Can anyone suggest a good company to go with? Im looking into a 2007 599. Do all plans base the rate on the original MSRP? Thanks, AJ
I would try to go with your current insurance company now if you have been with them a long time. My quote from Geico (over 15 years) and it was $1500 a year vs 3400 from a low mile specialty car insurance company....
I've been with NJM for a year and a half. They quoted me around $4k for the 599. The number was based on the original MSRP, not the current sale price/market value.
Doctor J send me a pm with phone number. My agent is great at getting best prices. 599 is way to go. Beautiful car. Chris
Depends how you are going to use the car. If you intend to drive it as a regular street car and put miles on it, 10K or more a year, then you need to go with a regular insurance company. If you are buying it as a collector car, only using it on nice days, with limited mileage, less than 3K/yr, then you might want to contact some of the collector car companies, like Hagerty or JC Taylor or American Collectors, and get quotes from them. But you will probably be limited in the number of miles you driver per year. As for value, most car insurance on a used car is based on what you are paying for the car, and their estimate of what the market value of the car is. With collector car companies, you can get an "agreed-upon" value, especially if you have an appraisal on it. For standard insurance, they will want to know what you are paying for it, and if you have a claim, they will determine value at the time of the accident.
Call NJM and speak with a supervisor or something.... Your quote is way off. I have four cars on my NJM policy and my 360 spider which I had since 2006 is only 1000-1200/year. Full coverage and increased coverages over the minimum. Car replacement based on current market value I had to sign a special letter to accept that. I do not have a fixed replacement value like some of these speciality companies provide but I don't believe it's necessary on a mass produced car.
I spoke to an insurance broker a friend of mine uses, and the lowest rate they found was over $5k. All of a sudden NJM doesn't seem too unreasonable.
+1 on this - my company is Leland West which has two collector car options- 2.5K miles/year, and for not much more money 5.0K miles/year, but you need to have another car as a daily driver for each licensed driver in your household.
