| Author | Message | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 364 Registered: 5-2002 |
Magoo, I am surprised that nobody has heard of this. By "suspension", that means everything EXCEPT comprehensive coverage is suspended. Your vehicle while parked in your garage, is still covered for anything except driving accidents. Fire, theft, flood, tornado, hail, essentially everything that your policy covers EXCEPT damage occured while being driven. I put my Corvette on suspension a few weeks ago. A friend of mine has had his Corvette on "suspended" coverage for several years. I just got off the phone with my State Farm agent and confirmed everything again just for the purpose of this posting. I think this "suspension" option is a semi-secret that the insurance agents don't want people to know about because it takes alot of money out of their pocket. I can't speak for other companies, but State Farm has had this available for years. | ||
| magoo (Magoo)
Advanced Member Username: Magoo Post Number: 3347 Registered: 2-2001 |
When you say damage do you mean if it burns up in the garage they will pay you face value of the policy? I would be skeptical of that. Have you gotten this in writing from your agent. If so great deal. | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 391 Registered: 5-2001 |
I have never heard of that before. | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 360 Registered: 5-2002 |
Do any of you Ferrari owners put your Ferrari insurance policies on "suspension" during the winter months? I just put one of my Corvettes on "suspension" which means that I can't drive it, but it is still on the agents computer and it is still insured against damage such as hail, theft, etc. No point paying the big bucks to insure it for full coverage when you aren't driving it for 6 months at a stretch. Made the difference between me shelling out over $300 and only coughing up $47. Any Ferrari folks doing this during the winter? | ||
| Russ Fairbanks (Russf)
Junior Member Username: Russf Post Number: 64 Registered: 3-2002 |
Called a Chubb Agent and asked about their collector car program. He acknowledged that it was probably less than my current insurance but siad that they would only insure if I gave them all of my insurance and that they might be higher on the non-automotive stuff. Anyone have this experience. | ||
| Crusing (Crusing)
New member Username: Crusing Post Number: 8 Registered: 10-2002 |
Chuck: I really like black in the 348. My second F-car will be a 348 spider... at some point in my life. | ||
| Chuck Rine (Chuck348ts)
Junior Member Username: Chuck348ts Post Number: 125 Registered: 5-2001 |
Crusing, Thanks for the compliment, that's a pretty old picture, hadn't looked at it in ages, just posted a new one. Chuck | ||
| Crusing (Crusing)
New member Username: Crusing Post Number: 6 Registered: 10-2002 |
Thanks Chuck! Beautful 348 BTW. | ||
| Chuck Rine (Chuck348ts)
Junior Member Username: Chuck348ts Post Number: 124 Registered: 5-2001 |
I called them directly. All done over the phone. They have local agents who get involved in the event of a claim. | ||
| Crusing (Crusing)
New member Username: Crusing Post Number: 4 Registered: 10-2002 |
I guess I'd better look into Chubb! Did you contact them directly or through an agent? | ||
| Chuck Rine (Chuck348ts)
Junior Member Username: Chuck348ts Post Number: 123 Registered: 5-2001 |
I'm really happy with Chubb also. Their policies are highly customizable. My 93 348ts is insured for 300/500/300 with $1000 deductible for collision and comprehensive plus full glass breakage coverage with no deductible (rear window glass alone is at least $1800 to replace); genuine Ferrari replacement parts and agreed value ($65K); including full uninsured/underinsured motorist protection and no limitation on the number of miles driven or whether the car is used for commuting or pleasure. Price: $1200/year. | ||
| Crusing (Crusing)
New member Username: Crusing Post Number: 3 Registered: 10-2002 |
John: That seems like a great price. Are your miles limited? Are your limits higher than $300K? Thanks. | ||
| John A Custer (Jac)
New member Username: Jac Post Number: 4 Registered: 4-2002 |
