News
Wednesday 29th July 2026
Why Your Ferrari Insurance Should Be Reviewed Every Year, Even If Nothing Has Changed
By Jakob Nowell, Senior Private Client Executive
The Most Common Mistake I See Ferrari Owners Make
One of the biggest misconceptions I encounter is that owners can simply renew their Ferrari insurance year after year without reviewing it.
For most cars, that approach might be acceptable. For a Ferrari, it rarely is.
Over the last decade advising Ferrari owners, I’ve seen how quickly circumstances can change. Ferrari values can increase, owners often change how they use their vehicles, and collections frequently grow unexpectedly.
Yet many owners continue renewing policies that were arranged around a completely different ownership profile.
The reality is that Ferrari ownership is dynamic. Your insurance should be as well.
Your Driving Habits Change Faster Than You Think
When clients first purchase a Ferrari, the intention is often straightforward: occasional weekend use and the odd summer trip.
Twelve months later, the reality can look very different.
You may now attend owners’ club events, take European tours, store the vehicle at a second property, or drive significantly fewer miles than you originally anticipated.
I always encourage clients to review how they actually use their vehicle, not how they intended to use it.
Small changes can have a significant impact on whether a policy remains suitable for your circumstances.
The Collection Usually Doesn't Stop at One
Very few Ferrari owners remain single-car enthusiasts for long.
What often begins with a 488 GTB or Roma can quickly expand into a wider collection that includes additional Ferraris, a Porsche GT model, a Range Rover or even classic vehicles.
As collections grow, owners can often structure their cover more efficiently.
I regularly help clients move from individual vehicle policies into bespoke collection arrangements that reflect how the vehicles are used, stored and managed. This often creates a significantly more streamlined insurance programme rather than managing multiple policies with different renewal dates and terms.
Changes at Home Can Affect Your Risk Profile
Many owners understandably focus solely on the car itself.
However, factors surrounding the vehicle can be equally important.
Over the years, I have advised clients who have:
- Installed new security systems.
- Relocated to different properties.
- Built dedicated vehicle storage facilities.
- Added monitored garages.
- Made substantial improvements to their home’s security arrangements.
These enhancements can influence how insurers view risk and should always form part of an annual review.
Just as importantly, you should disclose any changes in household drivers, storage locations, or occupancy arrangements to keep your cover accurate.
Specialist Insight: Three Questions Every Ferrari Owner Should Ask Before Renewal
When I review a Ferrari portfolio with a client, the conversation is rarely just about premiums. We discuss future purchases, vehicle values, storage arrangements, travel plans, family usage and wider lifestyle considerations.
Each year, I encourage Ferrari owners to ask themselves three simple questions:
- Has the way I use the car changed?
Mileage, travel patterns and event attendance can all affect suitability of cover.
- Has anything changed where the car is stored?
Security improvements, relocation or additional storage facilities should all be considered.
- Has my collection or wider lifestyle changed?
Additional vehicles, property purchases, or other high-value assets can create opportunities to coordinate your insurance more effectively.
The Nowell & Richards Approach
At Nowell & Richards, we believe Ferrari insurance should never be treated as an annual transaction.
Instead, we build long-term relationships with our clients and tailor cover as their circumstances evolve.
Our role is to ensure your cover evolves alongside your vehicle, your collection and your lifestyle, providing confidence that your arrangements remain suitable year after year.
If you own a Ferrari and would like an expert review of your current insurance arrangements, contact our team on 01785 255514 or visit our contact page to speak with a specialist advisor.
About the Author Jakob Nowell
Senior Private Client Renewal Executive
With over a decade of experience at Nowell & Richards, Jakob specialises in building longstanding relationships with High and Ultra-High-Net-Worth clients. His advice-led approach ensures that every aspect of a client’s lifestyle – from performance cars to luxury watches – is protected with an expertly tailored insurance package.