car insurance

My 2015 458 spider should be coming in the next 2 weeks, my first ferrari. I currently have Allstate insurance that seems a bit high ( 2600 yr now /+3000 yr with the F car) . Its my wife and I , and a 18 yo son/all good driving records. 2010 range rover super charged and and a 2010 BMW 535ix wagon. But my main concern is whether Allstate are reliable for ferrari repairs e.g. pay for original parts etc. They said they would, but wanted to hear what other say. Also are the rates appx what others are paying /Annapolis Md. Any suggestions/comments are appreciated.

 

Congrats!! I actually just switched to Nationwide and I got a great deal on my Maserati, half the price of anyone other company. Might be worth it to check them out.

 

I have USAA in Annapolis for 2 Ferraris, 2 BMWs, and a Mercedes all for $3,000 per year, Max coverage plus towing, $500 deductible. I also carry a $4M blanket policy that covers six cars and two homes as additional insurance ($890/year).

Come bring that bad boy to cars and coffee at city dock, Sunday's 9-11:30 year round, weather permitting

Congrats!


Sent via itty bitty electrons

 

Absolutely...nice to hear from a home town person!. I tried to enroll in USAA but I didn't quality. Thought my Dad being in the navy yrs ago would do it , but no luck. Sounds like you have some nice cars and great insurance on them.

 

Interesting about USAA.

My father in law is a Korean War combat veteran and we qualified for USAA.

Might be a result of his already being insured with them, don't know.

D

 

Family members qualify and even former spouses. USAA is a lot looser than it used to be.

 

Yeah i ck'd about 6 months ago. They said my dad would need to have applied or be alive at the time of application. He passed away about 18 months ago. Being in annapolis a lot of people use USAA and love it. At this point just want to make sure Allstate pays claims for ferrari claims. I understand it can be $ and particular.

 

I would suggest staying away from Allstate as an insurance company for your Ferrari. Their underwriters are actually not supposed to accept any high end makes such as Ferrari, Lamborghini, Aston Martin, Rolls Royce and even most AMG Mercedes cars. The agent you're dealing with can put it on your existing policy but if a claim happens you're going to have a lot of issues. Please reference the link for another member's experience with a Ferrari claim and Allstate.

http://www.ferrarichat.com/forum/ferrari-discussion-not-model-specific-sponsored-algar-ferrari/21782-allstate-insurance-ferrari-damage.html

 

It is my understanding that Allstate will not write these cars and will instead broker a policy with Hagerty. This is the gist of what my Allstate agent told me when I switched to them for DD and homeowner insurance a couple years ago. Since I already had a collector policy elsewhere (at a much lower cost than offered by "Allstate") I did not pursue it.

 

Just switched from Progressive to USAA, best idea ever! I was with Progressive for around 8 years, no claims. Currently covering 1 house, 3 bmws, 1 ferrari, 1 boat, and valuable personal property (watches). I was able to double my coverage and add the boat, while reducing my cost by 20%!

 

All insurance companies are good at collecting premiums, few a good at paying claims.

Allstate is fair as far as paying to have your car repaired correctly. I review ~300 various auto insurance estimate/month at an exclusively luxury and sportscar collision repairshop. Have seen Allstate payout BIG on GT3 which was wreaked on track.

Many highend owners use Chubb and collectors choose Hagerty. The one to stay away from is StateFarm. Many times is just a roll of the dice depending on the region who the supervisor is and how much of a hardass they are and how well the individual appraiser is.

Avoid selecting a shop that has a direct repair relationship w/ the insurance company. Those are set up in the insurance company's interest to save them $, not your interest to have the car repaired properly. in most states it is illegal for an insurance company to require you to use their shop. Its called 'steering'. Anderson Cooper recently (2 weeks ago-ish) did a investigative story which is available online somewhere shedding light on the insurance industry's highjinx to save them $. Yes, it will likely take longer to get your car back not going thru their shop because the insurance adjustor will probably have to come re-inspect your car several times. Its part of the game and they purposely make it difficult for non-DRP shops.

Choosing a shop that is certified by the manufacturer of the vehicle helps avoid aftermarket, recon or junk parts because the shop will have documents to provide to insurance that show they are prohibited in using them. if there is structural damage, you'll likely have to use a certified shop anyhow because only the certified shops can be sent structural parts. They'll have the correct tools, access to online procedures and techs trained and w/ experience in your make. Unfortunately we re-repair vehicles hacked together by un-certified shops. You wouldn't want your panel that is bonded on by factory welded or rivited. Have seen it all.

Finding an experienced and saavy collision repair consultant willing to fight for your car to be repaired correctly also helps. And the relationship they have w/ the insurance adjustor.

 

Check out Erie. I left USAA after 30 years when I found out how weak the coverage actually was on my home. For example, they do not cover a finished basement, all along I though they did cover. The replacement coverage was set around $525k for our home with USAA, under Erie it was $725k with same deductible and lower premium, this was a 6 years ago. Our home replacement is well over $900k now. Erie was also lower on my car premiums as well.

Worth checking if you want, just fyi.

 

thanks ProRallyCodriver and E60 MS, very helpful comments...

