Insurance question

Had the porsche on the regular policy, had the ferrari on the classic.

Thought, what the heck, I'll ask.

They added the Porsche to the policy, saved me about $1200 a year.

Currenty with ARGGHHHHH!!! Drawing a blank.. GACK!! I'll get back with details tomorrow. Great American maybe???

I have since sold the Porsche so just the Ferrari is on the policy now.

The Porsche was about 8-9 years old when I added it.

DM

 

Could have been Great American, they are a classic insurer. Some of the name brand insurance providers re-insure through Great American.

 

wait wait insurance companies have insurance companies.


man what vicious cycle.

 

Yes, insurance is about spreading out risk and absorbing it amongst many. If a "smaller" company sustains too large a loss, and they don't have the money to pay what they owe... Guess what? So it's not vicious, but smart business and in your best interest that they re-insure. This way other companies can help them absorb the risk if the loss is too large.

The alternative would be for a company not to re-insure, and an event happens that is covered and let's say your home and Fcar are totalled along with many others. If the loss is too large for the money coming in from all policy holders and they cannot pay, they go bankrupt and you do not get the full coverage you paid for. Make sense?

 

If you have Geico (10 years or more) they will add your ferrari to the existing policy. I added my 348 and it was about the same as a Range Rover or the Boxster $375 for 6 months. (Elise was the same too.)

First they tell you they won't insure exotics, get a supervisior..they will.

Good Luck

 

just got done by classic automobile in indy for $550 a year.

 

Hagerty is a pretty good company to use. They specialize in insuring exotics and classics, as well as regular everyday use cars. If you look them up on the web I believe you can get a quote online. Their prices are really good from what I've quoted before.

Good luck with your search John.

 

Hagerty is a great company, however, I don't think your statement is accurate regarding everyday use cars.

http://www.hagerty.com/vehicle_qualify.asp#excluded

 

Ooops... you're right!

 

Anybody have AAA for there exotics? Mabey too soon to ask but last week i inquired and they said they just started insuring exotics.Amazing though because i asked about a BBi that was never officially imported and they have it in there computer! They quoted me half what i am paying now through American Collectors.

 

With classic plates on my '83 308 I pay State Farm $175 for 6 months. The classic plates cut my cost significantly. Be aware that there are stated value and agreed value policies. With agreed value the insurance company agrees up front on the value of the car. With stated value you may be required to prove its worth in the event of a loss and the company has the right to dispute your valuation. In my case I went with a stated value policy because I just bought the car and thus have my bill of sale as documentation for the value, plus there is nothing extremely rare or unusual about the car (except, of course, that it's an '83 Ferrari). You are more likely to find an agreed value policy at a specialty car insurer.

 

I have all my cars under State Farm. Quotes have been very reasonable. No real restrictions on use (<7500 miles per year) and problem-free claims service the couple of times I needed it.