288 Insurance

Insurance may not be as bad as you think. But it'll depend by state.

I pay about $2700 per year for my f40, in Florida. but I have very high coverage limits. I use Chubb. No mileage restriction. I have Agreed value coverage (which is key). I also have the right to choose any shop if damaged (also key), and right to buy "remains" if car is totaled.

I chose chubb because they have my umbrella policy. I feel haveing the autos and umbrella under 1 company will make things simpler should I ever need it

A friend In Illinois paid about 1500 for his F40 with State farm. I don't know the details. Didn't check SF rates in FL for my car...

Simon

 

Rates are complex (I'm not an insurance expert...) But

NY rates likely higher than central florida. Florida higher than the midwest...

Rates for different cars also vary based on the liability in addition to the value. F40's /GTO's/F50's etc may be relatively low cost to insure in relation to their value as they are seldom driven on the street therefore rarely incur a loss. I think a 360 is likely to cost more to insure (no data to back me up)

As for your scenario of some 18 y/o hitting may car...
That's what I meant by high limits. I made sure I am covered in all scenarios (i hope). I.e, if an uninsured/underinsured driver hits me and it's his fault my company pay under my uninsured/underinsured portion of the policy. (make sure that is set high enough to cover the value of the car plus extra). Most people don't have limits high enough to cover a 400K car, so your own policy almost certainly is going to pay a big part if the car is totalled...

Also deductible does change things quite a bit. I set mine at $5K. I think this saved about 750-1000/year (guessing at this point). I do remember thinks were a lot higher with a $1K deductible.

Simon

 

By having a $5k Deductable you save more like $2500k a year. For example I pay $2800 a year for my 99 clk 430 with a $500 deductable if I went to a $2500 deductable it would be like $1300 IIRC.
Erik

 

As a side note to this conversation, AAA is now offering classic car insurance to it's members. They give a wide variety of options including agreed upon value of your car.

Competition is always good for the market. If you're a AAA member it might be worth checking out. You can never have too many quotes.

 

Had insurance on my 1986 testarossa, paid $1060 a year as a fourth car on my insurance policy. car caught fire in 2004 they paid out $61500 after taking off my $2000 deductable and I bought the car back for $500 bucks. just bought and insured my 1998 f355 spider insurance as a fourth car is$1468 no limits and a $1500 deductable and just for curiostiy, I could save $25 bucks by going to a $2000 deductable! no thanks. and by the way got quotes for stated value from hagerty at 80000$ 1470/year grundys1150/year and classic automoblie ins 1388/ year. all of the three where i thought i would save money were very limited on driving. good luck