Insurance

I got State Farm for my 07 Ferrari 612 (and Hyundai daily), with the car classified as occasional use and full coverage. The cost was 1/3 of Geico's, which I had been with for 30 years with a clean record.

So, based on my experience so far, you should be in good hands (sorry, Allstate) with State Farm. So, why not insure your Ferrari with them and cut Hagerty out all together?

 

Sean, there are as many threads about insurance as there are on timing belt change intervals. There are as many opinions as well. You will do well to search this site for the hundreds of threads on insuring a Ferrari. You have already done something right. You shopped. You are probably fine with your State Farm policy because at least it is coordinated with the rest of your coverages. Many here are so worried about the physical loss exposure that they totally ignore their liability exposure. I don't know about you, but I often go on drives where there are easily more than $5 million worth of cars and even more than that in lost income among the drivers of those cars. Many of the specialty carriers do great on physical damage, but are weak on liability coverage.

Your best bet is to enlist the services of a knowledgeable broker who can shop for you and ensure that you have all of the coverages you need for all of your vehicles and properties for the best price.

There will likely be several well intentioned posts to follow from guys from Atlanta to Anchorage who buy their insurance from XYZ Company and they are great. They probably are fine companies. But unless the person giving you advice has exactly the same exposures as you (ZIP Code, driving records, types of cars, miles driven, type of house, number of kids and dogs), their advice is worthless to you. There are several hundred insurance companies in America because they all have different appetites. You want to find the one that wants you.

 

Like all insurers, Hagerty has a profile they are looking for. You fit it or you don't. That's why they can charge what they charge. Their model works, but only if they stay true to it. I changed insurers on my HO and auto simply because my daughter moved back home and drives a BMW. Those two factors completely blew me out of my prior carrier and had nothing to do with my Ferrari.

 

Odd that you were declined. I guess I fit the profile? I had to fill out a "high performance driving resume" for a 20 year old 320hp Ferrari for their underwriters.

 

There are literally a dozen or more specialty insurance companies, I use Grundy, they are all a little different and thier underwriting guidelines actually change fairly often depending on their current growth statagy. Bottom line-check them all

 

I went with Allstate who takes care of my other cars and motorcycle. Hagerty was $14 less per year then Allstate with a ridiculous mileage limit, i think it was 5,000 miles/year, Allstate put no limit on mileage.

Yeah, there is the issue of what happens when i get in a accident, I think Hagerty would be better there since you insure with a set value up front and with Allstate I will have to argue but I was not about to settle for a limited mileage policy.

 

I use Allstate as well. The coverage on my 02 360 Spider that I just bought was less than my premier for my 02 996 Turbo that I sold to get the Ferrari. I have both my Cayenne GTS and Ferrari on the policy.

When I asked, my Agent told me that even though the Ferrari is more expensive to repair, there are a lot more Porsche claims then Ferrari claims. Don't know how true that is but in either case it was like $300/year difference between the two cars.

 

I recently ran a thread about this over in the TR section, lot's of good info. I was also turned down by Hagerty two weeks ago. Went with JC Taylor, through my Farmers office.
The process seems unduly stupid IMHO.
https://www.ferrarichat.com/forum/boxers-tr-m/432458-insuring-tr.html

 

Hagarty insured my '93 RX-7, but they would not insure my 355 for the same reason as you - my daily drivers are not new enough. Kind of insulting really. My daily drivers are a 2002 M5 and a 2006 A4. I don't want newer cars because I don't enjoy the depreciation hit; I don't know why this makes me a bad risk.

I went with metlife, who ensure the other cars. The cost was reasonable, but there's no agreed value policy like there was with Hagarty.