Buying my first. Need some recommendations

I have agreed value through Hagerty, and like them a lot.

Maybe there are some who do, but I don't know of anyone who has an aftermarket policy on a 10+ year old Ferrari. My experience with aftermarket warranty companies is they are a near guaranteed waste of money on daily drivers, and would assume doubly so if you could find one to write on an exotic.

Congrats on your purchase!

 

State Farm

Axiom


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It really doesn’t matter what insurance costs someone else. It is unique to that person. You are rated based on age, location, driving history, claim history, household members, etc.

Hagerty may cost someone 2k a year and another person 6k a year for the exact same car. Best thing to do is call them and get a quote so you have accurate info.

 

Regular carrier (State Farm))

Have yet to see a non-scam 3rd party warranty company. This opinion is shared by both my mechanics.

 

Hagerty for all the Ferrari's I've owned. Currently for me it's $2300 for my '21 Roma, good luck and welcome to the club. As previously mentioned, depends on driving history, state, etc. so easy to get quotes.

 

I use USAA for my 360. The cost is around $1200 a year in Tennessee. Your mileage may vary.

Insurance is something that has a lot to do with the risk taking nature of the insured. For me, I just have a plain jane policy. No agreed value. No special anything. Full coverage with $1000 deductible. Will I lose out if the car is totalled? Most likely. Will I need that coverage? Most unlikely. If I do total out the car, and it's a huge destruction type wreck and not a fender bender that totals the car, I will be out something. The typical total is just a small accident that causes the insurance company to pull the plug. In that case, I buy the car, fix it myself and drive it with a damaged title until the wheels fall off. I'm willing to accept that risk for a substantial yearly savings. Essentially, I self insure for the accepted value.

As for after market warranties, forget it. They are all scams, or will result in you paying a lot and not receiving anything in return. My tactic is to have a $20k piggy bank that is for the unforeseen. $20k may not be enough for some issues, like a new engine but should cover pretty much any mechanical problems. I turn my own wrench and have managed to keep my maintenance costs to virtually nothing.

The 430 is less DIY than the 360 due to more computers and less enthusiastic enthusiasts. The 360 seems to be the DIYers best bet among Ferraris with the 3X8 coming up a close second.

 

A couple of things come to mind. Do research to identify who is going to do service and repair work, IMO, probably most important thing, assuming pre-purchase inspection/evaluation has been done. Be prepared for the cost of maintenance. In my experience, a 5K repair bill is ho-hum, far from the surprise category.

 

I think you will find a 43o is effectively too old for a sensible warranty - as noted above a trusted local shop (you have not given a clue as to your location) is probably more valuable - don't forget there is a phenomenal amount of knowledge and experience shared in the 430 section

 

Nothing special with insurance just full coverage with Allstate for everything. They were very easy to deal with when my Diablo caught on fire and was destroyed.

 

Recent thread on insurance: https://www.ferrarichat.com/forum/threads/it-is-becoming-close-to-impossible-to-insure-my-ferrari.684746/

Welcome to FerrariChat!

 

Buy a Ferrari 550. Trust me.

 

I have USAA and got quoted a little over $2,400 for a 430.

 

I left Hargety recently. They have gone public and I can tell the service has dropped. I have gone with Grundy and been taken well care of by Mr. Grundy himself. He has been courteous and professional to me personally.

 

There are only 1 or 2 aftermarket warranty companies that cover a Ferrari. I bought one as infant mortality hedge and cancelled it after first 500 miles and a good inspection. They are like $15k for 5000 miles and 1 year for very marginal coverage. You need to be extremely unlucky to come ahead in that game.

 

I believe you're UNDER estimating "the occasional repair bill" at only $5K.

Bought my 07 F430 Spider about 6 months ago - just took it in for its first service about two weeks ago and...

Torn boots on the CV joints, leaking clutch throw-out bearing, leaking cam cover gaskets, brake pads front & rear, rear tires, exhaust manifolds still stock and need replaced, rear tail lights cracked and wobbly...

Some other minor issues, but the grand total is about $30K!

Yes, the F430 is a great car - but they're all 15+ years old and GOING to have more maintenance cost - so don't UNDERESTIMATE that ongoing expense.

Kevin

 

American Modern is the carrier for my 89 328 . Ive never had a claim in 24 years, so theres that. Agreed value at 125,000. By the way, my exhaust manifolds have 105,000 miles, and they are still original. I would not buy a 360 or 430, they are not as well built compared to the Ferraris that came before. I would by a 512 TR, or a 1st gen Testarossa, or a 3 x 8 . Also get ready to have if they have not already, all your interior buttons to come unglued, its a real shame when it comes to the build quality of the 360 and the 430, so yes put away another $ 30,000 like the other guy said, or buy a different Ferrari.I saw a couple of 575 Ms for sale in the low 100s, prices are starting to come down and will continue to do so, good luck with whatever you decide to buy.

Big G

 

To be fair, thats just deferred maintenance from previous owner (or you were extremely unlucky with your timing), as those are all known issues with a 430. Hopefully next repairs are nowhere near $30.

 

But your PPI found all these issues correct? If so, they would have been subtracted from the purchase price.

 

Agreed - if I sell this car within the next 15 years (which is likely as I'm already eyeing a 488) then the NEXT guy will have a well sorted vehicle.

Kevin

 

I knew about the exhaust manifolds and rear tires and CV boots - but didn't catch ALL...

Kevin

 

The exhaust manifolds are probably half of that bill

 

State farm insures my 812 superfast it's $1300/ 6 months. Have had it for 4 yrs now. For some reason Hagerty wouldn't insure me when I first bought it.