Insurance for 2007 F430 in BC

I am insuring my 2007 F430 for the first time (IN BC), someone told me that since the car is 2007 it will be classified differently and the insurance cost will be in the $6-7K per year.

Is that true?

Is there an alternative to ICBC?

Does it make sense to get the basic insurance and self insure my own car so I am responsible for any damage for my own?

I wanted to ask the members here first before I went deeper with ICBC. I have seen older posts dating back to 2011, has anything changed.

Thanks for the help.

 

Hi,

if you are buying, and just looking at shopping for a car, better to buy an 05 or 06, so you don't have the crazy insurance hurdles -- not to mention the crazy insurance pricing and super high deductibles - to go through.

It's a stupid rule, because an F430 built Dec 31, 2006 costs no more to fix than one built the next day on Jan 1, 2007.

If you already own an 07 or newer, its a tougher gig. You will HAVE TO buy your basic insurance from ICBC.. there are optional coverage providers, but they generally move in lockstep with ICBC's rate hikes...they just price it to be $1 cheaper (figuratively speaking). There's no real competition.

Maybe you can post up here what ICBC quotes you when you get it.

I know that the minimum deductibles are MUCH higher than the $300 deductible you can have at a more reasonable premium for an 05-06

 

My insurance broker is waiting for a quote from ICBC, should have it soon. I already bought and paid for my F430, it will be in BC around January 15th, 2016 so I have a bit of time to check around and learn as much as possible. I have heard some owners pay around $3-4K while others pay around $6-7K. Hoping that someone who already has a 2007 F430 can reply with some numbers or guidance.

 

If you buy it on cash, just get the plate (no coverage at all if collision happened). For 2013 458 spider its about $2,500. But if you get it on finance, you can't do this. Then you have to prepare your neck to be cut off by ICBC (LOL).Last time I asked, for 2013 458 spider, it's $13,000. Some more you can't take it off in winter.

 

are you saying a 13 spider is $13k / year for ICBC insurance ? is that with clean driving record and 43 % (FULL discount ) ?


HOLY s&*^*^&*& !!! that's a crazy amount of money for insurance..If only ICBC had real competition.


whats your deductible ?

 

I'm on N license. But even under my wife's max discount, it was quoted almost 12K back in 2013. And you couldn't pull it in winter, because they would charge about 6K if I cancel it. So I go with the 2.5K, put on few cameras, go very gentle when cold temp, and never tail gate.

 

but that mean you have no hit and run coverage if you are running without collision...Be very careful.

so your deductible is 2.5k ?

are you sure they won't let you pull it in the winter for storage ?

 

You are basically stuck with ICBC to get plates, you need their minimum insurance. You can get supplemental insurance, but its never less expensive then full coverage from ICBC.

 

100% sure.
I have tried asking around for other companies, but nobody wanted Ferrari.

 

that's interesting...Canadian Direct didn't want the deal ? normally they try to scoop the cream business

 

I wouldn't recommend CDI. Regardless if it was my Ferrari, or my daily drivers, their rates were through the roof (no collector car policy coverage either at the time!). They wanted to write-off my previous DD when I was lightly rear-ended many years ago. I had to haul the adjuster out to my house to show the minor dent in the bumper was worthwhile fixing. He finally relented and I got the car fixed. Terrible service.

In regards to alternatives, I have not dealt with either, but there's Allwest Insurance. The president/owner is Paul Zalesky and he's a long-term Ferrari owner and member of the FCA:

Vancouver Insurance: Autoplan, Home, ICBC, Life Insurance Vancouver | AllWest Insurance

There's also Pelling Insurance. They are a big sponsor of the Crescent Beach Concours D'Elegance:

Pelling Insurance - Antique, Collector, Classic and Custom Automobile Insurance

 

Thank you all for the great comments and available options. Just heard from insurance broker. I am told that the rate is $2,900 per year, Insured value of $175K, $1,000 Deductible, pleasure use only (Driving 6 times per month), 3 million liability. This is with ICBC. I am thinking that the rate is reasonable due to the fact that I have another 2 cars for daily drivers, maximum discount and I live on an Island (It is more expensive to insure in the lower mainland).

 

Very good price. My other car, over 175K, using my wife's name (full discount), and not a Ferrari (normal car) was quoted 5.5K last year. We ended up only getting the plate too, which was 1.2K (no coverage at all). Looks like ICBC loves people from Vancouver islands.

 

That seems fairly reasonable, except for the only 6 times per month driving -- that must be a new thing...I thought pleasure use was as much as you want as long as it's not to and from work or business use. For example if you went to the golf club or out to eat with friends every other day, then isn't that still pleasure ?

 

I stand corrected, you are right Crazy Canuck. It is 6 times per year to and from work, but unlimited for pleasure.

 

Made an error, 6 times per month not per year. LOL

 

I believe that if the car is 2010 or older, ICBC insurance is fairly standard. At least, this was and still is true for my 2006 F430 Spider. I live and work in Vancouver, and insure my car for pleasure use for the entire year. My premium with the $5M liability and $300 collision/comprehensive deductibles is just under $2,500 annually, without any limitation on kilometers. Basically, what I pay for my Ferrari is just a touch higher than for my other cars. The 2010 year threshold may be 2011 now since I have not checked on this information for well over a year despite renewing my insurance last month.

For newer Ferrari's, the premiums and "conditions" go way up. I have a friend with a 2014 458 (full driver's discount) and he pays approximately $3,500 for the year but mileage is limited to 1,500 kilometers, annually. He also had to fill out a questionnaire ....

The sky high insurance rates we sometimes hear about are more relevant to individuals who may lack driving tenure in BC thus, they also do not qualify for full safe driver's discounts. In addition, it also depends on the brand and model of the exotic vehicle.

Cheers
FN.

 

That must be new because i have never heard ICBC put on a mileage limit..With out aircare i don't see how they can keep track of mileage other than what you tell them.

 

Yes, for the newer models, generally speaking, you must fill out a questionnaire/application type document for insurance. Some of it is a honour system but as soon as you make any claim, they'll know whether you've been reporting accurate information.....

Cheers
FN

 

i think the cutoff date for the ripoff scam insurance rates starts as of 2007 model years last i heard.

so an 06 or 05 430 would be paying much lower insurance and for a much lower cost than an 07 or 08.

Has this recently changed ?