Ferrari has launched its own insurance products in Australia - a global first. The release states that 'Until now, Ferrari owners have relied on third-party insurers to protect their passion. However, the generic nature of these policies does not full accommodate important aspects of Ferrari ownership."

The policy includes $200,000 for track activity at events hosted by the Ferrari network, have cover tailored to kilometres driven and an understanding that the value of the car may be higher than when it was new. In fact the policy can provide coverage of up to $50m.

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