458 I need insurance

I’ll also chime in to make sure you ask about (and read the policy) to see if you “regular” insurance company covers diminution in value. A lot of policies do NOT cover this, including a lot of State Farm policies. There is currently a member of mclarenlife, that I am providing some guidance on, that learned about this the hard way. His Mclaren was backed into by a driver with on 10k in coverage. The Mclaren owner has State Farm that will cover his own cars damage (which is a huge bill) but they do NOT provide diminution in value coverage. Of course he could sue the person who hit him, who is legally responsible for this, but the person has 10k In coverage and no assets. Bottom line his nice Mclaren will be fixed but it will take a huge hit when he goes to sell it and he will be out that amount with no recourse. With a speciality car and Agreed Value Policy is better then a regular ACV policy and the companies that write those policies are familiar with the nature of the cars and the cost to repair them.

 

Yeah that is probably a good point - That said I have my house - my watches - my cars with them and they have treated me great over many years - and through some "challenging" periods where they could have dropped me and they did not. They are also flawless if/when I have a claim (has been a LONG time since I had a claim but the one I had was handled painlessly with zero rate increase). My rates are quite reasonable for the type and number of cars I have with them and their customer service is flawless. They even proactively noticed and contacted me that my old SR22 was still on my policy and could be removed which reduced my rates significantly.

I investigated some like Grundy and Hagerty and absolutely agree they are awesome for restored or truly classic cars where the owner has invested a lot of money into the car or the car has appreciated drastically and is truly a collector car. However when I contacted them a long time ago they had mileage limitations and wanted to know what I ate for breakfast, the names of my illegitimate kids, why type of deodorant I use, blood type and how often and how I clip my girlfriend so I passed

I may be naïve but do think loyalty is reciprocal and IF (god forbid) something should happen with any of my cars I doubt the ACV/AM delta would by so significant that I could not absorb the loss.

Thanks for pointing it out - it is probably a deal-breaker for many owners looking for a new insurance partner so great point.

Cheers and thanks

 

I usually hate government, but this is a state government issue. No way in hell should $10K be sufficient in 2022 with $80K pickup trucks and $400K supercars running around.

 

I think it’s more of a society issue and a much larger discussion. How do you tell someone that makes 20k a year working a minimum wage job that they have to pay $4000 a year to have more coverage for those that have 80k pickups or 400k supercars? The state minimum limits are in place for those individuals who live paycheck to paycheck. The thought is those that have more will buy more insurance for themselves to protect their own assets. That is why they sell UM. (This does not reflect my owns views it is just part of the reasoning for state minimal limits. Also not meant to derail the thread with a societal discussion).

 

By court decision, SF pays DM in GA
Other states may vary

 

But no agreed upon price, correct?

 

Todd, one important distinction. Does State Farm pay diminution of value for your OWN policy or was the case about paying diminution in value when they are the tortfeasor insurer? I do not practice in Georgia so I don’t know. I do know in Florida, they have tried to fight paying it when they insure the tortfeasor and the Courts have also held they are legally responsible to make the other party whole. However this does not apply when you are making a claim against your own Insurance as they are not responsible to make you whole but only to do what the insurance contract states (and it is excluded under most policies).

 

My wife got rear ended in 2019 in her new AMG C63S. Commercial truck Ford F-350 pushed the entire rear in. State Farm didn't total and the car was fixed to perfection. However there were CarFax flags in it and State Farm does not pay DM. She hired a lawyer and sue the driver and construction company for DM. Total PITA the case took 2 years to finalize for very little money after all the back and forth.

 

They try to fight it all the time. For the average person they don’t realize they are entitled to collect it against the tortfeasor and don’t pursue it. You should always be put in the same position you were in before the accident. (All this assumes the tortfeasor has the appropriate limits). Best advice is get an expert to give you the diminution in value loss and present it to the insurance company along with all of the other repair bills, rentals fees, etc.

 

Exactly. That company doesn’t do anything without a court telling them to. Good luck if you’re ever at fault. Same w Allstate etc.

 

I use geico

 

yes, in GA

 

Same problem wi GEICO, must insurance companies, except Chubb are pretty conservative on first party claims and absolutely stingy on third party claims.

 

Re Grundy, they weren't too solicitous on conditions, 2500 miles per year, low deductible etc.

I only drive about that much per season so it works for me.

Pm me for more details if anyone is interested.

 

I just got a quote from Hagerty for my Pista. $5800 a year $500k agreed upon value with zero deductible. I'm 51 with clean driving record but 1 at fault minor accident two years ago. I think it is good rate. Any thoughts?

 

when I called Hagerty they quoted me some ridiculous price. Then they called me back and told me not to talk to the regular agents that I needed to speak to the Specialty department. They did 3500 miles a year no problem. They might’ve done more but 3500 here’s what I asked for.

 

Hmmm, odd I haven't had that problem with my broker. However I know my broker does a pretty significant volume of business with Hagerty (the broker is a very large Nation Wide Brokerage firm, likely in the top 20 in the nation) as they have a lot of clients with very high valued vehicles, homes amd other toys. Perhaps my broker just goes directly to the Specialty Department because of the volume of business they do with Hagerty? If you access Hagerty through a State Farm, Allstate, GEICO agent or other small agent, I would expect you would not have the same results as I have had. That said, I set up the brokerage contract with Hagerty when I was the CEO of my former brokerage firm and my signature is likely on the signature page of the broker agreement unless they have changed agreements since then?

 

Pretty hard to comment on insurance quotes from different parts on the country since you can’t use your own premium as a base line. They are for sure surcharging a point for the accident since it is in the 3 year experience period. But suggest you get a quote at $2,500 and $5,000 deductibles, I assume you would not make a claim for $2,500 damage so you may as well get credit for whatever amount of damage you would “eat” before making a claim.

 

Another vote for Hagerty. They have been great!

 

Have you ever had to process a claim? (I hope not of course). Neither have I and when I was shopping around Heacock had much lower prices in my case anyway, so I went with them and with over 10 years of coverage they at least have kept rates stable, actually got a discount last year! They are worth a call to see where they stand.

 

No - no claims with Hagerty either. I am relatively new to the Ferrari world but my experience with Hagerty has been good and I received many recommendations from others as I was looking at insurance options

 

That could be true in general but my experience has been different. I wrecked a Porsche and they paid out the total value right away and even through in a bit for modifications (which were not covered).

 

I guess the issue is what the insurance company paid and what was the actual value of the Porsche? Usually there is a range of value, from wholesale to retail which is based on a lot of factors - model, color, options, mileage, age, number of owners, service records etc. But the test is if you were satisfied with the settlement, then that is all that is important.

 

Yes exactly. They paid the actual market retail value of the vehicle and then some for the mods. Not saying they do this all the time or most the time or any other time but that was my experience.