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Icon CheckLast updated: February 23, 2023

The Best Auto Insurance for Ferrari

When it comes to your Ferrari, get the Ferrari of auto insurance policies.

Best Overall
Geico Logo

GEICO’s classic car insurance provides all the extra coverage you need for a new or classic Ferrari. The advantages of GEICO’s policies include $500 of spare parts coverage and agreed value payouts without vehicle appraisal requirements.

Best for Leased Ferraris
State Farm Logo

State Farm offers classic car insurance policies with spare parts coverage and 24-hour customer service. Its robust gap insurance option makes it a convenient alternative if you lease or finance your Ferrari with State Farm Bank.

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Not all insurance policies are created equal. Whereas traditional insurance policies are great at getting you back on the road after an accident in your everyday vehicle, a standard auto insurance policy does not apply to the unique circumstances of a sports car. Choose a company with a dedicated classic car or collector car policy option to repair or replace those hard-to-get parts. Your Ferrari is a serious investment. Make sure you invest in its insurance policy.

The Best Auto Insurance for Ferrari

  1. 1.

    Best Overall: GEICO

  2. 2.

    Best for Leased Ferraris: State Farm

  3. 3.

    Best for New Ferraris: Allstate

  4. 4.

    Best for Safe Drivers: National General

  5. 5.

    Best for Veterans: Farmers

Comparison of the Best Auto Insurance for Ferrari

Provider Ranking What it’s best for Year founded Customer satisfaction rating (out of 1,000) (J.D. Power)1 Discounts available Average annual cost of insurance for a Ferrari Review
GEICO 1 Overall 1936 828 Seatbelt use, vehicle safety equipment, military, new car, etc. $2,709 GEICO review
State Farm 2 Leased 1922 848 (ranked first in the Southwest) Accident-free, defensive driver course, multi-car, student away from home $3,604 State Farm review
Allstate 3 New cars 1931 826 Driver training course for teens, early signing, good student, etc. $4,471 Allstate review
National General 4 Safe drivers 1920 829 Bundle, paid-in-full, low mileage, anti-theft device, multi-vehicle, safe driving, paperless $3,854 None
Farmers 5 Veterans 1928 828 Bundle, multi-car, military, paperless, safe driving, good payer, student, etc. $3,927 Farmers review


The reason Ferrari insurance rates are so high is the cost of repairs. Your insurance policy comes with higher limits of comprehensive and collision insurance to reflect the value of your vehicle. Make sure you’re happy with your collision and comprehensive coverage, which will pay to repair your Ferrari if it gets damaged.

Detailed List of the Best Auto Insurance for Ferrari

1. Best Overall - GEICO

What We Like Most:

  • Save money with defensive driving courses
  • Cheapest rates after a speeding ticket
  • Save by installing safety equipment

GEICO insures over 28 million vehicles. Established in 1936, GEICO offers collector car insurance in all states. GEICO’s A++ AM Best Rating2 and A+ BBB rating3 reveal its financial stability and overall positive business outlook.

American Modern Insurance Group and Assurant write GEICO’s collector auto insurance policies. Policy features include spare parts coverage and low deductibles.

ProsWho It's Best For
ConsWho It's Not Best For
  • con
    Drivers who use their Ferraris for business or daily transportation
  • con
    Drivers who do not store their Ferraris in storage facilities

Agreed Value Payouts

GEICO’s classic car auto insurance policies cover vehicles at the agreed value, which means there will be no depreciation in the event of a claim. With agreed-value auto insurance, GEICO will create a policy with a maximum payout that reflects the actual value of your car.

The difference between a classic car insurance policy and a standard auto insurance policy is the enhanced collision and comprehensive coverages classic car policies provide. GEICO bases the amount of collision and comprehensive coverage on the agreed value of your car. Often, insurers will use an appraisal value; however, GEICO does not require a vehicle appraisal. The company considers industry standards when assessing agreed values and reviews them upon each policy renewal.

Spare Parts Coverage

GEICO’s classic car insurance policies provide up to $500 for spare parts, with additional spare part coverage available for an additional premium. The main reason that insuring your Ferrari is so expensive is that car parts are specialized and difficult to find, so this extra coverage will come in handy if your car needs repairs.

Low Deductibles

Another benefit of GEICO’s collector car insurance is its low deductibles. With a lower deductible, your rate will be higher, but you’ll pay less out of pocket for claims. In general, drivers who are more likely to file an auto insurance claim will benefit from low deductibles.

