Penny Pincher's Guide to Insuring a Ferrari 456 GT
If finding cheaper car insurance was fun, we'd make the time to do it regularly. Unfortunately, it's not always as easy as it sounds to get the best rate. You probably feel the same way about finding lower cost coverage for your Ferrari 456 GT.
Step One: Compare Apples-to-Apples Quotes
If you haven't priced insurance for awhile, you may still think that the only way to compare rates is to drive around town to multiple insurance offices and meet with an agent. Thanks to the internet, insurance shopping is a whole lot easier!
Comparing insurance rates for a Ferrari 456 GT only require you to enter your information once. You'll receive multiple quotes and can easily compare rates.
Take the first step by clicking the link below. By answering a few questions you'll be able to compare rates quickly and easily.
Important Tip! In order to accurately compare rates for your 456 GT, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Tricks to Saving Money on 456 GT Insurance
There are many factors that actually determine what you will pay for insurance, and some are completely within your control.
- When insuring your Ferrari 456 GT, expect to pay a little more due to the higher performance of the vehicle. On your next purchase consider a lower performance vehicle to save on insurance.
- If you carry full coverage on your vehicle, you can slash your rates by increasing your comprehensive and collision deductibles. You'll pay more out-of-pocket but you will save with every renewal.
- OEM repair parts for the 456 GT cost more due to the higher quality. You will pay more for insurance because of this.
- You can check your credit score for free once a year, and it's a good idea to address any problems you find. Better credit results in better insurance rates.
- Let's face it, you aren't driving a 456 GT because of the fuel economy. You like the looks and performance and you'll pay a little more for insurance because you're driving a sports car.
- Teen drivers have a tendancy to learn the hard way when driving, and that means having a few fender-benders. Rating them on a high profile newer vehicle can be very expensive so you might consider buying an older model vehicle for them to drive and only insure it with liability coverage.
- If you've recently completed a driver's training or safety course, tell your insurance company. You may qualify for a 5-10% discount.
- Minor driving violations such as speeding tickets can cause your rates to go up. Too many violations in a short period of time will cause your policy to be non-renewed.
- It's very important that you allows keep coverage effective on your vehicles. Having even a one-day lapse in coverage can make your premiums jump higher.
- Safety features such as antilock brakes, traction control and air bag systems all help reduce the cost of car insurance by keeping the passengers safer.
- Being a homeowner can often get you a little discount on your auto insurance. Insuring you home with the same company as your autos can often get you even deeper discounts.
- Filing too many claims with your company can end up either costing you more for insurance or having your policy cancelled. Insurance companies don't like paying any more than you do, but they have the option of whether to keep you as a policyholder or not.
- If you belong to a professional organization for your employment, you may qualify for a discount rate. And if you're a senior citizen, you may get a discount for your age as well.
- If your 456 GT ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
Step Three: Select the Best Company for Your Needs
It's time to make a purchase decision based on your rate comparisions and and any policy coverage changes you wish to make. Once you are comfortable with the cost and coverages, you can finalize your purchase by paying your premium down payment.
It's easiest to cancel an old policy at the renewal date, but you can cancel it anytime. Just make sure you have the new policy effective the date you cancel your old policy in order to avoid any lapse in coverage.
If you already have a car insurance policy, then your Ferrari 456 GT will be covered as soon as your purchase it. If this is your first vehicle, you will want to make sure you have coverage in place as soon as your purchase it. Most car insurance companies will extend coverage to newly purchased vehicles, but only up to the limits of the best insured vehicle. So if you only carry liability insurance and no physical damage coverage, your new purchase will be inadequately insured until you specifically add it to the policy with full coverage.
All states require you to keep the proof-of-insurance or financial responsibility card in your vehicle at all times. Failure to produce this document can result in a citation. If you qualilfy as a high-risk driver after being convicted of a DUI, reckless driving or driving on a suspended license, you may be required to file an SR-22 with your state's DMV. Be sure your new car insurance company is aware of this filing requirement.
Additional Learning Resources
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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