Insurance recommendations | FerrariChat

Insurance recommendations

Discussion in 'Mid-Atlantic Region - USA (PA, DE, MD, DC, VA)' started by ztarum, Nov 13, 2014.

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  1. ztarum

    ztarum Formula 3

    Mar 30, 2008
    1,302
    South Jersey, USA
    With the market changes in the last few years I want to increase the coverage on my 308. My current insurer has great rates, but they won't move up to a reasonable number for agreed value that is more in line with market conditions. As a results I am shopping for alternatives.

    This would be for a single vehicle collector car policy w/ agreed value and restricted mileage use.

    Any recommendations? Any experience with Chubb? They seem to have competitive rates.
     
  2. JoeZaff

    JoeZaff F1 Veteran
    Owner

    Aug 5, 2007
    5,459
    Philly suburbs
    Full Name:
    Joe
    I am a Hagerty fan for life, their rates are competitive and their service impeccable. They really stepped up when my Mondial was hit. That being said, my Mom used Chubb for years and they were simply amazing...
     
  3. VGM911

    VGM911 Formula 3

    Apr 8, 2007
    1,379
    New Jersey
    I've had good luck (and good rates) with Leland West.
     
  4. toggie

    toggie F1 World Champ
    Owner Silver Subscribed

    Nov 30, 2003
    19,036
    Virginia
    Full Name:
    Toggie (Ron)
    Ztarum, not sure who your current insurance company is, but I also am a fan of Hagerty.

    About 3 years ago I had a Jaguar E-type stolen from a local repair shop.
    Hagerty was great in handling the claim.
    Once they got the police report, they sent me a check for the Agreed Value.

    I also use Hagerty for my 1965 Corvette and 1998 Ferrari 550.
    .
     
  5. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,931
    Arlington, VA
    I've never used anyone but Chubb. Can confirm their rates are great and I've heard nothing but good stuff about their claims process, although I've luckily never had to use it...
     
  6. TonyK

    TonyK Karting

    Mar 7, 2011
    124
    Like others have said, haggerty and Chubb are good. Also, Grundy which is local. Having said that, I have a classic on State Farms collector plan which had very good rates.
     
  7. ProRallyCodriver

    ProRallyCodriver Formula 3

    Oct 25, 2005
    1,250
    Alexandria, VA
    Full Name:
    Dave Shindle
    Statefarm is the worst at paying shops exotic labor rates and costs associated w/ repairing your vehicle (jig rental that every other insurance company pays)leaving owners floating the differences. Would not recommend StateFarm.

    Chubb and Haggerty.
     
  8. dlbutler

    dlbutler Formula 3

    Sep 18, 2009
    1,526
    I had my Elan with State Farm but, at the time they only offered STATED VALUE. I switched to Heacock to get AGREED VALUE. At lower cost too. I also priced Haggerty and they were double Heacock's price.
     
  9. JoeZaff

    JoeZaff F1 Veteran
    Owner

    Aug 5, 2007
    5,459
    Philly suburbs
    Full Name:
    Joe
    IMHO judge a company by what they do when you need them. Cheap rates mean nothing if they bust your b&lls on a claim.
     
  10. TonyK

    TonyK Karting

    Mar 7, 2011
    124
    True. I've been with State Farm for 20 years and never had an issue with them paying out.
     
  11. ProRallyCodriver

    ProRallyCodriver Formula 3

    Oct 25, 2005
    1,250
    Alexandria, VA
    Full Name:
    Dave Shindle
    #11 ProRallyCodriver, Nov 13, 2014
    Last edited: Nov 13, 2014
    ^This!

    All insurance companies are good at collecting premiums, few are good at paying claims. I review ~300 collision repairs per month for luxury and exotic vehicles for all insurance companies.

