Tightwads Guide to Insuring a Ferrari 348 TS
If shopping for auto insurance was more enjoyable, it would get done more often. But most likely we pay more than we want to and don't really enjoy the buying process. Insuring your Ferrari 348 TS is probably no exception.
Step One: Compare Rates
The antiquated method of shopping for car insurance included a high pressure visit to the office of your local insurance agent. Welcome to the 21st century!
Comparing insurance rates for a Ferrari 348 TS only require you to enter your information once. You'll receive multiple quotes and can easily compare rates.
Take the first step by clicking the link below. By answering a few questions you'll be able to compare rates quickly and easily.
Quoting Tip! The only way to compare rates from multiple companies is to use identical coverage amounts and deductibles on each quote. If you use different limits on quotes, you cannot accurately determine which company has the best rates for your 348 TS.
Step Two: How to Lower your 348 TS Insurance Premium
Now that you have several rates to compare (since you did compare rates above, right?), we will now show you some additional ways you can lower your 348 TS insurance rates.
- The Ferrari 348 TS is a high performance vehicle. Insurance rates are higher on cars that offer larger engines, more horsepower or increased risk of accident or rollover.
- With age comes cheaper rates! If you're a senior citizen, many car insurance companies will give you a discount. Also, if you belong to a professional organization, check to see if your company gives discounts to members.
- When repairing accident damage on luxury vehicles, body shops charge more because the replacement parts are more expensive. Everything from a fender to a tail light will cost more to replace so your insurance rates will be higher as well.
- If you're willing to shoulder more of the cost at claim time, consider raising your comprehensive and collision deductibles. This can easily cut 30% or more from your policy premium.
- If cheap insurance is your goal, then the 348 TS is maybe not your best choice of vehicle. Sport cars cost more to insure even if you're a good driver.
- If you have any teenage drivers in your household, expect to fork out quite a bit more for insurance. Rating them on a low profile vehicle with liability only coverage is the best way to save money.
- Speeding not only costs you a fine, a single ticket will raise your car insurance rates for up to three years. Slow down and be a safe driver and you'll pay lower rates.
- If your Ferrari is equipped with safety features such as airbags, anti-lock brakes or a security system, insurance companies will often give a minor discount for those.
- If you have tended to file small claims with your car insurance company in the past, you're most likely going to pay higher premiums in the future. Consider paying minor claims out-of-pocket instead of blemishing your claim history.
- Insurance companies pay attention to which vehicles are stolen the most, so if your car is frequently targeted by thieves, chances are good you will pay more for insurance if you live in certain parts of the country.
- 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.
- 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.
- Having any gaps in coverage (known as a lapse) is bad in the eyes of any insurance company. Make sure you keep coverage in force at all times by synchronizing the expiration and effective dates of your policies.
- Owning a home takes financial responsibility, and car insurance companies will often give you a break just for being a homeowner.
Step Three: Choose a Company and Bind Coverage
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your 348 TS 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.
The key thing to keep in mind when buying a new policy is you do not want your old policy to lapse. Make sure the effective date of the new policy is on or before the expiration date of your current policy.
If you don't currently have a car insurance policy, make sure you have coverage in force before driving your Ferrari off the lot. But if you already have a policy, you will have coverage extended to your new car from your existing policy. Be sure to have a new policy ready to go if you are buying a new 348 TS. If you've never had car insurance or don't have a policy now, you won't have any protection on the vehicle until you add it to your policy.
All states require you to keep the proof-of-insurance or financial responsibility card in your vehicle at all times. Failure to produce this document can result in a citation. An SR-22 filing may be required by your state's DMV if you've been convicted of a serious driving offense such as DUI, DWI or reckless driving. If this applies to you, make sure the car insurance company complies with the SR-22 requirement.
Car Insurance Resources
To read more about topics such as how to file a claim, replacement auto parts and mistakes to avoid, visit the Insurance Information Institute website.