F12 Insurance

Hi All,

I'm sure many of you have noticed the appreciation in value of these cars (whether it is truly an increase in their value or just pandemic related inflation, or if it will continue is something to be debated). I currently have all my cars insured through State Farm, however, with the increasing value (or stable value) of these cars I'm curious to know if it should be insured differently and potentially through a different company. I'd love to know what many of you do for these types of situations.

Would like to know:

1. What companies do you use and what coverages and premiums (if you don't mind sharing)?

2. Does anyone have an "agreed value" or "guaranteed value" for total loss? What companies would be suggested? Has anyone had a total loss and had a good experience with the claim?

3. Does anyone have any experience with a "diminished value" claim? (The reality is that if the car is damaged and fully repaired, the fact that it happened will diminish it's value... and likely significantly). If so, how does one go about doing this? What companies? Is it worth it?

4. Are there other insurance strategies to consider to manage situations (umbrella, etc). I'm obviously not too familiar with a lot of these things and believe that many on FerrariChat are far more financially savvy than I am.

5. If there's anything else to think about I'd appreciate the insights.


Thank you all in advance!

 

I've used geico, progressive, safeco, pure, chubb, etc

I think the best thing to do is shop around

Get a good agent and have them do the leg work

Insurance is insurance, as long as you arent using a sub standard carrier

Have the agent share with you your driving record and your CLUE report

1) Right now I have most of my vehicles covered through SafeCo, premiums are going to vary person to person. I'm a very young person with tons of claims and lots of expensive toys. My premiums on the FF alone are aound 471$/mo I have a 2000$ deductible, but it's a "waived/disappearing" deductible. A good agent can get you 'status' with your insurance carrier, so you get benefits without having the loyalty. I think she has be underwritten with the safeco platinum program which means you can jack your deductible very high in order to lower your premiums, and then they waive the deductible. It's like cheating the system lol

2) I always do agreed value. It's just easier that way. I did have a total loss with PURE on a brand new RX, dad drove it into a tree. I was an idiot. I did agreed value at 58k I think, the car was 62k$. I got lucky and the PURE market valuation report said 62k$ so I got 62k$. I got more than what I agreed! Ultimately PURE dropped me due to the claim.

3) Oh man DV. I have done this way too many times. I get hit a LOT in Houston. 99% of it is designed to waste your time. Diminished value goes against the person who caused the accident aka other party. You can't file a first party DV claim. I got t-boned in a GX Lexus. Car was less than a year old. I got about 2500$ in diminished value. I had another collectors car that got rear ended with a love tap, no damage, diminished value was 2500$ as well. I had another situation where I got t-boned (another car) and the damages went beyond state minimums. The damages went beyond what the other party carried (state minimums). My under-insured coverage had to kick in. Since the other parties limits were reached, there was no room for me to ask for diminished value. That was also another collectors car. I think DV would've been easily 20k$ or more.... but the girl who hit me .... you can't get blood from a stone

4) I think you should talk to an agent. Depending on your net worth, your risk strategy, and your own comfort level you'll want to make sure you have enough insurance so you don't stay up at night when **** hits the fan. Ideally your under writer is going to want you to have home + auto at a certain level limits wise, before they offer umbrella. You'll want to make sure all three are the same companies too, you don't want finger pointing when it comes to filing a claim. In my opinion, if you're buying Ferrari's, you should have some liquid cash. Therefore you should be able to reasonable set your deductibles as high as possible in order to minimize your premiums.

Insurance is a highly regulated industry, which makes it relatively easy to shop apples to apples

You can, for example, put a chubb home owners policy declaration page next to one from state farm, and compare line item by line item

Usually the higher end carrier give you nicer perks like high rental car coverage limits, or unlimited loss of use on home owners claims

 

My 812 is insured through state farm. On a similar note, they are starting a partnership with hagerty this year. I discussed this with my agent and am going to switch to that policy once it's available through state farm

 

I have my all my insurance with Chubb (2 Porsche SUVs, 2 f-cars). They are great, but they aren’t the cheapest out there. My F12 rate isn’t that bad, but my Pista rate I did notice a meaty uptick. TBH, I’m not even sure what it is monthly, but a big reason for it is that Chubb offers a ton of great features but most important is full replacement value (at time of purchase), which is wonderful for a depreciating asset but does not have a natural market reset for an appreciating asset in your question. They covered my Pista for I think $505k when sticker was closer to $400k, but I might be able to get $520k for it now…so I’d be out the extra $15k if it was total loss today.

More important to me than fighting for that extra $15k or a diminished value claims, etc, I would highly recommend an umbrella policy for extra liability in case you are at-fault and damages exceed the auto policy. It will protect your core assets.

I do like the notion of a diminished value claim on this class of car — no one buying an F12 or Pista wants an accident on their car fax — but in the big picture you’d suffer maybe a 10-15% hit on trade / resell vs without an umbrella you could be liable for $1m+ damages (depending on severity, of course)

I know that didn’t answer all your questions but hope it helps with carrier and types of policy

Cheers




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My 2013 F12 is insured with Grundy - agreed value $240k, $0 deductible for $2,880/yr. Hagerty wanted $4,400. Initially, I looked into American Modern since it was offered through my home insurer. They wanted $3,500/yr for "stated value" with an application process that was so annoying that I didn't proceed further.

 

Curious with your Grundy policy is there a stated mileage limit.

 

Grundy. Agreed value. $200K, $1750/ yr. 8K miles a year way more than enough…..I’ll be upping it to $240K value this year (17 Lusso)….


