Updated appraisal/agreed value on your policy

I have upped mine several times over the years as I upgraded or fixed things on my 308. I will probably never have enough coverage to recoup the money I have into the car, but I would be able to buy something nice to replace it.

I know Eric with the stolen 308 has put a TON of money in his car too including a total drivetrain rebuild with lots of new parts due to issues.

 

Unfortunately, agreed value doesn't usually mean 'total money spent putting the car in order'.

But it is good advice to get an appraisal and get agreed value insurance. Collector car insurance is pretty reasonable for what it provides -- much moreso than regular car insurance, IMHO.

 

Another reason not to own "a collector car". Just buy a painting and put it in a bank vault.

If you worry about driving it and some nutjob hits you so you lose money, how much fun is it really to drive?

 

Oh I get that part. I don't know about other policies, but I'm with Haggerty and I just simply asked them to raise it. Of course it came with the requisite increase in premiums but it's still WAY cheaper than normal insurance. I pay less than half for full coverage, no deductible, agreed value, collector insurance than I do for regular insurance on my pickup!

Even if my car were totalled I'd still be behind by $10K-$20K. But I would have enough money to go find another 308 that wouldn't need all the work this one did!

 

Meh... I drive my Speedster every weekend. Zero deductible policy through Chubb, agreed value, etc. Plus, I've already had the car restored from a banged-up hulk, and the restorer pointed out that anything I could do to the car he could fix. I really don't lose sleep over it, and doubt I'll lose a dime. I certainly don't give a ***t about the odometer.

The "collector cars" I have come to see as truly ridiculous are modern ones with 112 miles on the odometer that are being "preserved". Too many Ford GTs and BMW Z8s are still shrink wrapped from the factory -- just stupid, IMHO. Also too many of the 18,000 Ferrari 360s are sitting around waiting to be collectible so someone else can buy and not drive them.

 

Exactly my point.

If you don't worry about it, it's fun. If you do worry about your "possible loss" in an accident, it's no longer fun.

And I agree it happens with both "collector cars" and brand new cars.

Buy a higher mileage 360, drive the heck out of it, don't worry about door dings or fender benders or stone chips on the front bumper... and be happy if money is what you're worried about.

 

Haggerty is way cheaper because their risk is way less. Most of us drive our Ferraris much less than our daily drivers and are more careful how and where we store, drive and park them. Remember that property damage is only one component of your auto insurance. The other is liability. Do not fail to coordinate your underlying special interest policy with your personal umbrella or you may find that you only have $50-100K of insurance if you hit someone or something with your beauty. Go on a club drive and run into a doctor in his 458 Spider and you will be woefully underinsured.

 

Lets say I have home/car etc with State Farm and I buy an umbrella through them for the extra coverage. Every car I have is with State Farm - except my Ferrari.

Now lets say I have my Ferrari with Haggerty and something bad happens. My umbrella is not going to be liable will it?

Something for people reading this to keep in mind.

 

I do have Allstate for my DD cars, home, and umbrella. My 308 is with Hagerty. My umbrella covers ME for liability no matter what I'm doing or where. The only stipulation that I recall about the umbrella was that ALL of my insurance had to have a certain amount of coverage. I think I had to raise the limits on my DD policy as well as my Hagerty policy in order to get the umbrella but it's been quite a few years. Still cheap peace of mind though.

 

Oh, and yeah I decided to get the umbrella not long after witnessing a 308 slow speed rear-end a couple of newer Ferraris at a dealer event. Not a pretty scene!!

 

So there is a small catch to be aware of. I just seem to remember that just because you have umbrella doesn't mean your car with another carrier is under it to automatically.

There is some fine print in there.