Insurance pricing for young people, with supercar (458) | FerrariChat

Insurance pricing for young people, with supercar (458)

Discussion in 'Other Off Topic Forum' started by Albrekts511, May 21, 2018.

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  1. Albrekts511

    Albrekts511 Rookie

    May 21, 2018
    1
    Full Name:
    Jonas Hansen
    Hello everyone.

    I am 19 years old, and 2 years ago I began my journey in the business world. I am in the lucky position to be possibly able to purchase a 2012 Ferrari 458 within 6-12 months.

    Buying such a car at this kind of age, worries the insurance companies of course.. but i am unaware of how much.

    Does anyone have any kind of idea what insurance pricing I will face?


    I'm not that interested to contact insurance companies quite yet, as I am not in the position right now to buy the car.


    Thank you very much for your time.

    Best Regards
    Jonas
     
  2. rampar

    rampar Rookie

    Nov 1, 2008
    23
    Phx, AZ
    Full Name:
    Ramin Mahmoodi
    There's so many things that can factor with this...but realistically, you're going to have to go an alternate route and/or have crazy high deductibles.

    1. $5k or even $10k deductible will probably be required
    2. Try a per mileage company Metromile, or something similar (not available everywhere)
    3. Some states allow the use of bonds or savings accounts instead of insurance.

    Obviously some of those will depend. But be prepared for $500/month I would guess...if you can get someone to insure you.
     
  3. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    26,294
    socal
    I hate insurance companies. So I always insure for liability only. You can always get that insurance if you own the car outright. I never pay those blood suckers for their "actual cash value" nonsense.
     
    FLORIDAsnakeEyes likes this.
  4. Dansage

    Dansage Karting

    May 20, 2012
    230
    I'm 20 with a clean driving record and currently pay 2700/month via statefarm to insure a 458, 488, 599, gt3, amg gtr, 720, and cayenne. Max coverage with minimum deductibles. That being said I register in Montana where the insurance is massively cheaper then in say LA or NYC where it would've cost me more then 5x as much.
     
  5. ronfrohock

    ronfrohock F1 Rookie
    Owner Rossa Subscribed

    Aug 16, 2004
    3,919
    MA
    Full Name:
    Ron Frohock
    Your profile says you are 28?



    Sent from my iPad using FerrariChat.com mobile app
     
  6. Dansage

    Dansage Karting

    May 20, 2012
    230
    Oversight when scrolling on the menu while making the profile. Admin hasn't gotten back to me about changing it so just leaving it be.
     
  7. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    14,244
    Because you can do it yourself is why likely no one is replying to you. https://www.ferrarichat.com/forum/account/personal-details
     
  8. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Ron , it’s the new math , silly.

    Jonas, let us know how it works out. Try State Farm.
     
  9. randkin

    randkin Formula 3
    BANNED

    Aug 2, 2015
    1,497
    Somis, CA
    Full Name:
    Randy
    Sugg
    Suggest you get a quote on the car you want from your insurance broker after they have run a MVR on your driving record. Then you will know pretty much exactly what you are talking about. A single male operator 19 is going to have a difficult time getting insurance on that car even with a clean driving record, the premium will be high especially if you live in a metro area.

    After you get a "trial quotation" you will be able to decide about the reasonablity of buying a 458. It may just not be feasible for you at 19 unless the insurance premium are no object. FYI, Progressive Insurance Co will pretty much insure anyone with any car you just may not care for their premiums.
     
  10. randkin

    randkin Formula 3
    BANNED

    Aug 2, 2015
    1,497
    Somis, CA
    Full Name:
    Randy
    Well that is fine if the car is not financed and can afford to take 200k hit if an uninsured driver totals the car or it is stolen. But I suspect the 19 year old OP is not in that financial situation so your thought may not be germane to him.

    If those "blood suckers" were making big profits insuring super cars then availability would not be an issue and the premiums would be cheap as all the "blood suckers" would want a piece of that profitable action.
     
  11. Doug.

    Doug. F1 Rookie
    Silver Subscribed

    Apr 16, 2004
    2,948
    Las Vegas, NV
    You can build a quote and customize every option via USAA's website. I have used them for years with different vehicles (no Ferrari) but I have quoted out the cars I am soon to be in the market for and found them more reasonable. Age is a huge factor here though, no matter what you are going to be paying an insane amount of money for insurance, a caveat to dream car ownership at a very young age.
     
  12. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    im 32 and I pay $900/year for my 575 with state farm in their classic car division or whatever its called, $141k valuation based off a $300 appraisal i had to get done for them. It's not that bad for classics.
     

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