Penny Pincher's Guide to Insuring a Ferrari F355 Spider
If finding affordable car insurance was easy, most of us would take the time to do it. But it's actually not a real enjoyable process for the majority of people and we always seem to end up paying too much. Cutting the check for each renewal on your Ferrari F355 Spider might give you the same feeling.
Step One: Shop Around
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. But you can now comparison shop and buy direct online!
The first step to finding lower Ferrari F355 Spider rates is to get quotes from all the major car insurance companies. This is fast and easy and only requires you to complete one form.
To start saving, have your current policy handy and click the link below. Our short form makes it easy to enter your information and compare rates.
Important Tip! In order to accurately compare rates for your F355 Spider, 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: Best Ways to Lower your F355 Spider Insurance Cost
After step one is complete, it's now time to analyze some of the other factors that can negatively impact car insurance rates for a F355 Spider.
- If you need the extra performance that your Ferrari F355 Spider gives you, then you'll have to pay extra to insure it. Higher performance cars tend to be more expensive to insure.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- OEM repair parts for the F355 Spider cost more due to the higher quality. You will pay more for insurance because of this.
- A deductible is the amount you pay before your company pays a comprehensive or collision claim. If you increase your deductibles, you will pay less for these coverages.
- Let's face it, you aren't driving a F355 Spider 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.
- To keep your rates low, don't file excessive claims on your policy. Insurance is meant to cover large losses, not small damage that you can pay for out-of-pocket.
- 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.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- Having recently completed a class in driver's safety could earn you a discount of 5% to 10%. Check with your insurance company to see if they offer that credit.
- Never allow one policy to expire without having a new policy effective the same date. This causes a lapse in coverage and if you don't have insurance for any length of time, your next policy will cost you more.
- Air bags, antilock brakes, traction control, and stability control all help lower the cost of insurance due to reducing the risk of injury in an accident.
- Reduce your rates by buying a car that is not a hot model for car thieves. Certain makes and models are more tempting than others, and high-frequency stolen vehicles get charged a higher rate.
- If your insurance company allows driver-specific car rating, you can save money by rating any teenage drivers on low profile vehicles with either no physical damage coverage or very high deductibles.
- If you own a home, you may get a break on your car insurance. Home ownership demonstrates financial responsibility.
Step Three: Finalize your Policy Details
Purchasing an insurance policy is more than just clicking a button. You need to have funds available to make payment and you need to be sure that the coverages are adequate for your personal situation.
It's critical that your new policy starts the same day that your old policy ends. If you are cancelling mid-term, make sure there is no lapse in coverage before your new policy kicks in.
Before you drive your Ferrari F355 Spider home, make sure you have a current car insurance policy in force. Coverage will extend to the new purchase from your policy, but if you don't have a policy then you have no protection. 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.
Upon completion of buying your policy, you need to print out the financial responsibility card that must be kept in your vehicle at all times. Replace any old cards and promptly replace expired cards. 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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