CT Specific - Help, my Insurance Agent is a MORON

I had Hagerty for my 400i but they never asked anything other than that I have at least one other car as a daily driver and that the Ferrari be kept in a locked garage. I have a clean driving record for many years, do you have some tickets on your record that would make them ask about "high performance car experience"?

What age is your car?

 

Vince...what did you buy? Is it gold plated?

I'm paying Amica ~$600 per year with no restrictions at all.

 

$284/year for my 308, $459 for the F355. Full coverage. Liberety Mutual. Under 5k miles a year.

 

I have had Classic Auto Insurance of Indanapolis, IN for over 10 years , call 1-800-397-0765 Classic Car & Collector Insurance from Classic Auto Insurance and talk to the owner himself. Rates are much better then Hagg.

 

Vincent how about some more info?

What car are you buying, I assume your looking for full coverage? What was the estimated yearly quote versus the actual cost?

My Nissan GTR I previously owned, I was misquoted by about 500 dollars per year, or about 15%. I was told by my agent, that higher risk sports cars, the quotes are never accurate until you actually buy the policy.

 

Yes, Hagerty does have a mileage and storage restrictions, but you should call them directly. It is wrong that you need to be a member of FCA.

I would try Amica as mentioned, they cover Ferrari's; imo, one of the best, along with USAA. Try Chubb, and Grundy too. I am sure you will find one. Move on with your agent and find another one. Think you will only need an agent with Chubb, others I mentioned you deal with them directly. Good luck.

 

My Hagerty policy did not have a mileage restriction for a 1983 400i. It also had an agreed value amount. Chubb was good for all of my insurance but it started out at a small premium price to other policies but then kept escalating every year despite no claims until it got uncompetitive.

 

Can anyone response to this? I can see where stated value may be better if you suffer a total loss, but since the stated value is obviously going to be higher than say NADA average retail, it seems to me that if you suffer damage to your car the threshold for totaling it would be higher for the stated value policy. Thus given the same damage, the ordinary policy might total the car ant pay you something like NADA Average value. The stated value policy could result in having the car fixed but now you have a car for which I thing you would be hard pressed to get NADA average value for. Seems to me that unless the value of the repaired car is still higher than what the ordinary insurance would pay you can loose with a stated value policy unless there is a total loss.

 

Call Morgan Duffy at HWI Motorsports Insurance. He is an Fchat sponsor.

I'm biased, he's my agent and his coverage is flawless. He's a car guy and his business is a bit of a boutique for high-end cars (from my Ferraris to race cars to the actual Batmobile).

[email protected]

He covers agreed value, has Grade A insurance options and gets it. He lives in MA but covers us here in CT. He's also a no-BS guy so if his stuff is overkill, he'll be first to tell you where to go for Plan B.

He structures his coverage specifically to address the common issues faced with exotics/expensive cars - eg. restoration, diminished value, agreed value, etc etc that most regular companies really don't when the chips are down

 

I know the classic car insurance companies share underwriters, yet the premiums can differ. I think American Modern Home underwrites a few, and I have found Heacock Classic to be the lowest and offers great service. They also offer quarterly installments, where others want it all up front.. for high value cars, I would use installments. Heacock can offer 1k,or ,maybe 2500 miles a year.

American Collectors is good and they have no cap. An 80s Ferrari worth 25k is 300 bucks a year.