How to Insure a Ferrari F40 like a Tightwad
If comparing car insurance was easy, most of us would do it more often. Unfortunately, it's not always as easy as it sounds to get the best rate. You might feel the same pain when having to pay the bill on your Ferrari F40.
Step One: Compare Multiple Rates
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. Now that we have the internet, shopping for car insurance online is a snap!
Comparing apples-to-apples price quotes for your Ferrari F40 is made easy by only requiring one form to be completed. This will shop your coverage with multiple companies and allow you to easily compare rates.
Compare rates now by clicking the link below. In just a few minutes you'll have a good idea of what insurance will cost for your Ferrari F40.
Important Tip! In order to accurately compare rates for your F40, 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 F40 Insurance
After completing step one above, you can now learn some of the other ways to slash your F40 insurance costs.
- Cheap insurance rates and high performance don't usually mix. If low rates are your goal, the Ferrari F40 is probably not the best vehicle due to it's above average performance.
- 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.
- OEM repair parts for the F40 cost more due to the higher quality. You will pay more for insurance because of this.
- Driver's safety courses will often get you a discount off your rates. Check to see if your company offers the discount and find a qualifying class in your area.
- Let's face it, you aren't driving a F40 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.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- Most insurance companies will give you a discount on your car insurance if you also own a home. Some go even farther and give you discounts if you package your homeowners and auto insurance with them.
- Insurance companies often give discounts to senior citizens and professional organizations, so if you're one of those, check to see if you qualify.
- 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.
- 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.
- One of the easiest ways to keep your rates down is to drive safe. One speeding ticket can boost your rates for three years.
- The less chance of injury to passengers in an accident means lower insurance rates. Vehicles with safety features like side-impact airbags, head injury protection, antilock bracks and traction control generally will be cheaper to insure.
- Small claims that may only exceed your physical damage deductibles by a small amount are better off not being submitted to your company. Just pay the extra hundred dollars or two and keep a claim-free discount on your policy.
- If your F40 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: Choose the Right Company for You
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.
Car insurance policies don't have to be cancelled at the renewal date, but just be sure the new policy starts the same day you cancel your old policy. This avoids any gaps in coverage between policies.
Coverage will extend from your current policy if you're buying a Ferrari F40, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. 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.
Once you finish buying your new policy, you will need to print out the proof-of-insurance card that is provided by your new company. This card is proof that you meet the state's minimum liability limits and is required to be kept in your vehicle. 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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