How To Insure A Ferrari With These Circumstances?

Hello, I recently purchased a 2002 Ferrari 575 and was able to get coverage from state farm for just under $600 every 6 months for 2500 miles/year. I was thrilled, it was a great deal and then today they sent me back a refund check for $180 and told me they could only insure the car for $100k which is below what I paid and doesn't work for me. So I called a few other insurance places and here were the issues I ran into

1) I have an open end lease, hagerty told me they only insure cars that are paid in full, that seem a bit off bc lots of people finance cars in this low interest rate environment. I spoke with someone at allstate and they didn't know what an open end lease was and kept me on the phone for 10 minutes to gather more info on the matter.

2) Another classic car insurance co told me they couldn't cover me bc my car is in a parking garage. I live in a high rise, yes I share a garage with 100 other people but I have 2 spots of my own tucked away in a corner and there's probably 15-20 other exotics in here from ferrari,lambo,bentley,rolls.

3) What is the market value for my car and how can it be determined, a quick search online and you have cars literally listed from $98k-$399k for a stick one, thats quite a range. Ferrari of Newport Beach currently has a 2002 Red/Tan listed for $185k and the cheapest one close to me is a blue one asking $149k. The $98k one online is a nice car, silver,etc. My bill of sale with taxes and everything was from 3 weeks ago and well higher than state farm "market value"

So to make a long story short, how does one insure a 2002 ferrari for what they paid for it when they live in a condo and have it financed/open end lease? Thanks again

 

Did you try Grundy?

 

Move to a county of less than 5,000 people.

 

You might try Chubb, they also do agreed value auto insurance and might be more flexible concerning the garage space, etc.

https://www2.chubb.com/us-en/expect-more/auto.aspx?seg=ny

 

ok great thank you im on their site now looking for an agent near me, so I cant buy it directly through chubb? I have to go through one of their agents? I just emailed my state farm agent with 4 different 575 listings for sale right now all asking $159-185k. I know thats not the market price but its ridiculous they're offering me $100k using "published antique and classic valuation references". What data does a firm like state farm use?

 

Is state farm running this through their classic policy dept?

 

I believe so bc i dont think its insured like a normal car bc like i said i have my leased cadillac SRX with them and its $1100 every 6 months the Ferrari is now $425 every 6 months but the value they determined was $100k and not the $130k i had requested.

 

none of these places grundy not chubb have any dealers open on the weekend, except for one, the only one i found thus far open today is baldwin krystyn sherman who sells chubb and they're working up a quote for me now. Have any of you worked with them before?

 

If you're a veteran, try USAA. I love them and get unlimited miles coverage for about $600/6mo. Also. But not sure on the coverge max limit. Mines a 360.

 

I go with Grundy, the private garage was a big deal though, I tried to get 3 of my cars insured through them, and they could not insure the car that was kept in my driveway, even though I live out in the country a bit. Had to be garaged.

 

Why is a condo such a big deal to insure? I lived in New York City and lots of exotics were in our garage. why won't they let you go off bill of sale or something?

 

i suppose there may be a concern that some nefarious types could conspire to create an inflated bill of sale and then do something to lead to an inflated claim/ payout. I hate insurance companies, but they do get scammed occasionally. Situations like this are kind of risky (high value car but not as clear market value as say a brand new one, owner has little financial stake in it due to financing, car stored in "vulnerable" place.).
I can't understand why their valuation is so wrong though. Seems like they should use an appraiser for special circumstances.

 

I AM GOING TO RIP MY HAIR OUT

I just called hagerty back to see if the guy I spoke with yesterday was wrong and I was told they could insure it in 1 year but they cant today, they want to see how a year plays out bc im too high risk now being in a condo + open end lease + new purchase......so I asked the lady how one was supposed to insure a new purchase and she told me to shop around.

I have nothing on my driving record in the last 16 years, I had a small accident in an SL600 in 2002, I wasn't at fault, but it was 16 years ago and thats it, no speeding tickets, no nothing, and Im too high risk for Hagerty

This whole experience of trying to insure the damn 575 for its proper value is just ridiculous.

