Insurance Providers (Ontario)

Hi folks

Just curious who people are using to insure their F-cars?

I seem to be running into a lot of chasing around/or simply not interested from the more mainstream companies because (a) the car >15 years old, (b) it's over a 150k value limit. Although I've found some, I feel they are way overpriced.

A lot of brokers I've talked to simply refer things over to Hagerty. Who else understands this market?

 

Hi - I use Hagerty. Have been a customer for 20 years with various classic vettes, first time with a Ferrari (360). They made me go through some hoops for the first time because they classify as a SuperCar; had to sign a waiver stating I wouldn't track the car (which I won't) and provide a resume of sports car driving experience (just a list of my prior corvettes was good enough). Huge savings over regular auto insurers, and they will reimburse full value of car if totalled or beyond repair.

 

I had Hagarty on my prior classic car but when I got my 360 in 2018 it was not old enough to be considered classic. I then contacted ZEHR and got an agreed value police through Echelon Insurance which has a classification for what they call specialty cars. Considerably less, almost half the price, of what Hagarty wants.
When I first got the car home I had it added to my regular car insurance and it would have been less than $1K per year however they would not do an agreed value so that's when I went to Zehr.

 

Thanks all.

Hagerty isn’t a option for me it seems (told they will not accept anything other than a complete perfect record for the preceding 5yrs - perhaps their rules have changed). Cost even without that was still what seems very high ($3-3.5k/yr on a $175k agreed value).

I called ZEHR but they didn’t mention Echelon (only Hagerty, Chubb and Aviva as potential options). Aviva is the same $3.5k ballpark. Would you perhaps be willing to DM your agents name? Perhaps the person im dealing with there is less familiar with these policies. Am interested in exploring what Echelon may have to offer thru them.

 

I can't recall who the agent was that I spoke with. I know that ZEHR acts as a broker dealing with several companies and that when I first contacted them they called me back with some prices and were still waiting to hear from Echelon. Perhaps you can ask the ZEHR person to look into Echelon as well. My agreed value was $130K and my premium is just under $1200 per year. Which reminds me I need to get a new appraisal to reflect the current values.

 

Pm sent

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Thanks for the tip Mimmo Blue; Going to check out Zehr when my Hagerty is near expired to compare. I pay $1,100 for a guaranteed value of $125k on a 360.
Cheers guys.

 

I had not contacted Hagerty recently because if I use their on line calculator in getting results of over $2500 for similar value. Maybe their on line calculator is screwed up.

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@Mimmo Blue I dont think the online calculator is screwed up. That seems to be the price (talked to some brokers). Perhaps they've changed their pricing model.

From what I understand they may not be as interested in insuring "modern" collector cars and so that's not their main business. They also don't allow winter coverage suspension like some other companies which further makes it a expensive choice. That said, Ive heard the service is really good so maybe that's worth something.

 

We (including myself) insure a few Ferraris. Would reach out to a cooperators agent. Depending on your postal code and experience would budget around 2-3k a year. If your outside of the gta it’s a lot cheaper if you are over 55 also a lot cheaper. Would also reach out to you home insurer or if you own a business your insurer for your business (15% discount) if you add your other cars an extra 10% discount.

*full disclosure I am a cooperators agent.




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Hey Guys - just doublechecked, I am paying Hagerty $2000 with their premium roadside assistance (towing up to 250km). Don't know where I got the 1200 from.
Sorry.

 

I was able to ultimately get it insured with TD MM where I have other cars. Lots of following up and took them almost 2 weeks to review the appraisal. But I'm down to about $1250/yr for the F430. They also allow OPCF 16 winter storage for periods >45 days which is nice (drops the cost to about $20/month and with coverage fire/theft/etc.).

 

Echelon . You can go direct too rather than a broker.


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But Cooperators would not do agreed value for me. They would also not accept an appraisal, rather was told that the assessor would determine value as required at the time of a claim. I carried on out of convenience but always thinking I would end up in a dispute if I ever made a claim. So I finanlly got an agreed value policy with Hagerty, they were very efficient, and I get the sense they would have the deeper knowledge to deal with a claim.

 

I use Chubb for a five sports cars. Values of each range from 250K-450K and their rates for each range between 2K-3K per year.

 

Same process for me with my 488 and haggerty. Gore insurance refused to donor although they were comfortable with my California. When I added my 308 to haggerty I received a second car discount.

 

That should be insure. It autocorrected. Sorry.

 

I second this, especially if you're using your Ferrari as a daily driver, cooperators will issue a regular use policy; Hagerty is great, but try explaining to them what you were doing driving it around on a Tuesday at 3pm to the office on a nice day.