I just got a quote from Chubb for a 2001 360 Spider 193,500 value, 5000 deductable. $1461/year. | ||
| Gene Agatep (Gagatep)
New member Username: Gagatep Post Number: 42 Registered: 8-2002 |
Here at Souterhn California I am with Hagerty Insurance - Broker: Accordia a division of Wells Fargo Fully Insured - at $1019 per year they require proof of insurance from your other regular vehicles minimum 100/300 coverage. I think I'm pretty happy with this price not unless someone offers less price with a reputable insurance company. | ||
| Kevin Marcus (Rumordude)
Junior Member Username: Rumordude Post Number: 85 Registered: 9-2001 |
i use chubb. they are awesome in every regard. the only problem i have had with them was that they won't insure my boat but hey! they insure cars for a 'value'. that is, we agree on the cost to replace the car and go from there. that plus the type etc. is the basis for the insurance premium. anyway, i hate insurance but i'm actually happy with these guys. http://www.chubb.com/personal/mp_auto_pref_adv.jsp?stateAuto=WA&covType=MP http://www.chubb.com/personal/collector_vehicle_pgm.jsp?stateAuto=WA&covType=MP | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 379 Registered: 5-2001 |
Good points. I didn't know that about liability. | ||
| Crusing (Crusing)
New member Username: Crusing Post Number: 1 Registered: 10-2002 |
I pay a little less than $1000 per year for my my 308 with progressive (highest liability limits offered). I would urge any person to not simply have low limits and a high umbrella policy. The problem is that most people who cause accidents don't have any insurance and your own Under/Un insured motorist coverage matches your auto liability limits. So if you only have $35K liability limits and some idiot hits you, you will only be able to get $35K max for your injuries. Fine in a whiplash, not so fine if you're left in a wheelchair. It's great to have a big umbrella but it is more likely that a uninsured kid will hit you rather than a responsible F-car owner hurting someone. Just my $.02. | ||
| Ken (Allyn)
Member Username: Allyn Post Number: 548 Registered: 10-2001 |
Horsefly, I wasn't aware liabilty costs more for a fiberglass car. If it does then that really does sound unfair. My Hagerty deal is pretty cheap; it covers the IL minimum. I also have umbrella coverage with a seperate carrier up to a million. I wonder if anyone has insured a fiberglass 308 and then a metal one from the late 70's? Pretty unlikely I suppose but that would be a good test to compare the two. | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 363 Registered: 5-2001 |
I did but you have have an accident with me to collect. ;) | ||
| BobD (Bobd)
Member Username: Bobd Post Number: 711 Registered: 3-2001 |
Dr. T & VS, I agree with the umbrella policy... but Dr. T, didn't you just let the cat out of the bag... regarding your last couple of lines?  | ||
| VS (Vs1)
New member Username: Vs1 Post Number: 5 Registered: 10-2002 |
We also use State Farm. Have limited use on my Dad's 1998 F355 Spyder and it's actually about half as much per year as my 2001 Corvette Convertible. It's is about the same rate as his 1994 SL500 [also limited use]. Go figure. To make it more confusing my 2000 Jeep Grand Cherokee [on our corporate insurance] costs the most of all per year??? We also keep a large umbrella policy for all of us as well and I'd highly recommend it. | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 359 Registered: 5-2001 |
My advice is this: Buy with a large reputable company. Avoid the companies that you only see online like the plague. Get a limited use policy since you will most likely not drive it daily. Get the biggest deductable they will give you (if you have what it takes to own a Ferrari then you should be able to afford a $1000 deductable that you may never use anyway). Buy a V-1 detector. Keep ALL your restoration receipts to help with your settlement if you do total it. Finally, and in my opinion the most important, Get an umbrella policy for a couple of million extra liability coverage. This is tied to your homeowners and will start paying after you use up your $35,000 in liability that a standard policy usually provides. This is only a $100 or so a year in most cases. I can tell you that $35K liability ain't gonna cover the other guy's lawyer once the smoke clears and he sees what you are driving. Also, once you get the umbrella don't tell anyone you have it. No one. | ||
