If your Ferrari is insured with Hagertys, whom do you purchase your umbrella policy from?

I have a couple of Ferraris insured with Hagertys. My other cars and homes are insured with a big-name national standard carrier.

I've asked my standard carrier for a quote on an umbrella policy for extended coverage on my cars and homes. They told me that the umbrella policy will cost about three times higher because my Ferraris are not insured with them.

As an attorney, I guess I understand their position. If there is a multi-million dollar claim, it is easier to coordinate the defense (and reduce defense costs) if the base policy and the umbrella policy are written by the same carrier.

Nonetheless, I hate to pay triple price for an umbrella policy.

So, my fellow F-Car owners, here is my question: if your F-Car is covered by Hagertys, whom did you purchase your umbrella policy from?

Thanks,
'Sam from Saratoga

 

Sam, why isn’t your car(s) insured by your main insurer? I found Hagerty much more expensive?

 

CHUBB. No such problem.

 

Actually, I just got a quote from my main insurer. The price is competitive, but it looks like Hagertys is a little bit lower, and allows more annual mileage. I've reached out to my agent to confirm.

 

I would assume the incentive of getting an automotive policy along with an umbrella policy would entice them to do some price matching.

 

I have 4 Ferraris insured with Hagerty - have been with them for a long time and the pricing is reasonable, plus you get agreed upon value as well. Daily drivers are insured with Geico.

We have everything else insured with State Farm, including umbrella, which was pretty competitive last time I checked. Unless something has changed dramatically for new umbrella policies, I suspect your agent may just be trying to get more of your business, but perhaps it’s time to look elsewhere?