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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.
Model
Monthly insurance rate
Base car Price
488 GTB
$783
$245,400
488 Spider
$868
$272,700
812
$1,188
$335,275
California T
$648
$202,723
F12 Berlinetta & TDF
$1,015
$319,995
FF
$935
$295,000
GTC4 Lusso
$953
$300,000
To determine our estimated cost, we aggregated quotes from insurance companies using this profile:
30-year-old driver in Pennsylvania
Drives a 2018 Model
Drives 10,001 to 15,000 miles a year
No accidents in the past five years
Antitheft device on vehicle
Good credit
Single homeowner
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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
The Ferrari 488 GTB starts at $256,000 MSRP, and the Spider starts around $285,000 MSRP.
No, both the GTB and Spider are rear-wheel drive.
The 488 can go from 0 to 60 mph in about 3 seconds. It can also reach a top speed of 205 mph.
Sarah George is a personal finance writer at Finder who’s spent the last four years wielding her digital pen on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance.
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