| arthur chambers (Art355)
Member Username: Art355 Post Number: 750 Registered: 6-2001 |
Jim: I'm with Nationwide. My 355 costs about 1k per year, full coverage, adequate liability coverage. it is my 6th car, and although there are no mileage limits, I told them I drove it about 5 - 7.5k per year (which is accurate). I would think that if your Ferrari was your 2nd, 3rd, etc. car, the coverage costs would be quite a bit lower, than if you just straight out insured it under a seperate policy. I'd check with your agent to see what he can do to make it cheap. Art | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 348 Registered: 5-2002 |
Ken, I'm talking about LIABILITY insurance. When your fiberglass car hits another vehicle, your liability insurance ONLY pays for repairing the OTHER car's damage, not YOUR fiberglass vehicle. Therefore, if your fiberglass vehicle hits another metal car, the other car nearly always gets less damage than the fiberglass car. So why do fiberglass cars cost MORE than a metal car to insure for LIABILITY only? | ||
| william speer (Wspeer)
Junior Member Username: Wspeer Post Number: 77 Registered: 8-2002 |
the insurance for the dino does have a mileage limitation. it is through "classic car insurnace". i know it is underwritten by someone else but don't have that info in front of me. i'll post it when i find it. | ||
| Jim E (Jimpo1)
Member Username: Jimpo1 Post Number: 889 Registered: 7-2001 |
My insurance is w/ Farmers, and is about $400/6 mos. I DO have mileage 'limitations' on it and it's not a daily driver. | ||
| Ken (Allyn)
Member Username: Allyn Post Number: 547 Registered: 10-2001 |
Horsefly, fiberglass can more expensive than metal. My Europa had a very minor crunch: 3 cracks about 3" long. To proporly repair it, you need to grind out the cracks, apply resin and tissue front and back, sand, sand, reapply, etc. Then the normal paint costs. $1800. Hagerty paid in 5 days; nice service! My body man does Lambos, Ferraris and Lotus' and he said the fiberglass repairs run higher than metal. Can't say if Vette glass is easier or cheaper though. | ||
| Paul Wehmer (Pwehmer)
New member Username: Pwehmer Post Number: 3 Registered: 10-2002 |
Can you tell me who your Dino insurance is with? Thanks | ||
| Horsefly (Arlie)
Member Username: Arlie Post Number: 347 Registered: 5-2002 |
Insurance rates vary depending upon the double standards of the company doing the insuring. For example: A Corvette, being made of fiberglass, will NOT inflict as much damage in a collision as a metal car. Therefore, the Corvette should cost LESS that a metal car to insure with minimum liability, correct? Any normal train of logic would indicate the above is true. But the insurance companies make sure that your Corvette costs more on ANY policy, liability or otherwise. The insurance companies always make sure that THEIR statistics are skewed in THEIR favor, which means YOU pay more if you own a Corvette, REGARDLESS of your squeaky clean driving record. They will preach how those cars cost so much more to repair, but that doesn't come into play with a minimum liability policy. So how come fiberglass Corvette liability costs more that a metal car? Because the insurance companies are double standardizing, money grubbing jerks. In what other business can you take in money for doing absolutely nothing? The average person drives and insures an automobile for 60 years, yet only files 1 or 2 claims. Pure profit for the money grubbing insurance companies. Just open up the yellow pages in any phone book. What sections are the largest? The insurance companies, and the lawyers! Need I say more? | ||
| Kevin Horner (Boz)
New member Username: Boz Post Number: 29 Registered: 8-2002 |
All I know that affects insurance is driving record, cost of fixing a car (ie: foreign or domestic), performance, safety features, extra letters (GT, RS, Z06, LMNOP), theft rate. I also know State Farm has some numerical rate scale for their prices, but I don't think that's reflected as much in the premium. | ||
| william speer (Wspeer)