A low deductible is beneficial for classic cars because claims are more expensive, typically. Plus, if GEICO has to pay the agreed value of your vehicle after an accident, a low deductible will maximize your payout.


In insurance terms, classic cars are vehicles that hold their value or appreciate. Drivers use classic cars primarily for pleasure as opposed to commuting. While some classic cars are old, new exotic cars also qualify for the type of coverage that falls under collector vehicle insurance.

2. Best for Leased Ferraris - State Farm

What We Like Most:

  • Multiple discounts for safe driving, including one specifically for young drivers
  • Local agents
  • Discounts for multiple cars

Founded in 1922, State Farm services 87 million customers across all 50 states. State Farm has an A++ AM Best rating for financial stability. The insurance company offers collector and classic car insurance and sports car insurance policies.

State Farm’s classic car insurance policies offer up to $500 in spare parts coverage and 24-hour customer service. For new sports cars, qualified discounts and savings will help lower your auto insurance payments.

ProsWho It's Best For
  • pro
    Drivers with multiple vehicles
  • pro
    Drivers who lease or finance their Ferraris with auto loans
  • pro
    Drivers who combine auto and home insurance
ConsWho It's Not Best For
  • con
    Drivers in Massachusetts and North Carolina, where State Farm does not offer agreed value policies
  • con
    Collectors with antique or classic cars not in excellent condition
  • con
    Drivers with a poor driving record, including speeding tickets and accidents

Multi-Car Discount

Some specialty auto insurance companies that cover sports and classic cars do not provide coverage for standard vehicles. Since most collector car insurance policies require you to drive your Ferrari on a limited basis, you would need a separate policy from another insurance company to protect the car you drive daily. That is not a problem with a collector car insurance policy from State Farm, the largest insurer of cars and vehicles in the U.S.

State Farm’s multi-car discount means that if you insure your collector car and another vehicle in your household, you can save up to 20 percent on your auto insurance premium. Additionally, you can bundle homeowners insurance with auto insurance to get its multi-policy discounts. State Farm estimates that you could save up to $1,127 when you combine your auto and home policies.

Gap Insurance

If you lease or finance your Ferrari, gap insurance will provide financial protection if you total it and the insurance settlement amount does not cover the outstanding principal due on your loan. State Farm offers gap insurance under the term Payoff Protector, and it is only available if your loan originates from State Farm Bank. State Farm’s gap insurance works like this:

  1. Declaring a total loss: If your insurance carrier deems your vehicle to be a total loss, it will issue a settlement check to State Farm Bank for the vehicle’s value.
  2. Calculating payoff protection: Loan servicing at State Farm Bank will request that you send a copy of the claim settlement report after you receive the insurance settlement check. You can call 866-207-9079 for details.
  3. Settling: After loan servicing receives the claim settlement report, it will respond with a letter detailing the covered amount. Without State Farm’s Payoff Protector, you would owe the remaining unpaid principal balance.

Available Coverages

State Farm offers the following coverages for your vintage car:

  • Liability: Liability insurance pays for the cost of the other driver’s property and bodily injuries if you are the at-fault party.
  • Medical payments: MedPay pays for medical and funeral expenses when a covered person gets hurt in an auto accident, regardless of fault.
  • Uninsured/underinsured motor vehicles: Both coverages cover expenses like lost wages, medical expenses, pain and suffering, and related damages to your car if you’re not at fault but the at-fault party doesn’t have enough auto insurance.
  • Collision: Collision insurance pays to fix or replace your car if it’s damaged in a collision with another object or if it rolls over.
  • Comprehensive: Comprehensive coverage pays to repair or replace a covered vehicle that’s stolen or damaged by something other than a collision, including glass claims and windshield repairs.
  • Emergency road service: This pays for common, reasonable expenses like mechanical labor at the breakdown site, towing, gas or oil delivery, and locksmith labor.
3. Best for New Ferraris - Allstate

What We Like Most:

  • Three ways to earn a student discount
  • Pay-per-mile option for drivers with low mileage
  • No waiting period to purchase accident forgiveness

Allstate offers standard and classic car auto policies. Sixteen million people use Allstate across all 50 states and Washington, D.C. Allstate partners with Hagerty, a specialty insurer for vintage and exotic cars, to underwrite its classic and sports car insurance policies. The company provides accessible local agents, easy-to-bundle policies, and an A+ stability rating from AM Best.

