looking at an insurance premium between $5,000 and $10,000 per year or more, depending on the factors described above.

As you can see, the rates vary widely, so it pays to shop around. Enter your zip code below and shop today!