Another insurance post...what if you're running out of options?

Hello all, I'm a 360 Spider F1 owner in NC. I've had the car since the very beginning of the year and my existing insurance company was required by state law to keep me on for some period of time...maybe 60 days if I remember correctly. However, Ferraris were on their banned list and I was soon dropped.

I then went looking for new insurance and the absolute ONLY company I could find to insure me was State Farm, and very reasonably priced at that. I tried dozens of companies and a few different brokers and all came up short. Its seemed that several companies will insure a Ferrari and several will insure someone with a less than stellar driving company...but very few will do both simultaneously. State Farm came through...and also wrote my other car, my motorcycle, and my house.

However, State Farm said that if I had even one ticket involving speed, I would be immediately dropped.

My record isn't good but it isn't the worst I've ever heard either, especially considering that I drive approx 40,000-50,000 miles per year.

FYI, my age is 28 and my driving record shows (other tickets have disappeared in between these):

-9/06 North Carolina: Speeding 60 in a 55 (the attorney I hired promised the world and delivered nothing)
-2/06 South Carolina: Violation of Motor Vehicle Law (a reduction)
-3/06 New York: Failure to Obey Traffic Control Device (a reduction)
-3/05 New York: Failure to Obey Traffic Control Device (a reduction)

Older than 3 years:
-2002 North Carolina: Speeding 54 in a 45 (a reduction)
-2998 North Carolina: Illegal Passing
-1997 North Carolina: Speeding 61 in a 55


Anyway, I've really been trying to be good but lately, but to no avail. At the FCA National Meet in upstate NY, I got a 112 in a 65 ticket that I'm fighting diligently because it wasn't me...it was one of the other 200 Ferraris in town, yet I'm on the hook.

I also just got a piddly 79 in a 70 in West Virginia this weekend that the local lawyers are telling me they can't do anything about because things are different in WV. Who knows.


Clearly, I'm in a bad situation here, which I realize is mostly of my own doing. However, having a "Ferrari" is looking like something that may keep me from driving a "Ferrari" unfortunately. I was happy with State Farm but I'll have to be very lucky to have these 2 new tickets go away (and get no new ones).

What the heck am I going to do if I get dropped? What other insurers should I be looking at? I've already been rejected by all the usual suspects and some of the specialized Ferrari insurers seem to only insure older cars or are limited by regions, etc.

I know I can't have the worst driving record of Ferrari owners...so what do people do in this situation?

Your input would be appreciated.

Thanks,
Marc

 

I hear ya. If I remember correctly from 7 months ago, Hagerty said the car wasn't old enough and Leland West said they couldn't insure me unless I was in Cali...or maybe they said they could only offer liability. Can't remember exactly but I do remember talking to both of them.

Interestingly enough, I've only been pulled over once in 9000 miles in the Ferrari (all since January) and that was when I got the BS 112 in a 65. I've been worried about having more troubles, particularly not having cruise control, but that's been the only other episode. It isn't the car...

Among the tickets in the last 3 years, 2 of the tickets were in a Ford F350, 1 in an older Mitsubishi Montero, and one in my '06 M5.

About 98% of the time, I drive with the cruise on at 8 or 9 over the limit. Its typically when I'm unsure what the limit is in an area that I get busted and at 40,000-50,000 miles per year all over the country, I have a lot of exposure unfortunately...but the law is the law...they have the same tolerance and standards for people who drive 2000 miles per year as 100,000.

That said, my license isn't in jeopardy. Its my damn insurance...

 

Actually, I haven't tracked the 360 but I spent 30-40 track days per year since '02 and raced an M3 race car the last couple years so I have plenty of opportunity to get it out of my system. Going 9 over the speed limit isn't really about getting the adrenalin out...its more that I'm trying to get where I'm going and I'm on the road a lot.

 

Your right about my record not helping me at all but its not like I'm raising hell here. As I noted in a previous post, most of these tickets have been in SUVs and pickup trucks.

The tickets mentioned above were originally 70/55, 86/70, 60/45, 45/30, respectively. My most recent one is 79 in a 70 with the cruise on in the company car, a silver '04 Jaguar XJR at night...not the flashiest car.

In recent years, my cars have been:

red 360 Spider (1 ticket in 9 months, 9k miles)
blue e60 M5 (1 tickets in 14 months, 22k miles)
silver Maserati Spyder (0 tickets in 15 months, 15k miles)
silver 996 C4S (0 tickets in 1 year, 9k miles)
black e46 M3 coupe (1 ticket in 15 months, 23k miles)
red e46 M3 cab (1 ticket in 14 months, 41k miles)
silver e36 M3 (1 ticket, 4.5 years, 60k miles)

Anyway, I'm sure I've deserved some of the tickets but I'll also say I've had bad luck at times. I'm a responsible, experienced, and trained driver but that doesn't mean I don't get busted now and then.

You may think I'm high risk but I'm of the opinion that I'm only high risk for tickets, not damage. The insurance company has their statistics though...

 

Uhh....my Dad was in the Army from 1951-1954. Would that be enough??

Other than that, just uncles, cousins, etc.

 

Thanks for the info!

 

Great, thanks for the info.

Do you have any feel for how they are about people with records like mine?

 

Thank you very much! Will try them in the morning.

 

Haha, likely not

 

I wasn't actually at the game or in my 360...I was on the way to Cleveland for Indians games this past weekend.

Do you have a BB?

Marc