458 I need insurance

https://www.ferrarichat.com/forum/threads/insurance.635560/

https://www.ferrarichat.com/forum/threads/insurance-problem.402646/

https://www.ferrarichat.com/forum/threads/insurance-carrier.561165/

 

I use Heacock and have for years on my other cars and have not had a problem, granted, I have never had a claim either. The nice thing is, its declared value so you get to decide how much you want to declare you car for. Unable to link it for whatever reason but here's their phone number 800 -678-5173

 

State Farm

 

Hagerty...

 

Chubb, but they will probably require your entire package. (Home, cars, umbrella etc). Also, there is a minimum value on your home also, but I doubt that will be a problem for you.

I have been with them for almost three years and they have been great in every respect. Good luck!

Cheers?

 

Whichever you choose, make sure you have an agreed upon value. Mine is currently set @ $275k...

 

Just got (last month) a quote on 3 cars - 1977 Porsche 930, 2008 Ferrari 612 and 2022 Porsche 992 TTS, with State Farm, they were over $1,800 annual premium higher w/o Agreed Amount coverage over my current carrier Hagerty. Hagerty was low as compared to the other speciality auto carriers in my Southern CA territory willing to offer Agreed Amount coverage and was lower than any regular insurance carrier not offering Agreed Amount coverage. That said each insurance company has auto rates filed for each state so results in different states are NOT comparable.
Best if OP gets a broker and have him shop your insurance to be sure all the policies are dovetailed to coincide with your umbrella excess liability policy unless of coarse you are pretty insurance knowledgeable.

 

Grundy was the cheapest I found.

 

Canada is a completely different market than the US. Grundy in the US has use restrictions which I found disagreeable as to how I wanted to use my vehicles so I didn’t pursue them.

 

All my cars and home are on State Farm. My cars have been with them for 40yrs and never had a issue with high dollar vehicles

 

Good to hear that. Hagerty was 2x State Farm (4K+ vs 2k+) for my F8. Of course all of my other insured items are with State Farm. With SF my family members could drive it. With H I had to exclude them but I could allow people 30 yrs and older to drive it. But I went with H, as before on previous cars due to the agreed value policy and the comfort that repairs would be OEM parts at the dealer if I so choose. Didn’t feel completely safe with how SF would handle repairs much less market value vs agreed vs depreciated, etc.


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Perhaps i got a much better deal with 3 vehicles rather than just a single vehicle? Encompass Insurance Co has my DD cars and homes but they don’t insure high value or exotic cars nor do they provide Agreed Amount coverage which I don’t think is necessary for DD cars, besides I was a insurance broker and have a lot of practice haggling with insurance companies.
Relative to SF, you never had agreed amount coverage either, as State Farm does not offer that that coverage. I was just told that last month when I got a quote from them. Agreed Amount coverage comes into play when there is either a total loss or near total loss. If a total loss the company just writes a check for the Agreed Amount. If you have standard coverage, Actual Cash Value, you get to haggle with the insurance company as to what is the “correct” actual cash value at the time of the loss. If you enjoy haggling with insurance companies welcome to nirvana. I spent 44 years as a insurance broker haggling with insurance companies, fortunately I was very good at it and was always compensated very well. 99% of my clients weren’t very good at it which is why I was their broker. A couple of my clients were exceptionally good at it but that was by far the exception.

 

So are you suggesting an agreed value policy from someone like Haggerty for my 488? Thanks!

 

American Family- Been with them for 10+ years

 

Yes! Or any insurance company with Agreed Amount coverage. Perhaps if you have two exotics or a semi exotic you might get a better deal? Just have to get quotes and work the numbers to see what works best for you.

 

Hagerty is $4,300 annual for all three cars at full limits - $500k CSL BI/PD, $1k MP, $500k UM and $1k Ded Comp/Coll Agreed Amount on each of the 3 vehicles. I doubt Grundy is cheaper but as I said I don’t like their use restrictions so it doesn’t matter .

 

Hagerty doesn’t like to insure DD vehicles. I drive one car 1,500 miles/yr, another about 2,500 miles/year and the third about 4,000 miles/per year on my annual questionnaire but most mileage is on car club events or tours and none of the cars is driven as a DD.

 

Not necessarily the broker, some companies just will absolutely not insure high value or exotic cars. If you are not living in CA, Chubb, AIG and Pure, all will insure exotics, home, jewelry and umbrella. But your broker may not represent those companies?

 

You might check but I don’t think they provide Agreed Amount coverage, only ACV, if that is important to you.

 

Whatever you do, get an agreed value policy.