In terms of performance, the LaFerrari outperforms all previous Ferrari models thanks to its plug-in hybrid powertrain. Only 499 Ferrari LaFerraris were produced, with an additional 200 being constructed as open-top Apertas, each costing well over $1 million. The LaFerrari, Ferrari’s answer to the Enzo, is as fast as anything on the market. Ferrari’s LaFerrari hypercar is a hybrid, and as a result, insurance premiums are exorbitant. The annual LaFerrari car insurance rates is about $23,112 (or $1,926 each month). If you decide on agreed-value insurance to cover the entire value of your LaFerrari, your ultimate premium may be much higher.
- How do I compare insurance for the LaFerrari?
- Why is insurance so expensive for the LaFerrari?
- Does the LaFerrari qualify for discounts?
- How reliable is the LaFerrari?
- Bottom line
How do I compare insurance for the LaFerrari?
Insurance prices for premium supercars, such as the LaFerrari, are calculated differently, but usually based on the following criteria.
- Body type. The LaFerrari was designed to go from 0 to over 200 mph in as little as 15 seconds, and it succeeds admirably. It seems like this carbon fiber hybrid hypercar can go through space, therefore your insurance company will consider you high-risk.
- Fuel. The 6.3-liter V12 engine of the LaFerrari is mated to an electric motor, making it a hybrid sports car. The LaFerrari isn’t designed for fuel efficiency, with a maximum speed of nearly 200 mph, 950 horsepower, and total torque of 664 pounds per foot. When you turn the vehicle up to maximum performance, its 15 mpg fuel economy plummets to only 6 mpg. As a result, your insurance provider will not give you any savings on your LaFerrari’s fuel efficiency.
- Theft rates. There are only 500 LaFerraris in existence, and each one costs $1.5 million, so you can be certain that they’re all safely tucked away. Because of its high cost and scarcity, insurance companies aren’t overly concerned about theft, but the vehicle itself is priceless.
- Maintenance. The LaFerrari’s annual maintenance costs will be in the tens of thousands of dollars, as is typical for high-performance hypercars. Since replacement components and labor on an ultra-expensive car with a limited production run are so costly, insurance premiums will rise as a consequence.
- Coverage. Because the LaFerrari is worth over $1 million and is expected to increase in value over time, you’ll want to locate an insurance policy with an agreed value guaranteeing that the insurance provider will cover it up to a certain sum.
- Insurer options. Because the LaFerrari is so costly and requires insurance on an agreed value policy, most conventional insurance companies will not cover it. A luxury vehicle insurance provider such as AIG, Hagerty, Chubb, Nationwide, J.C. Taylor or Grundy is what you’ll want to go with if you have a high-end automobile.
- Warranty. There are no mileage limitations on Ferrari’s standard warranty, which lasts for three years before it may be extended for an additional length of time. Because it includes roadside assistance, you won’t have to get additional coverage for it.
Why is insurance so expensive for the LaFerrari?
The LaFerrari is a high-performance supercar designed to go as fast as possible with the least amount of effort. Despite the fact that these high-performance luxury vehicles aren’t used for everyday commuting, they need expensive maintenance and aren’t interchangeable since they are a limited-production model. As a result, the insurance company faces a significant financial burden in the event of a loss.
Furthermore, the value of these automobiles rises with time, necessitating specialized insurance coverage.
Does the LaFerrari qualify for discounts?
Luxury cars need specialized insurance, so you may not be eligible for the regular vehicle savings. However, if your insurance provider offers discounts for vehicles, the following characteristics on the LaFerrari make it eligible:
- Hybrid or electric vehicle discount
- Anti Lock brake discount
- Antitheft system discount
- Seatbelt pretensioners
- Passive restraint discount
- Airbag discount
- Daytime running lights
How reliable is the LaFerrari?
The LaFerrari is a high-performance hypercar, not a safety vehicle. Only 499 units were made, therefore it’s never been put through rigorous safety and reliability testing.
- Safety. Airbags and pretensioners for the seatbelts are standard on the LaFerrari.
- Reliability. The LaFerrari is renowned not for its dependability but for its raw speed and power. To maintain the car in good working order, count on spending several thousand dollars each year.
- Recalls. Despite its small size, the LaFerrari has been subject to recalls due to fire safety issues. These recalls applied to the LaFerrari Aperta open-top model.
The LaFerrari bears up to its moniker as the ultimate Ferrari produced by the Italian manufacturer. Due to the LaFerrari’s strong hybrid engine, it can reach speeds of over 200 mph in a matter of seconds, yet conventional car insurance companies will not cover the vehicle due to its high cost.
Check out our review of Lamborghini Aventador Car Insurance Rates for one more car insurance review.