Insurance

My standard carrier will not cover my F car even though we have 2 houses and 5 other cars with them. So who are you guys using for insurance in the Bay Area?

 

Chubb...I have my 57 BMW 507, 71 Dino 246GT, 2001 BMW Z8 and 2013 458 Italia with them..in other words, a wide variety of classics both old and newer, all at agreed value. Way cheaper than Hagerty. And customers get free entry and seating is customer appreciation area of Gooding Pebble Beach auction (ie, free food and drink).

 

The same thing just happened to me. My long time carrier had covered my prior F car but would not cover my new to me 488 Spider so off to the market I went. Obtained five quotes with four being agreed value including Hagerty.
I also was told to try State Farm which I did.

I became a bit uncomfortable when one of the agreed value carriers could not tell me what the coverage formula would be for a non-total loss.

Hagerty was the most expensive at around $4,200 and the other three agreed value carriers were ranging from $3,700 to $4,100.
State Farm came in at $2,900 and there is an agent who specializes in high value cars. Basis is actual cash value.
By the way, Chubb is fantastic but would not quote on my car as they want a package and not just mono-line coverage for one car.

 

I have been with State Farm for decades for all my insurance needs,and I had no problems insuring a new Ferrari.

 

Don't know about the Bay Area specifically but I have been with American Family for decades and a myriad of cars and motorcycles including but not limited to Ferrari's, Porsche's, 68 Shelby, Ducati's etc. I also have all my watches and house through them. I am happy to ask my agent if they have a presence in the Bay Area - LMK - Cheers

 

I use Connect through Costco. It is backed my American Family. They insure our home and 6 cars, including the F430, Elise and BMWs.

Never had an issue with them.

 

I am with State Farm.

I used to be with Chubb but they would not renew our house because of wildfire risk in our ara so moved everything to State Farm.


Sent from my iPad using FerrariChat

 

Try Pure, AIG and Chubb if you want to keep all the insurance with one company. If you are okay with separately insuring the Ferrari there is Hagerty, Grundy and a few other speciality exotic/classic auto insurers. A broker can help you sort out your insurance program but be sure he has access to the fore mentioned companies, so the firm will have to be a regional size broker not just a local agent. Try getting a recommendation from a local Ferrari guy or Google “Trusted Choice” agency’s in your area.

 

My 360 spider is with state farm, as are all my others, at $1400/year

 

599 and 328 with CSAA

 

The issue with standard insurance companies vs. Specialty Exotic/Classic insurance companies is that most standard insurance companies do not offer Agreed Value and only valuation is Actual Cash Value (ACV). So be aware that there will be a certain amount of negotiation in the event of total loss as well as OEM parts vs. after market parts which some insurance carriers try to push off on you. Just know exactly what you are buying so you are not surprised with the loss settlement.

 

That is an issue I still don't understand. I know that in the event of a total loss the agreed value is paid and ACV doesn't come into the picture. What I still don't understand is what is done on a partial loss on an agreed value policy. How is the claim valued by the carrier?

 

Most insurance companies offering agreed value policies are agreeable to only using OEM parts, additionally a couple tout themselves as being able to help you find the OEM parts. That said I am not aware that any will address the diminished value issue.
FYI - ACV is the depreciated value of your vehicle and that is where the negotiating comes into play with standard policies. I am not saying you will never receive a fair value for your totaled car valued on a ACV basis, just that the burden is on you to prove it to the insurance while the car is a pile of junk somewhere now worth scrap and parts value.

 

This doesn't really address my question about a partial loss and how the claim is valued. I asked one of the agreed value carriers (not Hagerty) about a partial loss and he couldn't tell me the answer. He said he did not know the answer and that was a large point of concern for me. Not all claims are for a total loss where agreed value comes into play.

 

The policy calls for repair or replacement so I wonder why a knowledgeable adjuster could not explain that to you. Even ACV policies are repair or replacement but the issue comes into play as to the value of the car as to whether the car will be totaled or not and then what is the cost of the replacement parts and labor relative to the total value of the car such that it becomes a constructive total loss.

In fact, most cars are partially damaged but if the ACV of the car is very small due to depreciation the car will be a constructive total loss for a very small dollar figure. That is why it is strongly preferred (IMO) to have Agreed Value so the insurer cannot pay a very small amount as a constructive total loss and walk from the problem. If the agreed value is high the insurance carrier is motivated to work with you repairing the car rather than pay a small total loss and walk. Does that make sense?

 

Yes, that helps somewhat. I would want to read the actual policy. It was not an adjuster but rather the person giving me the quote.

 

Hmmm, that is weird. I have Connect through Costco also and they would not insure my 599...even after having 9 high end vehicles with them.

I ended up taking it and a few other cars to American Modern stated value. Couldn't be happier.

I have requested quotes of Mclaren, Aston and Lambos from Connect and they tell me thay cannot insure them

 

You want Agreed Value NOT Stated Value! They are not the same thing- Stated Value is still on an ACV valuation basis. Perhaps you misunderstood and means Agreed Value rather than Stated Value?

 

I have no problems with Amica.

 

CSAA recommended Haggerty and has an agent liason. But previous recommendations are worth a look at first unless cost isn't an issue

 

Interesting. My CSAA rep has never mentioned Haggerty as an option.

 

Just got a porsche for the ms last week and CSa agent mentioned that two of our cars (Porsche and 599) might be better insured by Haggerty for just the reasons mentioned above and that one of their agents was the person versed in Haggerty: first I've heard of such and taken a bit back.

Haven't followed up yet but plan to.

BTW, 50 full member of USAA, but I've had issues on va l ues in the past and took insurance elsewhere.

 

Not all agents/brokers are created equal. Some great ones and some not so much just like any other profession. The insurance industry and market place has always been very fluid changing from hot to cold sometimes in just 12 months, it often changes after re-insurance contracts are negotiated and the cost moves up or down dramatically depending the prior years profitability or lack of same for the re-insuriors. I have worked for a insurance company as an underwriter but mainly as a broker in my career and witnessed wild gyrations while I was active in the business.
With many insurance companies reducing the amount of risk they are willing to take on, the market for exotic vehicles is much reduced in many areas since AIG Private Client Group and Chubb have with drawn from several regions particularly CA and other high fire hazard areas. I have also heard that Pure a similar insurance carrier has become much more restrictive in their underwriting, likely not wanting to pick up AIG and Chubb’s book which they are non renewing.

 

Try Grundy ins better & less $

(215) 674-1856 tell them I sent you SRS


Sent from my iPhone using FerrariChat

 

As I recall from my prior insurance background, Grundy had some underwriting use restrictions which didn’t work for me. I currently have Hagerty which reduced my premium on my 3 vehicles insured with them by $1,100 last renewal. But next renewal I will again review the Grundy program. Hagerty is pretty much devoid of underwriting use restrictions and I believe Grundy had several use restrictions. Perhaps that has changed over the years?

My former company and current broker can access Grundy as well as most all auto/homeowner markets except the direct writing insurance companies. I recently tried several direct writers myself and their premiums were not even close to Hagarty, as least in my geographic area. Additionally none of the direct writing. companies I approach could or would do Agreed Value on exotics only on classic vehicles but even then Hagerty was less than the direct write companies on the classic with Agreed Amount.