Car insurance prices have risen by almost 40% in the past 12 months thanks to the credit crunch and an increase in the number of claims being made by motorists in these desperate times.
With their sporty high performance nature, Ferrari owners have been one of the groups that have been the worst affected by these price rises. We therefore take a look at how much it would cost the average driver to be insured on a Ferrari for a year.
This average driver is 30 years old and is married with two kids. He has been driving for ten years and works in an office. Research by the AA recently revealed that the average British motorist is now paying £791 per year for insurance each year.
Ferrari introduced the F355 in 1994 as a replacement to the 348. Powered by a 3.5 litre V8 engine, it produces 380bhp and is capable of a top speed of 183 miles per hour.
You can now buy an immaculate F355 manufactured in the latter parts of the 1990s for between £50,000 and £60,000. This would cost the average male motorist £1,970 per year to insure, and it only has two seats.
The Ferrari Testarossa was a 1980s icon which adorned the walls of many young car fans. This has ensured that it has gained an almost iconic status which remains in place even to this day.
Equipped with a 4.9 litre 5 speed V12 engine which capable of 179 miles per hour. A well maintained version can be purchases for around about £100,000 which would result in the annual £3,200 car insurance bill. This would likely be of negligible concern to someone who has just spent £100,000 on a car.
Introduced in 2008, the California is a modern day 7 speed supercar with a dual clutch system, stealing many ideas from Ferrari’s Formula 1 team. This resulted in a V8 engine which took the chassis to a top speed of 193 mph despite the fact that it is a four seat Coupe.
A brand new California would set you back about £125,000 and as a result of all of this performance; insurance on this model would cost £4,400 each year which is £1,200 more than on the classic Testarossa.
The Ferrari Dino was introduced in the late 1960s as an attempt to take on the Porsche 911 in the “affordable sports car” market. Named after Enzo Ferrari’s late son Alfredo “Dino” Ferrari, who designed the V6 engines that powered the company’s race cars during the era, the car became a big hit and was the first Ferrari to sell in big numbers.
It has subsequently gone on to be regarded as one of the greatest Ferrari cars of all time which is remarkably popular with cars fans. A well maintained model is now easily worth £120,000, with this high value ultimately pushing the annual insurance bill up to about £4,600.
Along with the Testarossa, the Ferrari F40 is another 1980’s icon which was ultimately superseded by the F50. It was famously the last car to be commissioned by the company before the death of its legendary founded Enzo Ferrari in 1988.
The F40 was designed to push the limits of road car design, with light weight chassis fitted with a twin turbo charged V8 engine which took inspiration from the turbo F1 engines of the time. This ultimately resulted in the first legal production car which was capable of exceeding 200 miles per hour. Top Gear’s Jeremy Clarkson recently referred to the F40 as “the greatest supercar the world has ever seen.”
Well maintained F40’s can now be purchased for about £300,000, but these extreme performance levels mean that motorists would struggle to find insurance for less than £10,000!