    When insurance shopping, compare the fine print in the policies. Many insurers will treat you exotic or collector car like its beater Honda. Look for statements regarding use of aftermarket, LKQ (Like Quality), Reman parts (refurbished from junkyard) or salvage parts. Many policies allow these inferior parts if your car is over two years old. Some insurance companies will only pay what they consider the local labor rates and include their direct repair shops which they have negotiated low by sending them work. Exotic and aluminum labor times are usually more than double this and if not careful you may get stuck paying the difference. Like I said in previous post, StateFarm (at least in my region) refuses to pay frame machine fixture rentals that every other insurance company pays.

    If you have more cars than driving family members, perhaps opt out of rental coverage because you don't need it. If you do have the rental insurance and are ever in a trainwreak where your car is going to be in the shop an extended period and don;t want to end up paying out of pocket when coverage ends, rent an econobox from the start.

    In most cases, it is not in the car owners best interest to be steered into a insurance company's direct repairshop. In many states, it is illegal for insurance companies to force you to use their shop. The advantages of using their shop is it may get done quicker due to shop being allowed to write their own estimate and supplement without waiting for insurance adjusters or independent appraisal companies. Disadvantages are your car may get done sooner. The shop likely has to pay your rental for days over what the insurance approved. Do you want your car done quick or do you want it done correctly? Direct repair shops are rated better for use of fore-mentioned inferior parts saving the insurance company $ which is never in your interests. These shops need the work and that is why they accept the insurance company's program to save the insurance company $. Outstanding shops do not need a direct repair sending them the work, they have customers based on quality.

    In most cases, going to a factory-certified collision repair shop for the make of the vehicle is in your interest. They have the correct tools, training, OEM parts, computers to reset all the increasing technological systems (lane assist, rearview cameras, SRS, headlights, .......) where a shop that attempts to repair every make won't have the correct specialized scanners. Do you want someone un-trained on your investment attempting welding on a panel when the manufacturer's process calls for it to be bonded? Have seen hacks and every other month are sent re-repairs another shop has butchered costing more than the original repair.

    Having great coverage for you unique vehicle will also save you if you are hit by another insured whose insurance does not step up in which your insurance can repair it (you'll have to pay the deductible) and then they sebrogate against the slacker insurance and once paid, you get your deductible back.

    Its not always just about paying out, its about paying to repair it correctly. Correct parts (Statefarm is the worst by approving and searching for inferior parts), removing all the necessary parts (molding, emblems, door handles, glass) prior to refinish so dirt is not present when paint is sprayed or there is no tape lines, blending the necessary panels to make it all match accordingly, .... Things many people won't notice a difference when delivered, but any trained eye will see especially if you ever sell or trade-in.

    Finding a motivated experienced collision consultant (service adviser if you must) to fight the insurance company to get everything needed to repair properly is key.
     
  12. TonyK

    TonyK Karting

    Mar 7, 2011
    124
    I guess I've never had these issues with State Farm since I use good shops who know that I know what I'm lookin at.

    So what companies do you like?
     
  13. dlbutler

    dlbutler Formula 3

    Sep 18, 2009
    1,526
    No claim experience with Heacock, but I had a comprehensive claim with State Farm in 1983 and it was an unpleasent experience. BTW, Heacock and (I assume) Hagerty are insurance agents, not insurance companies. Heacock sells American Modern Insurance Co. policies.
     
  14. JoeZaff

    JoeZaff F1 Veteran
    Owner

    Aug 5, 2007
    5,459
    Philly suburbs
    Full Name:
    Joe
    Hagerty has an arrangement where they actually handle the claims process. You deal with Hagerty start to finish. In my case, my Mondial had a small debt caused by a distracted driver... Roughly the size of a fist. I brought the car to an authorized Ferrari shop and asked that the dent be removed by hand without filler by the shop artisans. The cost to remove this relatively small dent and respray the effected area was 11k... Hagerty didn't blink. With that one act they earned my business for life.
     
  15. dm_n_stuff

    dm_n_stuff Four Time F1 World Champ
    Lifetime Rossa Owner

    Chubb and Hagerty.

    Had Hagerty on my Dino and the BMW.

    Had Chubb for everything else.

    Both offer superior rates, upside to Hagerty is there are no set mileage limitations on my policy, and it's still agreed value.

