Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Ferrari 488 car insurance rates

What to expect when insuring your Ferrari 488

Get the cheapest quotes on your auto insurance

Enter your ZIP code to see insurers near you.

Your information is secure.

The average insurance costs for a Ferrari 488 is $868 per month — $10,416 per year . Your actual cost could be more or less depending on your driving record, the number of miles you drive in a year and other factors.

The 488 Spider’s average insurance rate is $868 per month or $10,416 per year. That cost is nearly $9,000 above the national average of $1,426 per year. Compare that to the GTB’s average insurance rate, a slightly lower $783 per month, or $9,396 per year. However, the price is still nearly $8,000 above the annual national average.

ModelMonthly insurance rateBase car Price
488 GTB$783$245,400
488 Spider$868$272,700
California T$648$202,723
F12 Berlinetta & TDF$1,015$319,995
GTC4 Lusso$953$300,000
Name Product Gap insurance Homeowner discount Telematics Has an app? Available states
All 50 states and DC
Depends on provider
All 50 states
Get your most compatible insurance options via a "smart matching" method aimed at finding you value.
Liberty Mutual
All 50 states & DC
Earn free accident forgiveness after five years claims-free and customize your policy anytime.
Quinstreet -
Quinstreet -
Depends on provider
Depends on provider
Depends on provider
All 50 states
loan/lease coverage
All 50 states & DC
Discover coverage that’s broader than competitors, valuable discounts up to 30% off and perks like shrinking deductibles that reward no claims.

Get the cheapest quotes for your Ferrari 488

Enter your zip code to compare providers in your area.

Your information is secure

How do I compare insurance for the Ferrari 488?

Both versions of the 488 come with high average insurance rates. You’ll find the 488 Spider a tad pricier, though, due to its convertible top. In addition, you may consider add-on coverages for wider protection, which will raise your insurance cost.

  • Body type. The Ferrari 488 comes as a sporty coupe (GTB) and a hardtop convertible (Spider).
  • Fuel. This car gets low fuel economy, albeit higher than some sports cars due to its V8 engine. The 488 is rated at 18 mpg combined city and highway.
  • Maintenance. As expected for any Ferrari, maintenance and repair costs are expensive. What you do get is a maintenance plan that gives you a break on those out-of-pocket costs for seven years.
  • Coverage. You’ve invested a lot of love into this sports car. So consider extra protection with luxury car insurance or add-ons to regular insurance. Coverages to look for: agreed value, comprehensive, uninsured/underinsured motorist and loan/lease gap.
  • Insurer options. Not every insurance company will offer coverage, but you’ll have plenty of options if you shop around.
  • Warranty. Ferrari offers a 3-year, unlimited mile warranty. And don’t forget about that 7-year maintenance plan.

Why is insurance so expensive for the Ferrari 488?

The Ferrari 488 GTB costs more to insure because it’s a sports car made for speed. It’s V8 engine power make it high-risk for accidents. Also, this luxury Italian vehicle has costly parts and repairs hiking up the price to insure.

Does the Ferrari 488 qualify for discounts?

This car comes with a variety of safety features that may qualify you for safety discounts on insurance:

  • Anti-theft system
  • Airbags
  • Anti-lock brakes
  • Electronic stability control
  • Driveline traction control
  • Low tire pressure warning
  • Parking sensors (488 Spider)

Why is insurance so high for the Ferrari 488?

This car can hold its own around the racetrack or on the road. Because of that, its insurance rates stay well above average. Other reasons it costs more to insure:

  • Sales price. Depending on which model you choose, the 488 will set you back a hefty $200,000 or $300,000. That means it’s more costly to repair or replace during an accident.
  • Coverage needs. Considering luxury car insurance or add-ons? More coverage means a higher premium.
  • Convertible top. If you go with the Ferrari Spider, expect to see a higher premium due to its retractable hardtop. Convertibles make passengers less safe during an accident.
  • Powerful engine. The 488 zips around the road with its 600- or 700-horsepower engine. Insurance companies make up for the risk of high-speed driving by increasing the rate.
  • Specialized repairs. Getting repairs may mean specialized European parts or a Ferrari specialist, and that puts a bigger dent in your insurance company’s wallet.
  • Small body. Sports cars have smaller body sizes than other vehicles, making them more tempting to drive at high speeds. They may also incur more damage during an accident with a larger vehicle.

How reliable is the Ferrari 488?

Both the GTB and Spider have had recalls in their first years on the market. After several rounds of making these cars, though, Ferrari has improved its production. Other than a few recalls, these cars have little safety and reliability data to work with.

  • Safety. Ferraris don’t typically have ratings with top safety organizations, and the 488 is no different. Bear in mind that this car is built for performance and speed. It would, therefore, need adequate safety equipment.
  • Reliability. There’s not much information on the car’s reliability. In general, newer models of Ferraris are known as reliable cars.
  • Recalls. The 488 has included several recalls in its first years, including a software error that might not warn the driver about worn brake discs. Another involved an improperly coated fuel line connection, which could lead to a fire.

Bottom line

The Ferrari 488 is a pricey car to insure, going thousands above the national insurance average. On the upside, you can choose the coupe version for a lower premium, and the car comes with discountable safety features.

Compare car insurance providers or look at costs for another make or model.

Frequently asked questions about the Ferrari 488

More guides on Finder

Ask an Expert provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site