Motor Insurance

I've just received a quote from my South African insurers for my 1975 365 GT4 2+2 and was naturally curious to know just how much people in other parts of the world are paying. Insurers have a way of getting you by the 'cojones' one way or another, so just how hard are they squeezing this time?
My car is a rare beast down here, there are probably fewer than 5 in the country, so I'm very glad that they are willing to take me on at all.
The insurers are insisting on a satellite tracking device (car-jacking and general theft is a big worry down here) although have been generous enough to insist only on a contribution (excess) from me of $65 in the event of a broken windshield. Overall excess for any other claim is pegged at $300. They do not offer a vintage car/collectors car/oldtimers type of policy available in other countries, I guess the market is just too small here.
Bottom line is they have capped the value (for write-off purposes) at $38,500 and the monthly premium is about $100 or $1200/year.
I'm certainly not complaining, the peace of mind is worth more than that, but I'm interested to hear what sort of deals are available elsewhere.

Mike

 

You're not going to like ths.....sorry.
My 400i 5-speed is insured for $45,000.
Zero deductible.
Around $140 a year.

 

Mike

I thought you had a pretty good deal considering your location, etc.

Dave

Who is your insurer?

Aidan

 

77 308gtb

Full coverage

no deductible

agreed value - 36500

$240/yr

 

www.hagerty.com
I probably get a slight discount because of the number of cars I insure with them, but they can't be beat.

 

Hi Dave

$140 !!! ???

Now I REALLY don't like you !!

I insure with Outsurance here in SA for everything; house, contents, cars, travel, everything except medical. They're very well respected and do give cash refunds after a 3 year no-claim period - I recently received a cheque from them for over $400, so that helped a bit.

 

Uh oh! Hang on a minute...........

Timing is everything. I just got a call from my business insurance agent. Liability on the toys is covered under a blanket from the business.
I'm also getting a $81 multi-car discount on the 400i. That would explain the low cost from Hagerty.

Nevermind guys, don't use me as a comparison.

 

ok im going to hear it now!! i only have liability...no theft!!!!!!! what can i say, my broker woulndt fully insure my car!!

 

grainger insurance. $200 per year lib. for all 35 cars ++ stated value mim. insured value $3500 covers from1914 IHC to2002 maserati total bill 4000. mileage/use restrictions3500mi/yr per car. storage restrictions

 

B3 has 3 cars (two Ferraris and a Ford) Hagerty - $380/yr

 

One thing that goes a long way to explain the high cost of motor insurance over here is simply that there is no legal requirement to insure in the first place, not even third-party liability!
Thousands of motorists drive around everyday, many in extremely dodgy vehicles, with no cover. So if my car gets hit by one of these people then I have to pay my repair cost, or rather my insurance does, plus I lose any no-claims-bonus I might have built up.
It sucks, but this is Africa !

 

Paid about $600 a year for my 1972 Dino . Agreed value at the time (last year) was $150,000. Zero deductible on the windshield, $250 on everything else.

Paying $900 a year now on my 360, which isn't a great comparison as it is pretty new.

DM

 

NO liability? NONE?
Oh my! Thats a scary thought!

 

If you join sefac (South African Ferrari Owners Club) you will be able to enjoy discounted insurance on your Ferrari. Alternatively contact Bull & Bear (they insured my 308 under a "classic car" scheme) or SELLA Brokers (a brokerage owned by the chairman of SEFAC). Both are Johannesburg based companies - I don't have contact numbers now.

Club membership is not expensive and very helpful. In Cape Town there are specialist other than the dealer that can help you with your car (Autosport Holland, the Ferelli brothers and more)

Regards

 

I checked with them and UNLESS you were actually on a CLUB FUNCTION (or heading to or from one) they WOULD NOT COVER A CLAIM! That is what I was told! I went with Leland West and soon will be switching to a new insurer that will save me almost $600/year. I have 5 928's with L/W that have a total stated value of $110,000 and my annual premium was $2000. Each car can have 2500 miles put on it as long as it is FOR FUN driving. In other words NO using it for work, ONLY for play. If you were to have a wreck and it occurred at a time when you would be heading to or from work and you were NOT on vacation, you probably would not be covered. When I checked with Hagerty, they said I could not even use the car "for fun", only club activities.

YMMV!
James
Austin, TX

 

Good day All,

Here in Canada (Alberta), my insurance company charges me $1400 per year for my 1977 512BB ... (no real mileage restrictions, pleasure vehicle, full coverage etc). My '67 Chevelle SS costs around $900 per year, etc.

Sadly, Canada has very little competition in a variety of industries and as such most of the companies have almost a complete monopoly ...

Cheers,

Sam

 

I have Hagerty on all my old cars and have been very pleased. My 85 308GTS with an agreed replacement of $38,000/zero deductable and I can and do drive it to work and play is $511 per year. My 68 Shelby GT500 with an agreed value of $100,000/zero deductable with out collision (its a trailer queen, garage stored) is $330 per year

Florida requires all companies to replace windshields at no deductable

 

come to the UK. i pay equivalent of $4000 on a 1.2 litre Fiat Punto which is about what the car is valued at

 

well thank god i finally got full coverage insurance from hagerty...100,000-300,0000 per accident ..and agreed value of 50k!!! 0 deductible...for 600 a year...that is a steal i was paying 500 for 6 months just for liability...nothing but thumbs up to the quality of service i got.

 

After hearing that agreed value, a call to Hagerty on increasing my values was priority.
BTW, I was told that 5-speeds add 25% value!

 

good bruce, you should !! lets get the market values on these cars rolling!!! lol...

 

Hagerty gave me a range of $17K-$30K for a 1984 400i auto/add $7.5K for 5 spd., it appears w/ultra low mileage higher values can be achieved. B

 

I've insured my 70,000-mile 1980 400i Automatic with Hagerty for $35,000.

Aidan