In its 70-year history of exemplary engineering, the prancing horse has become synonymous with power, speed and sophistication. This high value of a Ferrari combined with its high performance escalates the risk profile and therefore makes it expensive to insure. When shopping for insurance for your supercar, it is imperative to get yourself acquainted with all facets of the policy in order to enjoy greater benefits and ensure complete peace of mind.
We acknowledge the vital queries related to obtaining a car insurance policy that can match up to your iconic ride.
What Should Ferrari Owners Look for in an Insurance Plan?
For a Ferrari owner, affording high insurance premium is most likely not a major concern. You may, therefore, not want to compromise on your insurance cover as well as guarantee you don’t go under-insured.
Since it requires specialized parts and repair, maintaining a Ferrari can expensive without an all-inclusive cover. It is recommended that you opt for a comprehensive cover of the highest standard including premium add-ons like car replacement, agency repair, natural disaster coverage as well as third party insurance.
How Expensive is it to Insure a Ferrari in the UAE?
According to the new standards set by the UAE Insurance Authority in early 2017, a comprehensive auto insurance policy cannot exceed more than 5 percent of the vehicle’s value.
Insurers in the UAE typically sell a comprehensive cover for prestige vehicles between 0.5 and 3 percent of the vehicle’s worth. In simple words, this amounts to about AED 10,400 for a Ferrari 458 and AED 20,010 for a Ferrari California annually. While this may seem relatively high compared to an average motor vehicle, it is great value compared to the worth of the car.
Third party insurance for a Ferrari is, however, the same as that for any regular vehicle.
How is the Cost of Insurance Calculated?
There are many factors that combine to determine the cost of insurance premium for your Ferrari. Insurers take into account the current worth and age of your car, frequency of maintenance, projected repair costs, medical inflation and other such aspects.
The cost may also rise or fall depending on the driver’s age and nationality, safety add-ons, frills, accessories, previous claims and whether the car will be a supplemental car driven occasionally or for everyday use. Any aspect that puts your already valuable Ferrari in the greater risk category warrants a significantly higher premium.
Where to Find an Auto Insurance Provider for Your Ferrari
Insurance policies for premium vehicles are offered as a unique plan, tailored specifically to cars and models. Smaller insurance providers typically resist delving into the Ferrari business. Most reputed companies, on the other hand, have a specialized division for premium vehicles.
For a specialist cover, it is worth exploring options from different insurers. To get a quote for your Ferrari and a full comparison of auto insurance providers, click here.