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Discussion in '348/355' started by dantm, Jan 20, 2013.

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  1. dantm

    dantm Formula 3

    Nov 1, 2003
    1,104
    YYZ, BOS, SFO
    Full Name:
    Dan B.
    #1 dantm, Jan 20, 2013
    So I have a car with Hagerty; it's a 1950s MGA -- for 30K replacement value they have issued me a yearly policy for $180 which I thought was fantastic.

    I called them up to inquire about adding a '95 - '99 F355 to the policy and first of all they said that the highest replacement value that they typically have for this car is $41K for Condition 1 (best), $37K for Condition 2, and $32K for Condition 3. This doesn't sound right to me?

    Second, they said that I could get insurance for a $50K replacement if they would evaluate the car and deemed it exceeded the Condition 1 (would that have to be concours level?). Anyway -- for this they quoted a policy of $1,000/year.

    Questions:

    -- what are the right replacement values to be looking at with these insurers and cars, respectively;

    -- is there any other insurer which is better for these cars?

    Thanks.
     
  2. Rob'Z

    Rob'Z Formula 3

    Mar 29, 2008
    1,024
    Tucson,AZ
    Full Name:
    Robert
    #2 Rob'Z, Jan 20, 2013
    Grundy Worldwide

    My '97 is insured for $60k and the premium is ~$750/year.
     
  3. dantm

    dantm Formula 3

    Nov 1, 2003
    1,104
    YYZ, BOS, SFO
    Full Name:
    Dan B.
    #3 dantm, Jan 20, 2013
    How about Chartis -- were they bought out by AIG? I heard good rates by them...?
     
  4. Extreme

    Extreme F1 Rookie

    May 26, 2010
    2,515
    Northern Utah
    Full Name:
    Erick
    #4 Extreme, Jan 20, 2013
    I use Geico for my 99 GTS, is this a bad idea? I pay approx. $900 premium a yr for it.
    Would I be better off going with someone with a guaranteed value?
     
  5. darkkaangel

    darkkaangel Formula 3
    Owner Silver Subscribed

    May 20, 2007
    1,271
    North Texas
    Full Name:
    Jeff
    #5 darkkaangel, Jan 20, 2013
    Last edited: Jan 20, 2013
  6. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    12,061
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #6 ClydeM, Jan 20, 2013
    IMHO: Make sure you get agreed upon value. If Geico will do that for you, fine.
    My local insurance carrier wouldn't. They told me they'd look up the Kelley blue book. Rotsa ruck on a 308. So they couldn't tell me what they'd pay. I switched.
     
  7. dahveedem

    dahveedem Formula 3

    Mar 12, 2012
    1,603
    Maryland
    Full Name:
    David
    #7 dahveedem, Jan 20, 2013
    I went with my DD insurance. Erie. They did rate the my 348 SS, but we also came to an agreed upon value and they sent out an inspector to make sure the value was as stated.

    I'm paying about $800 a year for it.

    I did speak with a rep from American Modern Insurance company and there were competitive, but couldn't meet the multi car discount from Erie.
     
  8. dlynes

    dlynes Formula 3

    Oct 16, 2004
    2,450
    Augusta, Ga
    Full Name:
    Dave
    #8 dlynes, Jan 20, 2013
    I think it's very smart to seek a guaranteed value policy.

    I have state farm for my nsx and pretty sure they said they'd only give me $24k or so if it was totaled/stolen...
     
  9. SoCal1

    SoCal1 F1 Veteran
    Owner

    Jun 14, 2011
    8,636
    SoCal LA/OC/New Mexico
    Full Name:
    Tim Dee
    #9 SoCal1, Jan 20, 2013
    Condon Skelly

    $750 a year 65K value on 97 355

    Been using them for close to 15 years for all my toys, never got a better deal and I look every year.


    :)
     
  10. apex97

    apex97 Formula Junior
    Owner

    Nov 25, 2006
    593
    Stockbridge, GA
    Full Name:
    Edward Zabinski
    #10 apex97, Jan 20, 2013
    I have a few of my cars insured with Hagerty, but found that Geico was cheaper and added the 355 to my existing policy for about $450/year. Its not agreed value, but I am pretty sure I can win that fight if it comes to it.
     

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