 

Yep, always blows my mind seeing exotic cars covered by cut rate insurers. I've always used Chubb and although I've never had to file a claim, I know that if that day comes I won't be too stressed about the process.

 

Here is the scoop on insurance auto claims and exotics.

Exotic vehicles require different repair techniques, training, tools and paint materials than your everyday Honda that insurance appraisers are accustomed to writing. To repair structural aluminium panels a shop must have a dedicated aluminium room to prevent mixing the ferous and non-ferious metals and specialized welding and training certification. Its an expensive investment. We fly technicians to Europe for manufacturer training and certifications. Your average collision repair facility does not.

To cover those costs, shops charge an exotic labor rate and materials rate more than regular cars. Insurance companies will cringe when you tell them you want your car repaired at one of these shops knowing it'll cost them more and may attempt to steer you elsewhere. Stick to your guns to go to reputable shop because they'll know best how to handle the insurance process for you anyway. They may resort to denying paying the exotic rates saying you'll have to pay the difference. Your defense needs to be, "you do not pay the same premium as the guy w/ the Honda, why should they pay the same as the guy w/ the wreaked Honda?".

Generally, insurance adjuster will write an original estimate prior to vehicle being disassembled -'torn down'. Its only a preliminary estimate of what the adjustor can see to start the process and ensure the vehicle is not approaching the threshold of being declared a total loss. Don't freak if they miss items like the person did in the 'Allstate Link' posted above. If the vehicle was being repaired, the shop would have submitted a supplement. It is a common insurance tactic to lowball the insurance estimate missing some items and including bogus discounts in hopes that the insured or claimant will simply cash the check to cover their rent/morgage and never have the car repaired. Only takes a caveman or Pinochio 15 minutes to know how insurance companies save 15% on their own insurance.

Then vehicle is disassembled and collision consultant/service advisor along w/ technician will put together a supplement estimate for the additional damages and submit to insurance to either approve or in most cases come and reinspect. There may be several supplements depending on damages till car is finished.

A general rule of thumb is to expect a week per thousand dollars of damage. If your car is the newest model year or 10 or more years old, expect there may be some parts delays depending on what types of parts are required.

Have only one dependable car year-round? May want to ensure you have rental coverage. Its cheap. Have rental coverage and in an extensive crash (trainwreak) that'll take weeks/months to repair? Get in a cheapo rental to make it last.

So I'm in NoVa. We repair collided exotics and certain sports and fine luxury. Got a fender-bender anywhere in mid-atlantic and need advice, PM me.

 

Great info to have.. thanks! I could fill volumes with my experiences with State Farm and AllState, absolutely none of which is positive.

 

Statefarm is absolutely the worst at paying auto claims. First, they are the only insurer who will not pay for rental of frame machine jigs and leave their own insured to pay an expensive part of the repair invoice. Second, they go out of their way to find recon, aftermarket, junk, ...parts trying they save $ but when parts arrive at shop and are indeed junk needing repair or aftermarket which don't fit and need be returned, they spend more in car rental than they saved in cheapo parts. Third, they are the only insurance company which we had to put their customers on COD basis and not accept StateFarm checks because of their poor payment processes.

Imagine how much lower your premiums could be if all those insurance companies spending gizzilions in big budget advertising (Flo, Geikolizard, cavemen, deepthroat Allstate voice, Liberty Mutual in front of statue of Liberty, phonesex in khakis) looking for new customers instead of trying to retain the customers they already have.

 

That's not my experience with State Farm in MD. Adjuster went to Competizione and after the visit to the shop just said to tell them what to write on the check.

We have 7 vehicles, two boats, two properties, life insurance, business liability, and an umbrella with them. Couldn't be happier with every interaction so far (since 1998).

 

State Farm in Florida works well for me. However no claims yet. 3400 per year 07 F430 spider , 15 SL 63 and 14 E350

 

I had trouble getting Nationwide to cover my 458 when it was new in 2011.
I use Nationwide on my daily driver cars. Been with them for over 25 years.

I had a 2006 Ferrari 430 with them in the past but, for some reason, they didn't want to insure the new 458 this time around, even for an existing customer.

I ended up going with American Modern insurance.
Premiums weren't too expensive.
I have no idea how they are on claims since the 458 is the only car I have with them and I haven't filed a claim.

.

 

agreed nationwide does not seem to want to cover any of the new exotics ... I use them for all my dd cars and my business but would not cover the F12 so I went to grundy they gave me a good price and covered all my collector cars and saved money over hagerty for the collector cars....

 

How is Grundy ?...I have hagerty...they are excellent but rates seem high,thanks,stuart

 

I have been with Grundy for years. I have 10+ cars with them. Rates are good and a friend of mine who had a claim with them said it was handled perfectly. I looked into Hagerty when I went with Grundy and the cost difference was large!

Notice that Grundy does not have deductibles. That was another reason I went with them.

Bobert

 

Any thoughts on Erie? They came in at half the cost of my allstate. Checking to see if they would cover my new Fcar, And cost..

 

Erie is a great company and from what I've seen they currently have the best rates in MD. They're quick to resolve any claims as well and you can take the car to a shop of your choice. They will cover the Fcar as a special interest vehicle. Make sure to ask about their Rate Lock program price. Your price will no go up without policy changes during the renewal or due to an accident/violation.