Wondering what insurance looks like...

Hey all,

Straight off the bat - total newbie here! Hopefully I'm posting in the right section and hopefully someone can provide some input or guidance.

I am closing on my first Ferrari - a 2007 F430 Spider. Very excited - a lifelong dream! I'm about a week away so today I called my insurance company, Hagerty, that covers my '95 Corvette and they told me they don't cover first time Supercar buyers; they want you to have either prior Supercar experience or have owned it a year. When I asked about how a first-timer gets insurance they very politely told me I need to go somewhere else. (It doesn't matter if you're 59, married, kids, no debt, no traffic violations for 20 years, etc. - all of that being me). It reminds me of the young graduate that tries to get a loan and they tell him he needs credit, and when he asks how you get credit they tell him he needs to pay off loans.

Okay - so that's their business model, I get it. So my question is...what insurance company do you use or who would you recommend for me in this position? I'm of course starting to research alternatives but would appreciate the collective wisdom of this fine collection of Supercar owners.

My usage is minimal. I know there's every type of Ferrari driver here from daily commuters to race pros, but I plan to drive it minimally (<2k/yr), only on occasional weekends when the planets are totally aligned and there's a 5-day forecast of perfect weather, otherwise it's in climate-controlled storage.

Any guidance on insurance companies is greatly appreciated!


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Try American Modern Home. They have agreed value etc. My Boxer, 308, and Camaro SS are with them and the rate is very reasonable. I did a little research on line about Hagerty and wasn't too impressed. I could be wrong though. Hagerty, like Leland West is really pricey. Good luck and congrats on you car..enjoy!

 

I bought my first "supercar" last July, a Ferrari 458. State Farm had no problem taking my money without any questions.

 

Farmers, no problems.

Hagerty was double with those stupid milage restrictions too, pass.

 

Hegarty is sooooo expensive. I paid $1400 yr for a 430 spider I had 8 years ago (at the time was valued at $180k) thru state farm but I also had real estate and other cars insured with them.

 

USAA insured my F430, without issues.

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Assuming you and your wife have regular daily drivers, insure with that company. Some companies give a discount for multiple cars.

 

State Farm didn't give me any trouble. Just added my 458 Spider as a first time "supercar" owner.

 

I mentioned American Modern Home. All my regular stuff is insured with USAA, but they referred me to AMH since AMH does stated value and classic/collector cars. I think AMH might be a division of USAA..not sure.

My premium for my 2002 Camaro SS, '79 308GTB, and '84 BB512i combined is $787. The SS is stated at $25K (it's perfect), the 308 $35K, and the 512 at $145K. The Ferrari's are a little undervalued but what the heck?

 

I’m surprised they told you that.... but I know once the car is over 20 years old they will consider it a classic. I’ve never heard of them Turing someone down because it’s there first super car. I just got my Ferrari and insured it with them with no problems. They didn’t ask me if that was my first super car. I’ve owned Porsches and Maserati before this car but they were insured under my regular car insurance. I would call back or call Grundy.


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LelandWest
Agreed cash value
They specify limited miles but you already said that.
You should be able to get a quote online with various alternatives.

(I found Hagerty to be much higher.)

 

I was told the same thing by Hagerty (that you had to have prior supercar ownership or they wouldn't ensure) and then I told them I owned corvettes in the past, I drove race cars, piloted aircraft and rotorcraft, and could steer a missle if it had a seat and a belt. Then I told them that the way I would drive this car would make the founder of Ferrari very upset that it would putt putt down the road on a sunny day a few days a month. They said, ok, here is your quote. 40% higher than American Modern who also asked me if I ever owned an exotic car in the past. I said I have owned a stripped down 1977 corvette for racing quarter miles on a track in the past, does that count as exotic? They said it didn't matter if I did or not, they were just asking. Best experience ever, full agreed value and more miles than I could ever drive in a year.

 

I find that very odd. I would of called Grundy insurance. Is it because your car wasn’t a classic car? Not over 20 years?


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It is a 2007 599.

 

Call State Farm.
My son was under 25 and single when they insured his Lambo (which he recently sold), and now will also insure his F8 when it gets here.
Everyone else either wouldn't touch him, or their prices were outrageous.

