Insurance suggestion anyone?

I have mine with Travelers Insurance Co. through TD Insurance, they're part of TD Bank, I saw you were from Pa and know they can service you there. Great company, great service, great pricing.

 

i have a 16M and was using Geico but switch to State Farm for better deal

DL

 

Obviously, the best insurance for you is going to depend on several variables: your driving record, the other drivers in your family, the state you live in, which Ferrari you buy, your other cars, etc.

Quite a few Ferrari owners seem happy if they can get insurance with State Farm.

I have my 550 insured through Hagerty.
It is a little pricey, but I was impressed with their coverage when I had my Jaguar E-type stolen.

My understanding is that Hagerty has three distinct insurance offerings: classic/vintage cars, exotic cars, and modified/hot rod/race cars.
Their classic/vintage car insurance prices are great, but their exotic car insurance prices are not much of a bargain. But worth checking out as an option.
http://www.hagerty.com/

When I bought my 458, I shopped around and ended up getting American Modern insurance through my bank Wells Fargo.
My daily driver insurance company Nationwide did not want to insure a new 458, so I figured I better investigate my other options.
Might be worth looking into the Wells Fargo options:
https://www.wellsfargo.com/insurance/auto_vehicle/index

Good luck.

 

USAA ...... IF you are elligable.

 

State Farm. If you have a multi-line coverage (house, cars, jewelry, etc) the rates drop significantly.

 

I just got into an '06 430 last week and went with state farm.

Enjoy your new ride..... I know i am!!!!

 

Isn't State Farm very stingy when it comes to actually paying on a claim with cars such as these? I'm thinking of what I've read in the 308/328 section. Some spoke of State Farm preferring to write the car off instead of actually repairing it. This is probably less of an issue with a 430 or 458, but on older, less pricey models it can certainly be an issue. Insurance companies don't seem to realize that parts and labor are not pro-rated with the market value of the car! Many have spoken well of specialized companies like Hagerty in this respect as they have an 'agreed upon value' policy, which basically allows you to insure to a value that considers the costs of potential collision repairs, not just what the car happens to fetch in the market place.

 

I think most insurance companies will put up some resistance to getting a Ferrari repaired at a premier facility using quality parts.
The costs can be 2 to 5 times what it costs to do a similar repair on a Ford or Chevy.

I think this is why a lot of the larger insurance firms like Nationwide just don't want to insure exotic cars any more.

And on a 308 or 328, it doesn't take much of an accident before the repair costs exceed the insurance company's low opinion of what they think the car is worth.

Another company that people tend to like is Chubb Insurance. They have a reputation of handling claims well. I've not insured any cars with them yet, so YMMV.
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I have State Farm for all vehicles, home owner's, umbrella, etc. My recently purchased 2003 360 Spider costs less to insure than the car it replaced, a 2006 BMW 650 convertible. Annual cost for the Ferrari is just under $700. You can also cancel the liability portion if you store the car for the winter to save a little more (you can reinstate it temporarily if you want to take it out on a nice winter day).

 

I use two
Haggerty for my 7 classics and they are top notch but Haggerty isn't close in pricing on my exotics

Allstate covers my exotics and others. I have agreed value coverage on my Ferrari's and Porsches from Allstate and not the typical because I do not want them to tell my what my CGT is worth if I ever have an issue. They are extremely easy to deal with. All of my cars are as SCKOMS states "in Suspense" meaning I can call the insurance company and insure it 1 day if I'd like so I don't pay full premiums year round. It's about a 70% savings over the course of the year and having 19 cars insured isn't cheap.

I've looked into Chubb and they are roughly 30% more on all my cars over the year and it doesn't make sense even though they are the easiest to deal with on claims I've been told by many users of Chubb.

I believe all Insurance companies are stingy on payments as some have stated and State Farm is one of the biggest offenders I've heard in the past on not paying. It's all he said she said because I've never used them but who knows.


If at all possible talk with whomever you use and see about agreed value on top of the normal coverage so you don't end up down the road collecting 100k for a car that's worth more to replace.

 

Dont use Progressive

 

Good post.

But, I don't think Allstate offers an agreed-value policy.
I tried to do this with Nationwide and got a "declared value" policy with them years ago. They are not the same.
Legally, unless it specifically says "agreed value", they only have to pay "actual cash value" which is their usual way of valuing all cars.
Declared-value only sets the premium level to be paid, not the amount of what they'll pay in a claim.
I know, sounds hard to believe, but I'm pretty sure this is the truth.

On Allstate's website it says they pay "actual cash value":
http://www.allstate.com/claims/auto-insurance-FAQs.aspx

Obviously, I could be wrong about the specifics in your policy, but you might want to review it with your agent.

 

My policy is specific and my 6 high end cars are all agreed value.

It was put into place to keep me as a client.

 

To be more specific I have found out my agreed value is grandfathered. They no longer offer this.

 

Sounds good. Worth keeping that policy, for sure.

 

Im an auto insurance appraiser. We have to make the insured whole in the most cost effective way possible. The reason most insurance companies tend to total a repairable exotic is that the salvage value makes them worth more than repairing. Example you have 50k$ repair on an exotic which isnt far fetched as there are no used/ aftermarket parts to keep costs down, say the car is worth 200k$ and salvage value is worth 151k$ the insurance would save 1k$ by totalling it.

 

Interesting. Thanks for info and it makes total sense.

 

It would be good to see some responses from people that have had the unfortunate event of a CLAIM with thier Ferrari, and how did the insurance either care of them, or throw them under the bus. I had State Farm's collector car policy, some one ran a stop light, I was in a 1973 Pantera, nearly killed, totaled out the car, and State Farm threw me under the bus. So sad. Always wonder with the Ferrari, will any of the insurance companies be willing to foot the bill to have a wrecked Ferrari transported, perhaps several hundred miles, to a really compent repair facility?

 

State Farm. Over 20 years and several exotics -- no problems.

 

Hagerty turned me down for coverage on my '89 328 due to my intent to drive the car more than they think is appropriate for their classic car coverage. I was up-front with them regarding my plans that the car be at least a couple-days-a-week driver with some long road trips planned (or at least hoped for). I could have pretended otherwise but am not going to play that game. The car's presently covered by Farmers', along with our other cars and house. Even so, the rate's a few hundred dollars higher than the initial quote I got from Hagerty.

Even though Hagerty didn't offer coverage, they were informative and good to deal with on the phone.

 

My buddy had his exotic insured with StateFarm, his car was rear-ended last fall, they sent an estimator to look at the car (he had no idea, what he was looking at). My friend estimated the parts to fix his car and gave them to the estimator, a week later got a letter from StateFarm that he was cancelled.