 

State farm told me they will insure for more if you have an appraisal to back up value. You might ask your agent if that is an option.

 

You can get Ferrari insurance on-line at Allstate.. I got a policy for $1,100 for a new 488 spider, and my F430 (2006) was only $822 per year. Both cars were limited to me an my wife as drivers (40/50+ years) and 5,000 miles per year..

But I filled out everything online and paid in full (so they could not 'change their mind'), but got it issued in less then 30 min..

 

I'm in a town of but 8,500... have garage.... car paid for... my long-time-State-Farm-agent-friend cannot insure my cars.... it isn't her, it's State Farm.

I get my insurance through USAA as others have mentioned.

 

I am not a veteran so USAA is not an option for me, the problem im running into is this. I was talking with someone at AAA and progressive can insure the car for $2100 every 6 months at a stated value of $135,000. State Farm right now on their letter says its $100,000 and its $425 every 6 months. the AAA lady on the phone said the state farm wasn't stated value and they would no way pay me $100k if something happened. Im not an insurance guru but this is all getting so confusing. Do I just pay 5x the price for the stated value with progressive or what? Chubb and Hagerty want no part of a car parked at a condo. This is just a complete mess, I've probably spent 4-5 hours on the phone today calling around. Last month when I bought it, my state farm agent who does my home and cars got me insured in 5 minutes at $585 or so for 6 months I figured great deal and just did it. Last night was when I got the letter in the mail and I cant reach her today or tomorrow bc her office is closed,.

 

When I was researching switching insurance companies last summer, State Farm originally wouldn't cover my 365 for what I thought was fair market value. I asked my agent to see if there was some way to increase the value. He called me back the next day and said if I upgraded the security system in my garage they would cover it. I decided to stay with American Modern for this year, but will probably do the upgrades and switch. Not sure if they said they would because I have six other policies with them, but in my experience, State Farm can definitely increase the value.

 

Ok thanks ill ask about that, not sure how i could up the security bc as it is there's a guard at the gate when you come in haha, there's not much else I can do in my parking space but this experience has not been smooth at all. Lessons I've learned the last 24 hours:

1) Do not do an open end lease, nobody knows what that is
2) Do not finance a Ferrari and only pay cash
3) Do not contemplate buying a Ferrari unless you have a home with a garage, condos, no matter the value are awful.
4) Insurance companies are awful to deal with in general

 

Thats weird with state farm. My buddy is a SF agent. He has my 85 mondi, 348, and now 94 esprit. All we needed was a couple pics, vin, a check and I was covered. I think each car is limited to 2500 miles annually which inst' and issue given I live in MN. Either way SF has been super easy to deal with IMO.

 

State Farm has the car insured, they're actually incredibly cheap sub $600 for 6 months but all the insurance companies i spoke with today told me thats probably not stated or agreed value and even the $100k they've insured it for they probably wouldn't pay out if something happened. I hate how insurance is such a run around business and not straight forward, admittedly I am not an auto insurance expert, this is my first Ferrari, Ive owned other expensive cars and none were $90/mo to insure like the Ferrari so I have to admit Im slightly worried even with the $100k coverage I currently have.

I guess monday I'll have to call in and see if we can lift these values, I got the letter in the mail last night and they were closed today and tomorrow.

 

I use GRUNDY and have used HAGERTY but prefer GRUNDY ... I have master policy and all I do is send them an email when I add a car and they cover it for any value I give them (of course I give them a reasonable value) and I have a 550 I have it insured for 150 .. they have never asked if I owned the car..So try grundy

 

Insured my 360 with Grundy too. Less than $1k a year on collector insurance. I have 2 cars with them.


Sent from my iPhone using FerrariChat

 

but do you guys live in a condo? The issue isn't the car, the issue is all these collector companies want the car parked in a garage you can lock and the car is safe. They're denying me bc of where I live, a condo in miami, not bc of the car

 

I tried Haggerty, but they turned me down, since I have kids in their 20s living in some of our homes, and they wanted me to add them to the policy and charge over $1,100 more. Allstate was easy, since I could do everything online..

Did you try that?