Junior Member Username: Wspeer Post Number: 75 Registered: 8-2002 |
oddly, my dino's rates are around $300.00/year . the testarossa (same policy and limitations) is around $900.00/year. the strange thing about this is that the dino has a much higher declared/agreed upon value. go figure. i assume the difference is based off the fact that the tr is more likely to end up in an accident than the dino. i guess the hp difference factors in as well. any experts that can explain to me why insurance rates vary so much? | ||
| Hans E. Hansen (4re_gt4)
Member Username: 4re_gt4 Post Number: 345 Registered: 4-2002 |
Farmers. $360/yr, but they gave me a $200 multiple policy discount on my house, so net is $160. | ||
| Mitch Alsup (Mitch_alsup)
Junior Member Username: Mitch_alsup Post Number: 201 Registered: 4-2002 |
Unlike many other high performance cars, Ferraris are not stolen* as often, nor wrecked as often. Insurance actuarial tables reflect this. * very little market for chopped Ferrari parts | ||
| Kevin Horner (Boz)
New member Username: Boz Post Number: 26 Registered: 8-2002 |
It's less because Ferraris don't have a high theft rate. Cars are often stolen for parts and there's no black market for hot Ferrari items like you'd see for vettes (or a Jeep for that matter). | ||
| Jim Schad (Jim_schad)
Member Username: Jim_schad Post Number: 365 Registered: 7-2002 |
How can you insure a $40K car for $83 a month, but my $15K jeep is $112 a month? My record is clean. I simply mean the math doesn't add up unless they assume you rarely drive the car so that limits exposure? | ||
| david handa (Davehanda)
Member Username: Davehanda Post Number: 294 Registered: 5-2001 |
No problems with Grundy, but unfortantely with my claim, they would not reinsure me with my newly purchased 328... | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 357 Registered: 5-2001 |
I am with State Farm too. Be careful with "cheap" insurance. You always get what you pay for. My neighbor used to work for a body shop. He told me about a couple of insurance companies that refused to fix things right. They would force a fix when a total was in order and other things like that to save money. He eventually quite because of this. Be careful. | ||
| david handa (Davehanda)
Member Username: Davehanda Post Number: 292 Registered: 5-2001 |
check forza magazine, there are many low cost alternatives. I used Grundy, very inexpensive, no mileage limitations,no deductible and it is underwritten by Chubb. I had an accident, and they settled at my "agreed value". Most biggies like State Farm will not allow "agreed value". I paid $450 a year for my 308 with Grundy. I pay $575 for my 328 with American Collectors Ins(but now have 6,000 mile limit, and $500 deductible). | ||
| Tillman Strahan (Tillman)
Junior Member Username: Tillman Post Number: 111 Registered: 11-2001 |
Jim, I use State Farm and just added it as another car. Full coverage with a $200 deductable and no restrictions runs $83/month, which isn't much more than my truck. I also carry higher levels of insurance than required by law, so that raises the rates somewhat. | ||
| Ken (Allyn)
Member Username: Allyn Post Number: 544 Registered: 10-2001 |
Hagerty has a few hoops to jump through but I pay $120 a year for my Lotus; full agreed value and no deductable. Check them out. | ||
| BobD (Bobd)
Member Username: Bobd Post Number: 709 Registered: 3-2001 |
Jim, I use State Farm for my 328 in the Dallas area and the rates are reasonable. There are specialty insurance providers which can save you some money annually but many have "fine print" restrictions so keep an eye out.... restrictions like you can only drive to/from car shows... or no coverage if you park in a retail parking lot... mileage limitations, etc. There have been other threads posted on this subject... you may want to do a search. For a few bucks more annually, I'd rather be confident that I'm fully covered with no strings attached. | ||
| Jim Schad (Jim_schad)
Member Username: Jim_schad Post Number: 363 Registered: 7-2002 |
I have state farm for my other vehicles and it is pretty cheap. where should I seek fcar insurance and what should I tell them or not tell them? part time driver? limited by miles? or what? |