Ferrari 488 car insurance rates | finder.com

Ferrari 488 car insurance rates

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Ferrari 488

What to expect when insuring your Ferrari 488

The Ferrari 488 can hold its own on the road and on the racetrack. However, its expensive repair costs mean insurance companies will charge a hefty premium to cover it. A simple way to lower your premium is to go with the coupe model — the 488 GTB. Its brother is the 488 Spider.

How much does Ferrari 488 car insurance cost?

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

Compare insurance providers that cover the Aston Martin DB11

Name Product Description Roadside assistance New car protection Available states
Progressive covers anything on wheels! Progressive offers coverage for cars, trucks, motorcycles and snowmobiles. Even Segways are covered.
Included free
Yes, cars under 3 year old & 15,000 miles
All 50 states
Enjoy having your own dedicated agent to help you get the best discounts and coverage.
Included free
Yes, cars under 2 years old
All 50 states
Car insurance through Liberty Mutual will give coverage options for almost any situation.
Optional
Yes, cars under 1 year old & 15,000 miles
All 50 states
Drive less than 30 miles a day? Save on the coverage you need with pay-per-mile insurance from Metromile. Get a low monthly rate then pay just a few cents per mile. Available in AZ, CA, IL, NJ, OR, PA, VA and WA.
Optional
Yes, cars under 1 year old & 15,000 miles
AZ, CA, IL, NJ, OR, PA, VA, WA
Backed by nearly 100 years in the business, Farmers Insurance aims to offer options and support to help you find the coverage you need.
Included free
Yes, cars under 2 years old
All 50 states
Esurance offers a modern online and mobile experience that helps you take your insurance on the go. Available in 42 states.
Included free
Yes, cars under 1 year old & 15,000 miles
All states except AK, DE, HI, MT, NH, VT, WY
Root offers simple, affordable insurance that’s ideal for good drivers. Try the Root app for 2 weeks and see how much you could save. Available in 20 states.
Included free
No
AZ, AR, DE, IL, IN, IA, KY, LA, MD, MI, MS, MT, NM, ND, OH, OK, OR, PA, TX, UT
The General offers affordable coverage for nearly any driver who needs car insurance.
Optional
No
All states except Hawaii, Massachusetts, Michigan and New Jersey
Known for providing insurance to high-risk customers who may have trouble finding coverage elsewhere, SafeAuto offers a lot of different discounts, from those for homeowners to good drivers.
Included free
No
AZ, GA, IL, IN, KS, KY, LA, MS, MO, OH, OK, PA, SC, TN, TX, VA
Discounts, flexible payments and a life coach that guides you to your best rates and coverage with Direct car insurance.
Optional
No
AL, AR, FL, GA, LA, MS, MO, NC, SC, TN, TX, VA
Elephant Insurance offers low-cost auto insurance with big discounts. Breaking from the national herd could save up to 40% off your current car insurance.
Optional
Not specified
IL, IN, MD, TN, TX, VA

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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.

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)

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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.

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Frequently asked questions about the Ferrari 488

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Sarah George

Sarah George is a writer dedicated to unraveling complicated topics, including medical journalism, philosophy and finance. She loves breaking down the tough stuff into simple terms that everyone can understand. In her free time, Sarah's usually sipping hot tea and talking through movie plots with her husband.

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