 

That could be why they were asking all those questions your car is 14 years old my Ferrari is 38 years old. Who knows what up with them


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Annual mileage, agreed value, and premium rate are just a few important factors to consider. Make sure you know the policy inside and out. For example, check to see if your policy has a "no attendance" clause for car shows. Also, check to see if your mechanic drives it to test and tune or if the car wash boy drives it around the building and something happens, is it covered. Also, can you run errands or only do leisure drives? Covered if parked in your driveway or only in your garage? There are many more. That agreed value only pays out if you don't trip a loophole.

When I was shopping for 'supercar' insurance a few years ago, I was shocked at all these coverage loopholes from household name insurers. Perhaps not surprisingly, Hagerty had the fewest of the insurers I looked at while, yes, at the same time charging the highest premium. Usually, you get what you pay for. Assume nothing. Buyer beware.

 

I've read conflicting accounts of what Hagerty told prospective insured. They have a standard of who they will and won't insure. I had a long conversation with a Hagerty exec earlier this year (I'm not a customer, just an interested party). However, every standard has exceptions. My guess is depending on an insured's circumstances, standards can be waived.

Think of it like if you have a problem at a store or with some company. You first speak with a lower level employee. They have their rules and they follow them. So you ask to speak with a supervisor. Well that person has more authority and can listen to a reasonable argument and make an exception to company policy. And failing that, you may go over that person's authority and get satisfaction from someone higher up.

 

Hey first of all TY to all the responses...I appreciate everyone's response with their experiences. I'd like to especially call out @V4NGO 's response - there's a lot of focus on "agreed value" when you total your car but in the more expected case if its not totaled there are a ton of other situations about if it's damaged at a car show, valet parking, in a storage garage etc. For example when I read the agreement for my storage facility they specifically exclude themselves from any liability when they move the cars around on the lifts. And if your car is in accident does your insurance cover authentic Ferrari parts? Are the repairs done at a Ferrari dealer? Keep reading...

Thanks to @jc1 for pointing out State Farm, whom I have my home and (other) auto insurance through but just assumed they wouldn't handle "Supercars". It was a little bumpy but they came back with a great price and I'll end up going with them. Regarding what replacements parts are used and where the repairs would be made this is their response:

"They [State Farm] are allowed to use aftermarket parts. You can request only original Ferrari OEM parts, but you would be responsible for the difference. It is my understanding that you are able to use a repair facility of your choice."

I honestly don't know what that means...if there were quarter panels or engine headers damaged are there 3rd party products they would use? For this year I think I'm going with State Farm and I'm a bit anal so I would certainly foot the bill for authentic Ferrari parts but will spend the next 12 months trying to better understand this.

Regarding Hagerty, @83Mondialqv that's what they told me but I understand the insurance business is simply statistics; different folks have different experiences with Hagerty but perhaps the deciding factory was my location/zip code...or something else? I don't know but they didn't have a safer bet than me and now they lost my the business they had with me!

I appreciate everyone's time and energy in responding.

Steve

 

Hagerty wanted $3000 per year to insure my 2015 California T. State Farm will insure all three cars (Jeep Gladiator, Chrysler Pacifica, F-car) for $2800/year. Shop around and make sure you get the coverage you want.

 

I used my USAA, no issues, no questions asked


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I was quoted $900 a year for a 2002 360 this week, 5K miles per year. That's along with two other vehicles, one with a minor accident report (wife hit a post with the 2019 4Runner at a drive-through, $1800 of door damage).

 

Wives, can't live with them, can't live without them!

 

I had Hagerty say no to my 2009 430 because of the same "first supercar" thing. Which I found weird since I owned a Lambo in the 90's and had Porsche's since 1988 including my current GT3. I don't know if it's state specific. Allstate my regular carrier wouldn't insure the 430 either in NJ. Though some people here said they got insurance though Allstate, I'm pretty sure they weren't in NJ.

I went with Condon-Skelly because they do not have a mileage limit and I was unsure if I'd keep my car as a low mileage garage queen or drive the snot out of it. I have an agreed upon value in my policy, but have no experience with any claims as I hope to never have one (knock on wood). If you ask me where I found them, Mike at Yellow Compass Supercars recommended an agent here in NJ who took care of everything. I think the agent only handles the tri-state area, so PM me if you are in NJ, NJ, PA and I can pass along some contact information.

 

I have my 2009 430 insured with Geico, there’s no drama. It’s cheaper than my 2015 Porsche Boxster.


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