    Had a big claim with Chubb on one occasion. Got the check within 72 hours, without a chirp or complaint about the dollars needed to rectify the problem.

    I think either would be an excellent choice.

    D
     
  16. VGM911

    VGM911 Formula 3

    Apr 8, 2007
    1,379
    New Jersey
    This is also true with Leland West (re: American Modern Insurance Co.).
     
  17. toggie

    toggie F1 World Champ
    Owner Silver Subscribed

    Nov 30, 2003
    19,036
    Virginia
    Full Name:
    Toggie (Ron)
    If you go with Hagerty, be aware that their insurance offerings are divided into different groupings:
    - Classic Cars (pre-1980)
    - Exotic and Specialty Cars (1980 or newer)
    - Modified Cars (hot rods, race modifications, custom paint jobs worth over $10k, etc.)
    - Vintage Motorcycles

    My 65 Corvette is in their Classic Car group and IMHO that is their best value.
    My 98 550 is in their 1980 or newer group and the cost is higher than in their Classic Car group.

    I believe they use different subordinate insurance companies for underwriting and price quotes in each group.
    I think I got paid off by Essentia Insurance on my stolen car claim with Hagerty (for a 1970 Jaguar in their Classic Car group).

    Also, it is interesting that other people are saying Heacock and LeLand West use American Modern for their underwriting - I have my 2011 458 insured through American Modern directly (one of the few companies I could find that would insure a new 458 back in 2011).
    .
     
  18. ztarum

    ztarum Formula 3

    Mar 30, 2008
    1,302
    South Jersey, USA
    A quick rate check showed Chubb to be close in cost to my current insurance agent's offering (which is an American Modern policy), whereas Hagerty is nearly double. Thanks all for the input.
     
  19. Bobert

    Bobert Formula Junior

    Jan 17, 2004
    277
    Oak Hill VA
    I have my collection with Grundy. There rates were much better than Hagerty and others (no deductables) and I reshopped them a few years ago to make sure my rates were the best...they were.

    I chat with Jim Grundy each year at Amelia and find that he and his personnel are interested in doing what they advertise...great rates. I told Jim last year...I did not need a magazine...just good insurance at a great price! He liked that!

    I had a friend who had a claim with Grundy and he reported absolutely no issues with them or paying him.

    My dailys are with SF. I had a tree fall during the Dericho on one of my cars and D&V autobody had no problem with SF or my insistance on factory parts for the car (specifically a windshield with the correct markings). I am retired miltary and dumped USAA after 35 years as their rates were high compared to SF and my one accident which was not my fault when hit by another USAA member was horrible in getting resolved. USAA is advertising like mad because they quit treating members well on claims and are now behaving like any other insurance company.

    Grundy is by far the best!

    Bobert
     
  20. dkyranakis

    dkyranakis Formula Junior

    Nov 24, 2013
    253
    Centreville, DE
    Full Name:
    Demetri Kyranakis
    American collectors in cherry hill NJ has my Esprit and my Testarossa. Excellent rates and service.


    Sent from my iPhone using Tapatalk
     
  21. sunir

    sunir Formula Junior

    Oct 30, 2014
    758
    MD
    Full Name:
    Sunir
    Heard good things about American modern ins and Chubb. I have the autos and home and umbrella all with SF but I am shopping around for alternatives. Hagarty quote was higher, and Grundy had some sort of clause on what the daily driver had to be or something, got the worst impresion of them, just not friendly at all on the phone. Heacok/American modern and American collectors seemed good for agreed value policies for newer/exotics. All of these guys want to ensure old muscle cars for 100 bucks a year but they are different when it comes to exotics and modern stuff it seems.
     
  22. 88Testarossa

    88Testarossa Formula 3

    Sep 25, 2012
    2,450
    Annapolis and Daytona Beach
    Full Name:
    Al
    I've used USAA for almost 40 years now. No one can beat their service or pricing - six cars, two homes and a boat were all insured by them. They also have a wealth management group for investors.

    Good luck if you qualify.
     

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