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How Much To Insure A Ferrari
Italian sports car manufacturer Ferrari built 39 of its 250 GTOs in the early 1960s, selling them to select buyers for $18,000. Today it is the most expensive and most collectible racing car in the world. A red 1962 Ferrari 250 GTO fetched more than $38 million at Bonham’s Carmel, California auction in 2014 — a record public sale for an antique car — and at least one other reportedly sold privately for more than $50 million. .
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“Talk about an exclusive club,” says Ronald Fiamma, global head of private collections in AIG’s private client group. “Each one has a unique story, each one has been raced, some by famous racers, some by gentlemen, and they drive as hard as they drive any car. It’s great to see,” he says.
That’s a statement from a senior executive at a major insurance company, who would be right to prefer multi-million dollar cars to be safely locked in garages. However, AIG insures 18 of these high-value cars that spend a lot of time on the road.
Serious collectors who insure with AIG pay an annual premium of at least $250,000 for all their insurance needs. The average customer who enters this segment owns nine homes, $20 million in fine art, $5 million in jewelry, a boat or more. an airplane or both, a wine collection, and perhaps a garage full of vintage cars, all of which require tailored service.
Of AIG’s 85,000 clients worldwide, 650 have insurance portfolios at this level, and another 400 receive comparable risk management support “because of who they are,” says Fiamma. Although he won’t reveal names or specifications, Fiamma says these are often famous or “titans of the industry.”
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If you have a lot of collectible cars, it often pays to go with comprehensive insurance like AIG or competitors like Chubb or Pure, says Steve Linden, a classic car consultant. Comprehensive insurance will make the customer whole if an accident reduces the value. If a $10 million Ferrari is worth $8 million after an accident, an insurer like AIG will write the owner a check for $2 million, he says. Expert car insurance maybe not.
Of course, accidents can and do happen. A Ferrari owner, who prefers anonymity, recalls driving his silver Ferrari GT Wheelbase Short-Wheelbase Berlinetta on a bumpy road at a rally in the US West when another racer threw gravel over his $12 million coupe. “The next thing I know, my car looked like it had measles,” he recalls.
The owner – who bought the car a year ago for “hundreds of thousands of dollars” – filed a claim. Fiamma “insisted on painting the whole car”. The $40,000 cost was steep, but it restored the car to its full value.
Fiamma tells the story of another Ferrari owner who made a spectacular mess of his Ferrari Enzo, one of the 400 supercars built from 2002 to 2004. No one was hurt, but the car’s fiberglass chassis was broken. AIG wanted to write a check for the $950,000 value of the car. But the customer said, “I don’t need the money. I want the car. See what you can do,” he recalls.
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The insurer contacted Ferrari. With the original VIN stamped on the engine and body, and the plates still intact, Fiamma was told to put what was left of the car in a container and send it to Italy. The cost of shipping, rebuilding the car using the original blueprints and flying the owner to see it twice was about $600,000.
“It would have been easier for us to write a check for $950,000,” Fiamma says. But, he added, for this customer doing it “completely” meant “making sure he got to keep the car.”
Writing big checks is tough, but Fiamma has no qualms about taking on more collectors. In fact, his goal is to secure the 21 Ferrari 250 GTOs that he has yet to cover, and he even teases, “At some point, we’ll have them all.”
Corrections: An earlier version of the story misstated AIG’s “platinum” policies. He also mischaracterized the coverage provided by Hagerty. The insurer offers reduced value cover to customers whose vehicles are involved in an accident.
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Italian sports car manufacturer Ferrari built 39 of its 250 GTOs in the early 1960s, selling them to select buyers for $18,000.
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Ferrari has a long and rich history of creating Italian supercar perfection. It all started with Enzo Ferrari in 1947. Then Enzo became a famous driver of the then famous car manufacturer Alfa Romeo. To create his own cars, he created the first car with his own brand: the Ferrari 125S.
By the 1950s the name Ferrari was known worldwide. Since then, the automaker has continued to produce tiny, hand-built supercars for those who can afford them. The only Italian car that really competes with the brand is Lamborghini. The most expensive model so far is LaFerrari, with a price of more than a million dollars. These cars only have value as they age. To date, the most expensive Ferrari ever sold was a 1963 Ferrari GTO, which was auctioned to a collector for $52 million.
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So it is well accepted that Ferraris are expensive to buy and maintain. What about the cost of car insurance, though? Have you ever wondered how much it costs to insure a Ferrari?
However, wealthy people who already spend a good amount of money on their car often consider the expensive costs of their car insurance. So, if you are rich enough and into racing, motorsports and can’t quench your enthusiasm, Ferrari can be a dream come true. In today’s article, we’ll discuss some of the most iconic Ferraris ever made, how much it costs to insure these bad boys, and help you get the best possible Ferrari insurance quote online through this page.
If you’re looking to buy a quarter-million dollar car, you’ll want to make sure it’s fully insured with one of the world’s best insurance companies. You’ll also want to get a comprehensive coverage policy that includes coverage for:
Collision insurance is especially important for your Ferrari because these cars are very expensive to repair. For example, if another driver hits you and you are found at fault, you may owe your Ferrari $40,000 in repair costs.
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What if their insurance only covers damages up to $25,000, though? This is where your collision coverage would come in and cover the difference. Without it, you would have to pay the rest of the repair bill out of pocket. These types of scenarios are quite common and this is one of the main reasons why Ferrari insurance rates are so high.
Most people (and the automotive world) classify Ferraris as “supercars”, and are in a class of their own, separate from Jaguars, American muscle cars and similar “regular” sports cars. However, as far as the insurance company is concerned, your Ferrari is classified as a “sports car”.
When you find an insurance company willing to provide car insurance for your Ferrari, it will be classified as a very expensive sports car, even if you drive a more luxurious model that others would consider a luxury car.
The cost of your Ferrari insurance will depend mainly on the value and cost of the model you own. For example, insuring a $2 million LaFerrari will cost much more than insuring an older, used Ferrari F430.
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Not only the cost of the vehicle, but also your personal data will come into play. For example, if you have a clean driving record and no accidents, you can get a great deal. On the other hand, if you have been involved in several accidents before (or an accident at fault), then the cost of your Ferrari car insurance will definitely increase.
Another factor that comes into play will be your age. It doesn’t take an expert for a 20-year-old to know that
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