The Best Auto Insurance for Ferraris

GEICO insures over 28 million vehicles. The company 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.

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 auto insurance claims 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.

State Farm services 94 million customers across all 50 states. Like GEICO, State Farm 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.

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.⁴

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 $1,273 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.

Allstate offers standard and classic car auto policies. More than 16 million people use Allstate across all 50 states and Washington, D.C.  Like National General, a company Allstate owns, 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; not quite as high as GEICO, but still excellent.

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.

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.

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.

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.

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.