ProsWho It's Best For
  • pro
    New Ferrari owners (new-car discount available)
  • pro
  • pro
    Car restorers and hobbyists
  • pro
    Homeowners with Allstate insurance policies (bundling discount available)
ConsWho It's Not Best For
  • con
    Senior drivers (no discount available)
  • con
    Active duty military and veterans
  • con
    Drivers with a clean driving record

Project Car Endorsement

As noted above, vehicle condition is a consideration to classic and sports car insurers. Allstate lets you add an endorsement if you’re restoring a “project car,” or a car you purchased to fix up. Your classic car policy endorsement will protect both the vehicle and your tools.

Flexible Claim Service

In the event of an accident, Allstate’s classic car policies cover the agreed value of your Ferrari, which is typically much higher than a traditional policy, based on age and mileage. Allstate considers the current market value, condition, improvements, cost of replacement and special-order parts, and other factors to determine how much compensation you will receive to repair your collector vehicle.

One benefit to Allstate’s classic car policies is flexible claim service, which allows you to choose where your car gets repaired, a huge plus since you’ll want to go to a shop you trust with your Ferrari.

Classic Car Insurance Coverage

Allstate’s classic car insurance coverages include collision, comprehensive, property damage, and bodily injury liability. If the value of your car increases over time due to moderation or rarity, you can adjust your coverage limit to reflect the increase in value.

Allstate allows you to add coverage for automotive tools and accessories, memorabilia like antique gas pump displays, hood ornaments, and old license plates, along with reimbursements for hotel, food, or rental car costs if your classic car breaks down during a trip and is being repaired under a covered claim.

4. Best for Safe Drivers - National General
National General Logo 2023

What We Like Most:

  • Personal and commercial policies available
  • Lower rates for good drivers with DynamicDrive app
  • Report claims, and get reimbursed, within 48 hours

Founded in 1920, National General provides personal and commercial auto insurance, homeowners, renters, and recreational vehicle insurance to consumers directly. Allstate owns National General, which operates in all 50 states. Work with one of National General’s 55,000 independent agents to help you get the coverage you need for your Ferrari.

ProsWho It's Best For
  • pro
    Safe drivers
  • pro
    Drivers with anti-theft devices installed
ConsWho It's Not Best For
  • con
    Drivers who want to use their Ferraris to commute
  • con
    Drivers over 65

Low Mileage Discount

Most classic and sports car policies have low mileage limits requiring you to drive fewer than a certain number of miles per year. While most owners of Ferraris and other high-end vehicles use them sparingly, either to car shows or for fun, people who want to use their Ferraris to commute may run into a mileage cap.

Luckily, National General incentivizes low mileage with a usage-based discount. This discount will lower your premium if you keep your mileage below 15,000. National General uses the OnStar system to track mileage for its usage-based discount program. Plus, the less you drive, the fewer repairs your Ferrari will need, and the longer it will keep its value.

Safe Driving

Ferrari insurance will be higher than standard vehicle insurance, but you can keep your Ferrari insurance rate as low as possible by maintaining a good driving record. Insurance companies consider Ferraris to be high-risk due to their speed and performance.

Car companies design sports cars to improve performance; typically, they are more aerodynamic, lower to the ground, and lighter than regular vehicles, in order to achieve higher speeds. These vehicles contain powerful engines, heavy-duty brakes, sports tires, and suspension. The flip side of these performance enhancements is that insurance companies view sports cars as at high risk for speeding violations and at-fault accidents.

Mitigate the anticipated risk of driving a sports car by taking a defensive driving course. National General’s safe driving discount requires you to complete an approved defensive driving course in order to receive a reduced rate on your insurance premium.

Anti-Theft Devices

Your auto insurance policy provides coverage if your Ferrari gets stolen; however, dealing with auto burglary is never ideal. Keep your premium down and your Ferrari secure by installing a security device. National General offers a discount if you have an anti-theft device like a car alarm.