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Thanks for the info, Grundy sounds like a company worth a look.

 

I just signed safeco for my Mini Clubman and FF and pay for both of them 210/mo. Hagerty and State Farm both wanted closer to 400. I keep relative high (250/500/500) coverage limits and my collision deductible at 1000 and comp deductible at 200. Always go with an agreed value for an expensive vehicle, I like that safeco is willing to also do a market valuation report every year to re-negotiate that AV (came in handy when I owned air cooled 911s). My FF is on 5k miles a year which right now seems good, the quote for 10k was ~40$ more a month if I find it not enough.

Umbrella policies are pretty cheap, if you have a family it also covers them. Even as a single dude I find there is some general peace of mind driving exotics with friends and social club members having a policy that should an accident occur and cars are totaled beyond 500k (which, lets be honest is not hard to do with even 2 exotics) you're still covered.

As for DV, I have priced it in the past for vehicles and if the V12 market increases I may spec it for this but right now decided against it. One thing to check is does your insurance provider do inherent or immediate DV, most do inherent but esurance did immediate on a P car of mine that was backed into by a young woman who was texting and ended up needing a new hood and ancillaries because I filed for DV on her plan but stated the vehicle wouldn't be repaired for 3-6 months. To this day I'm not sure if I got a better or worse deal because of that.

Oh I should add, I am in NYC and even if you don't have DV in new york you can "attempt" to claim DV from the at fault party's insurance and I believe there are a handful of other states that allow that as well. That's how I ran into this esurance situation, but you have to do it yourself in NYS for some reason. You can't ask your insurance company to file for you. It's weird, I know.

 

Interestingly, there's no mileage limit stated on the policy. The application asked for estimated mileage, which I entered as 3,500, but I've already blown past that for my first year. I re-examined my application and they did not ask for an odometer reading, so they have no record of actual miles driven. They do ask you to sign an "Acknowledgement of Use," which basically states that you agree not to use the car for any competition events, for daily errands (I do), or routine driving to school or work.

Other factors that generally influence insurance rates - my driving record is very good, I'm an old fart (69) and live in Tucson which isn't exactly a metropolis, but from my perspective has its share of accident-prone vehicle operators.

 

Thank you all for the insights!




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Thanks so much for getting back to me, I will have to look into this a friend has been with them for years and has been very happy.

 

Assuming you drive the vehicle <2,000 miles / year explore a collector auto policy. This will be an agreed value (AV) policy. In the event of a total loss it will pay the greater of agreed value or market value. Also, it provides diminution in value if the car is damaged but not totaled. My F12 is insured with AIG’s Private Client Group. Policy price is based on the AV. It’s very reasonable. Chubb is another option. Grundy (a broker) represents both these companies.



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I insure with Amica. I Forget the step up going to the F12 ( from 911) but it wasn’t much - maybe 1500 extra/ year. I think it totals $3kyear for the family w 3 cars. $10k deductible on the f12.

Here’s what blew my mind: I bought a bmw 330 daily driver w my 16 yr old son in mind. After he got his permit I thought I’d call Amica to get detail on rates.

While he’s on his permit he’s welcome to drive/practice on the f12 ( normal rules apply) for no change. The premium rate when he’s officially added to the policy is somehow based on the oldest car not the most valuable.

Just incomprehensible but they’ll insure my 16 year old idiot son including the f12 for nearly nothing.

Live outside boston.


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I use State Farm for all my policies (home, multiple autos including exotics, boats and random stuff like earthquakes and big umbrella) I agree about taking to the agent. a good one will know how to take care of you. As for DV, its tricky and hard to prove. My wife had a brand new Model S that got T boned (everyone was fine) by a texting teenager. The car was 120K and I went to file a DV claim after repairs (which were around 40K I think) The girls Insurance offered $1000 which was a joke and said there was no way to know what the DV was because we still owned the car and unless we sold it and could show it sold under market there was no way to know. I understand there are folks that testify about these things but used valuations are tricky and very fluid (as todays market has shown us). Anyway, I called their bluff and sold the car. It sold for around 15K under market and they wrote me a 15K check.

 

I just talked to State Farm to ask if they offer replacement value and was told by a team member who handles our house, auto etc that they don't.

Are your cars covered for replacement value? Is the DV covered automatically by State Farm? I have an 812GTS on the way and want to ensure I insure it correctly. thx

 

I also have State Farm; I'm planning on switching to Hagerty (for this reason). I spoke with the Hagerty rep and she told me they are starting up a partnership

 

Just registered for a quote from Hagerty. Grundy's site is horrible. I entered all my info and then saw I needed to get a quote for a minimum of 3 cars (their MVP program). I then found the page to get a quote for one car, and it's so buggy. Not good for them.

 

State Farm was able to get me declared value policy for my Shelby last week. And have done this on all my marine toys and exotics in the past. I know my agent has to send in more documentation than say for my wife’s x5 or Tesla.

 

FYI - there are DV consultants who will file reports to the at fault driver's insurance company. I've used the same guy 3x and they usually just payout what he specs. for instance, the wife's Maz Grandturismo got a dent in the parking lot. cost $26K to fix, then he filed his report and they sent us another $6600. I think he cost $250 to do the report. worth it each time.

 

Would love the contact of this report person.

 

sorry, I've not been active for a bit. here's info for the Diminished Value expert that does the reports for you to file with the insurance company:
Randy Cole
410-207-6294
[email protected]