What You Need to Know About Insuring A Ferrari in the UAE

Ferrari is a name that is synonymous with speed, performance, power, and sophistication. It is an exemplary car with a history that goes as far back as seven decades! However, due to its high performance and value, your Ferrari could be exposed to much greater risk. Therefore, it demands a higher insurance cover. When you are looking for an insurance cover that will fully protect your supercar against all damages, it is important to know all the aspects that make up your car insurance. This will help you get the most out of your policy and also give you a certain peace of mind that your car is in safe hands.

Souqalmal.com has shortlisted some important questions you need to ask when looking for an ideal insurance policy for your Ferrari:

What should I look for in my insurance plan?

If you own a Ferrari, it is safe to assume that you are not so worried about the expensive premiums that a car of this status attracts. Therefore, you may want to guarantee that your policy covers your car completely and that it is not under-insured.

Maintaining a Ferrari is an expensive proposition as it requires specific parts and repair protocol to be followed. As a result, what you need for your car is an all-inclusive cover that not only fully covers your vehicle but also offers add-ons like agency repairs, coverage against natural disaster, car replacement etc.

What is the cost of insuring a Ferrari in the UAE?

As per the new rules established by UAE Insurance Authority in 2017, a car insurance policy should not be more than 5% of the car’s value.

Insurance companies in the UAE sell an all-inclusive cover for exclusive cars for anything between 0.5% to 3% of the vehicle value. Simply put, insurance cover for a Ferrari 458 will cost up to AED 10,400 and a Ferrari California will attract AED 20,010 as annual insurance cost. However, third party insurance costs pretty much the same as that for a regular car.

How is the premium calculated?

There are several factors that together make up your Ferrari’s insurance premium. The first thing insurers take into account is the current value and age of your car. Other factor includes the maintenance routine you follow, estimated costs of repair, and other such aspects.

The cost may also be influenced by driver’s age, nationality, previous claim history, accessories, fancy features, safety features, and whether the car is used on a daily basis. Anything that exposes your Ferrari to a greater risk will increase the premium significantly.

How to choose an auto insurance provider for my Ferrari?

Insurance policies for premium vehicles are tailored to adequately cover the car. Most small service providers will not provide coverage for a car as expensive as a Ferrari. However, you can check with large insurance companies that have dedicated departments that cater to premium vehicles.

Before you make your choice, your best bet would be to compare all your car insurance options across multiple insurance providers. Souqalmal.com offers a quick and easy way of doing so. Simply fill in the details of your Ferrari and apply for a quote online, or schedule a callback or get in touch with them through WhatsApp.