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 15, 2020

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Key takeaways...

  • Some auto insurance companies specialize in insuring sports cars
  • Sports cars are the types of vehicles that are involved in the most car collisions
  • Ferrari’s are cars that will have a drastic effect on your premium

The Ferrari falls under the classification of “Sports Car,” and as such, it is seen as a high risk for car insurance companies.

If an auto insurance company decides that a particular vehicle presents a high risk in certain circumstances, its agents will tend to charge these car owners higher rates.

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Table of Contents

How Auto Insurance Companies Determine Ferrari Car Insurance

Sports cars are the types of vehicles that are involved in the most car collisions.

Agents at auto insurance companies believe that people purchase these vehicles for their high power and that they will use the power as often as they can.

With the tendency to speed comes an increased number of accidents.

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Theft and Vandalism

Sports cars are very often targeted at people who steal cars for a living.

They are the most expensive types of cars which is why burglars like to take the opportunity to acquire these vehicles whenever they have the chance.

A vehicle that has a high incidence of claims filed for theft will be a candidate for higher auto insurance premiums.

Sports cars are also the victims of a high incidence of vandalism.

As they are more expensive vehicles, they will be more costly to repair.

The Sports Car and Other Qualities That Do Not Mix

Auto insurance companies are interested in people’s credit histories, so they will seek to read potential clients’ credit reports.

When they see that a potential client who also drives a sports car has a low credit score, they believe this person to be highly irresponsible.

As young drivers have some of the highest accident rates, these people are charged some of the highest Ferrari car insurance in the driving population.

The highest auto insurance premiums are reserved for male drivers in the under 25 age range because they have the highest numbers of accidents.

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Auto Insurance Companies That Offer Better Rates on Ferrari Car Insurance

What typical auto insurance companies will do is look at all of the criteria discussed above, and they consider a person who fits into most of those classifications as high risk.

As a result, these policyholders will have extremely high premiums.

But not every insurance company will follow the trends.

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The Advantages of an Insurance Company That Specializes in Ferrari Car Insurance

Some auto insurance companies specialize in insuring sports cars. They are not afraid of the fact that automobile parts for the Ferrari are relatively rare.

They are also aware of the particular concerns people have when they own a Ferrari such as the vandalism issue.

Insurance companies are prepared to help these sports car owners find the auto repair shop that can restore their vehicles to their former glory.

How to Find the Right Insurance Company for Ferrari Car Insurance

These auto insurance companies are not looking for ways to charge Ferrari owners extreme amounts of money for auto insurance quotes.

To find these specialized insurance companies, Ferrari owners only need to go online for a comparison search.

With a comparison of multiple insurance companies, Ferrari owners receive quotes for how much they would likely be charged in auto insurance premiums.

Why should you compare quotes?

The advantage of reviewing multiple quotes is that Ferrari owners will be able to quickly discover which are the auto insurance companies that regularly charge sports car owners.

Conversely, they will be confronted with the insurance companies that are more understanding and do not charge as high for Ferrari car insurance.

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Comparison Shopping Is Easy

What keeps people from performing this type of search is that it requires them to be on the telephone or online for several hours.

Regular auto insurance companies take into consideration the fact that sports cars are involved in the most collisions, have high incidences of being stolen and vandalized and have owners that are prone to take risks.

All of these factors lead these insurance companies to charge higher premiums. Ferrari owners who do not do this run the risk of paying at least $6,000 a year for their Ferrari car insurance.

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References:

  1. https://www.progressive.com/auto/
  2. https://www.statefarm.com/simple-insights/saving/these-7-factors-determine-car-insurance-premiums
  3. https://www.esurance.com/info/claims/vandalism-claims-and-how-your-car-insurance-can-help
  4. https://www.iii.org/publications/insurance-handbook/insurance-basics/auto-insurance-basics
  5. https://www.allstate.com/tools-and-resources/car-insurance/what-is-collision-insurance.aspx
  6. https://www.geico.com/claims/after-theft/