Insuring a Ferrari

Ferraris are known for their performance, styling and high price tags. These gorgeous vehicles have impeccable pedigrees, and you don't see them on an everyday basis. In the world of finely crafted automobiles, these cars are near the very top of the list. Of course, to own one, you have to be able and willing to part with a considerable amount of money. These impeccably designed vehicles do not come cheaply. In addition to being expensive to purchase, they are costly to maintain. Although official numbers are not available, it is safe to assume that it costs a lot of money to insure one of these cars for a single year. On a list of 36 vehicle brands, Aston Martin is ranked first in terms of annual policy expenses. These cars are even more costlier than Aston Martins, so it is clear that they are very expensive to protect as well. Learn more about the factors that make these cars so expensive to cover below.

The Introduction of an Iconic Luxury Brand

In the beginning, Ferrari was a company that rounded up local amateur drivers to prepare them for racing careers. It was founded in 1929 by Enzo Ferrari, and it originally went by the name Scuderia Ferrari, which meant "stable of Ferrari." The name stuck, but the premise of the company didn't. In the 1930s, Enzo started to lay the groundwork for plans to develop sleek, high-performance vehicles. The first ones were produced in the 1940s, but they did not go by the company's namesake. The first "official" Ferrari debuted at the end of the 1940s. The automaker went on to achieve great things in racing circuits around the world. Fiat bought half of the company in the 1970s and another 40 percent of it during the 1990s. Since the beginning of the 21st century, the brand has developed and unveiled several exciting new vehicles, and the trend is sure to continue.

Theft Statistics and Safety Ratings

Because they aren't used for everyday driving, these cars are not tested or evaluated by organizations like the Insurance Institute for Highway Safety. Another reason that they aren't evaluated in crash tests is that they are so costly. It's not like the automaker is going to give free models to the U.S. government. Furthermore, those who can afford to buy them simply aren't concerned about these types of things. Safe cars have lower policy rates, but these vehicles are expensive to protect no matter what. As far as theft statistics go, there is no indication that these vehicles are stolen on a regular basis. This also comes into play while calculating premiums. As costly as these sports cars are, however, low theft rates barely make a dent in the amount that it costs to insure them.

Exorbitant MSRPs

The main thing that is sure to make the average model expensive to insure is its price tag. After all, an insurer assumes a lot of risk when covering this type of vehicle. If something does happen to it, the claim is going to be astronomically expensive. There aren't any official average costs out there about protecting one. It is safe to assume that they cost at least $5,000 per year. If you have the cash floating around to afford one of these cars, though, you're probably not going to bat an eyelash at that kind of premium.