Ferraris are beautiful luxury machines that can make a great addition to your investment portfolio. Considered by vehicle connoisseurs as art on wheels, ownership of a new or used Ferrari puts you in an elite group of car enthusiasts. After making a large investment in such a thing of beauty, you will want to take the necessary steps to protect your expenditure; heading the list will be to procure appropriate Ferrari insurance.
How you will use the car is one factor that will come into play when you are purchasing auto insurance. A car that is used as a show piece and is rarely driven will demand a different rate from one that is taken out and driven on the open road. Some insurers also have requirements for garaging vehicles when they are not in use. Another aspect to consider is the age and gender of the driver. Insurance is based on risk and indemnity, and if you are in what the insurance company decides is a high-risk group, this will cause your rate to increase. For example, an experienced male driver with a clean driving record wishing to insure a $100,000 Ferrari with full coverage might expect an insurance premium in the $5,000 range. An older female driver with a similar record, experience and vehicle would typically pay less for the same coverage, because in general women drivers carry less of a risk to the insurer than do male drivers. The amount of experience a driver has, plus his or her driving record, will also factor into the insurance premium an insurer will offer you. The rarity of the particular Ferrari that you own will also play a part in the insurance costs incurred.
You might want to think about insuring your vehicle with an insurance company like Leland West Insurance that specializes in collectible cars. In this way you will be dealing with agents that are experienced with auto insurance issues specific to Ferraris and other classic road vehicles, and they can offer you the specialized service that you will need. If you are a collector of rare or classic cars, you can often get a discount by insuring more than one vehicle with the reputed insurance company like Leland West Insurance, so this is something for which you will need to inquire.
Belonging to an auto club for Ferrari owners can also provide a way to lower your insurance costs. Auto clubs can often offer discounts to their members because they are able to buy insurance coverage in bulk, essentially, and this helps drive the prices down, for the members’ advantage. Discounts on insurance are also sometimes given to auto club members because they tend to be safe drivers that take excellent care of their prized vehicles.