5. Best for Veterans - Farmers

What We Like Most:

  • Keeps rates low after one accident
  • Rental coverage available if your car is out of commission
  • More coverage options for damaged parts

John C. Tyler and Thomas E. Leavey founded Farmers in 1928 to give farmers and ranchers, who experienced fewer risks with their vehicles, preferred rates. Today, Farmers Insurance serves more than 10 million households across the U.S. The car insurance company employs 21,000 people and works with over 48,000 independent agents to service its 19 million individual policies. Farmers offers classic car insurance and collector car policies to protect your Ferrari with optional custom coverages, including $750 in spare parts, plus windshield and glass repair coverage.

ProsWho It's Best For
  • pro
    Active duty military and veterans
  • pro
    Collectors who bring their Ferraris to car shows or abroad
  • pro
    Drivers over 55
ConsWho It's Not Best For
  • con
    People who reside in states outside of coverage areas, including Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, West Virginia, and Washington, D.C.
  • con
    Drivers in California, who are not eligible to receive good payer or shared family car discounts

Military Discount

Farmers Insurance offers a discount on auto insurance for military members on active duty, active reserves, and retired and honorably discharged veterans. Other affinity groups that receive discounts from Farmers include members, employees, or retirees of some businesses, occupational groups, and professional associations. These groups include educators, law enforcement, firemen, nurses, lawyers, accountants, Garmin employees, doctors, and dentists.

Coverage Away From Home

Farmers’ classic car insurance policies provide coverage in the unique scenarios many car collectors and Ferrari owners find themselves in:

  • Car shows: A no-attendance clause in your classic car insurance policy will help if someone damages your car and you’re not in it. This is especially relevant if you take your Ferrari to auto shows. You don’t have to stand next to your Ferrari all day; this coverage allows you to leave it unattended to see the other vehicles on display.
  • Travel abroad: If you want to participate in a touring opportunity abroad or travel in style on vacation with other Ferrari owners, make special coverage arrangements with your Farmers agent.

Roadside Assistance

Taking a collector vehicle out on the road comes with an additional risk of a breakdown. Vintage and custom cars can be finicky, and parts are not easy to come by. If a breakdown leaves you stranded, Farmers’ optional towing and roadside assistance coverage provides 24/7 service in the event of a minor issue. Farmers’ roadside assistance offers help with emergency towing, dead batteries, flat tire changes, lockouts, and roadside winching.


We chose the best auto insurance providers for collector, classic car, and sports vehicle policies using a three-pronged approach:

  • Company information: We analyze data about each company and the car insurance it provides, considering the specific coverage requirements for Ferraris and other sports cars. We also look at third-party customer satisfaction and financial strength ratings so you know that your policy will remain secure. Examples of the companies we gather information from include AM Best, the Better Business Bureau, and J.D. Power.
  • Proprietary data: For over 20 years, has used our proprietary data to connect people to car insurance providers. We have collected millions of data points surrounding transactions and analyzed that data to find out which auto insurance providers offer the best coverage for collector cars. Not every company even offers sports car policies, so we extracted data specific to each company’s demographic to save you time scouring websites.
  • Institutional knowledge: After covering the auto insurance industry for over two decades, we amassed institutional knowledge regarding each insurance provider. Paul Ford, the president of insurance at Centerfield,’s parent company, assesses the strengths and weaknesses of each company to assist us in providing the most up-to-date analyses of specific policies. Paul has spent nearly three decades working in the insurance industry, with tenures at Canadian Access, Inslogic, Capital One Insurance Services, NetQuote, Bankrate, and Datalot. We leverage Paul’s extensive knowledge of car insurance to help customers find their perfect policies.


Are Ferraris expensive to insure?

The average Ferrari car insurance cost is high, whether you want minimum or full coverage. Car insurance for a Ferrari has a high average cost compared to standard vehicles because high-performance parts and vehicles are costly to replace. Most insurance companies consider Ferrari drivers at higher risk of speeding tickets and accidents due to the powerful engines in the Ferrari models.

How much is insurance for a Ferrari 488?

The average monthly cost to insure a Ferrari 488 is $483, or $5,806 per year.

How much is insurance for a Ferrari 458?

Insurance for a Ferrari 458 is $444.50 per month on average.

How much does it cost to insure a Ferrari F8?

It costs an average of $350 per month to insure a Ferrari F8.


  1. Usage-Based Auto Insurance Takes Center Stage as Satisfaction Flatlines, J.D. Power Finds. J.D. Power. (2022, Jun 13).

  2. Ratings. AM Best. (2023).

  3. Geico Business Profile. Better Business Bureau. (2023).