Ferrari launches home brand insurance
World-first Ferrari Insurance launch delivers coverage for Italian marque on road and trackFerrari Australia has launched its own insurance product.
In what the Italian supercar brand’s local arm claims is a world first, the insurance is tailored for Ferrari owners and includes coverage for both modern and classic Ferraris on the road and track.
Top of the list of benefits the insurance delivers to Ferrari owners is track damage coverage. Specifically, the policy delivers up to $200,000 coverage for track activity at events hosted by Ferrari Australasia and the Ferrari authorised dealer network.
Ferrari Australasia says this gives owners “the unique luxury of being able to put their Ferrari through its paces knowing that Ferrari Insurance is along for the ride”.
Ferrari Insurance coverage can be based on annual kilometre usage, from regularly driven vehicles to as few as 100km per annum for “those precious cars only driven on special occasions”.
Coverage can also be tailored for cars in collections and/or restoration.
Ferrari insiders say the insurance product was developed in direct response to challenges its owner group faced.
“It’s another example of removing barriers to owners using and enjoying their Ferraris,” Ferrari Australasia communications manager, Ryan Lewis, told carsales.
Ferrari Insurance features a four-year new-for-old replacement policy, unlimited excess-free windscreen replacements and what the company describes as “a highly flexible agreed value cover that recognises the true market value of each Ferrari, including instances where a vehicle’s worth has appreciated above its retail price”.
The policy can also accommodate individual high-value Ferrari vehicles and/or collections at values up to $50 million. Higher levels of coverage can be negotiated for those would-be 250 GTO owners in the wings.
In recent years Ferrari has debuted a number of innovative aftersales programs to help build its ownership base Down Under.
It is unique in the supercar segment locally to offer a seven-year warranty and seven years’ free scheduled servicing on new-model Ferraris.
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