328 GTB Insurance

What are you guys doing with your insurance? I like my carrier, no problems there. This is more about how much to insure the car for.

I received my renewal today. I have an agreed value policy with Heacock. It's been $50,000 since I bought the car a few years ago. Last year I was going to raise it to $65,000 but never got around to it. I called today and told them because of the market I wanted to raise the value to $100,000. It took the agent about 5 minutes to look a few things up. It was no problem to raise the value. I'm sure you can't over-insure a car so whatever metric they follow must sync with my request. Do you think I insured it for the proper amount?

 

What year 328 GTB?

 

I'm shopping around now since to raise the value of my car further with my current State Farm insurance would put it in collector car insurance which restricts driving the car except to car shows etc...

I looked at Heacock and it has problems.
If I drive it to the supermarket it may not be covered when I walk in to buy something.
If I go overnight to a motel and it is not locked in an enclosed garage as the policy stipulates it may be not covered.
If I want to drive it to work one day or need to use it because my main car is in the shop I cannot (under the policy rules) use it.

"Autos we insure must be stored in a locked permanent garaging facility when not in use.
Autos we insure may not be used for commuting to or from work or school, used for business purposes or as a substitute for another auto."

Right now I am looking at Farmers which has a 5,000 a year cap on mileage but no further(so far) restrictions except I have to get the car appraised at a Ferrari Dealership or Ferrari Club to set agreed upon value. That may be a can of worms right there or it may be no issue.

Still have to deal with if diminished value is available in case of accident
Also looking at Haggerty, Grundy.

I hate this grownup crap

http://www.ferrarichat.com/forum/lamborghinichat-com-sponsored-lamborghini-houston/381957-hagerty-vs-heacock-insurance-6.html

Is Your Car Really Insured? a review of classic-car insurance

 

1986

 

Lol.

I went with Chubb for the Speedster, and will be using them for my next Ferrari. The coverage allows for normal use, up to an agreed number of miles (I set it at 5,000/year, which is more than I drive the Porsche.)

GatorFL: You can specify any reasonable value for your 328. Porsche prices were trending up when I insured mine, so I probably overstated the value and overinsured, but the agreed value was within range for the car, and they insured without inspecting. $100K is probably overinsuring, but the incremental cost is probably nominal, so I'd stick with it. I know that an ultra low mile 328 GTB sold at Motorcars recently, probably for $90K. All low mile 328s seem to be asking between $80K-$100K now. (The $250K 328 GTS was an extreme case... very low miles. But it could well be the best in the world, for all we know.)

 

Chubb

https://www.chubbcollectorcar.com

At least one vehicle must be 30 years old or greater to qualify for our program.

 

I couldn't find anything about usage restrictions.

 

When I started filling out and hit the proceed button......
Image Unavailable, Please Login

 

Thanks mine is old enough I was wondering what restrictions they put on use.