How to Save on Insurance for your Ferrari F355
If finding cheaper car insurance was fun, we'd make the time to do it regularly. But most likely we pay more than we want to and don't really enjoy the buying process. Finding good insurance for your Ferrari F355 probably leaves you feeling the same way.
Step One: Compare Apples-to-Apples Quotes
Up until just recently, the only option you had for shopping for insurance was getting a high pressure sales pitch in the office of your local insurance agent. Times have changed!
Almost every car insurance company now offers online quotes, and you can actually get insurance quotes for a Ferrari F355 without even visiting their websites!
Simply click the link below to enter your information. Once complete, you can compare the returned rates and make a decision on which policy to purchase.
Important! If you already have liability and physical damage coverage on your F355, it's important to keep the same limits and deductibles throughout the quote process. This allows you to fairly compare rates for many companies. If you use different limits and coverages for each quote, you won't be able to judge if the final rate is better or worse than other quotes.
Step Two: How to Lower your F355 Insurance Premium
There are many factors that actually determine what you will pay for insurance, and some are completely within your control.
- The Ferrari F355 is a higher performance vehicle, but do you really need the increased speed or power? Vehicles with more moderate performance are usually cheaper to insure.
- Membership has it's privleges. If you're a member of a professional organization, check to see if your company offers discounts to its members. It can add up to 5% or more.
- Repair shops have more expenses when repairing damage on luxury vehicles, so they will charge your insurance company more to make the repairs. This will be evident in your insurance rates even if you don't have a claim.
- How is your credit rating? The better credit you have, the less insurance will cost for your F355. If you have bad credit, work on improving your credit score and repair past credit problems.
- Sports cars tend to have larger engines and higher top speeds which increases the chance of an accident.
- The time it takes to complete a driver's safety training course could be time well spent. It could save you up to 10% off your car insurance rates.
- 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.
- Consider raising your comprehensive and collision deductibles if you carry full coverage. By accepting more risk yourself, your car insurance company will cut you a break on your physical damage premiums.
- Thieves tend to steal certain makes and models of vehicles more than others, and if your car is on that list, expect to pay higher insurance rates because of it.
- Filing small claims will get you into hot water with your insurance company. Frequent filers will often find themselves either paying higher rates or non-renewed at renewal time.
- Renting a house or apartment rather than owning a home may keep you from paying the lowest rates on car insurance. Home ownership is viewed as being more financially responsible than renting.
- If you have a speeding ticket or other moving violation, you could be charged more for insurance. If you get a ticket, find out if your county or state offers a defensive driving course that will void the ticket upon completion.
- Youthful or teen drivers that are rated on any vehicle will cost more. The inexperience and tendancy to enjoy going fast is a recipe for an accident.
- Do not allow your current car insurance coverage to lapse or expire. Insurance companies have a simple way to find out when your last policy ended (called a CLUE report), and if you went without coverage for any length of time you may pay more for coverage.
Step Three: Buy the Best Policy
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your F355 that will give you a good idea of how much it will cost, as well as some idea of any coverage changes you may want to make.
Make sure to avoid any lapse in coverage by setting the new policy's effective date to be the same date you cancel your old policy. Otherwise you could be driving without any coverage.
If this is a new policy with only the Ferrari on it, be sure to have coverage before leaving the dealership or car lot. If you're adding it to an existing policy, you have anywhere from 15 to 30 days depending on the company. Anytime you buy a vehicle, you want to make sure coverage is in place before driving off the lot. If you have a policy now, you will have at least liability coverage. But if you don't insure any vehicles with full coverage, then you will put your new F355 at risk as soon as you drive away.
Your insurance company will provide you with proof-of-insurance forms to keep in your vehicle. It's required by state law to carry at least the state minimum liability limits. SR-22 filings are for high risk drivers and ensure that you have met your state's financial responsibility requirements. If you have DUI, DWI or uninsured accident convictions, you may have to file an SR-22 with your state DMV.
For More Information
For more information on car insurance, please visit the Insurance Information Institute's auto insurance informational page.
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