Insurance - What are you paying?

I need to call Grundy as it seems I won't be driving any of my cars more than few hundred miles this summer as I won't be near them;(

 

My Toyota Rav4 and Exige is with ALL State. I drive my Exige quite a bit an Grundys was only a few hundred cheaper per year. However, the more cars you have with, Grundys, the cheaper the policy of the other cars, so I am considering moving it to Grundys. They won't insure my Rav4. This is "collector car" insurance .

 

Im confident youll save a ton . grundys is perfect for limited driving. However, the do only annual policies, not semi-annual and they do require full payment for the year upfront.

 

Here's a thread on Grundy's

http://www.ferrarichat.com/forum/348-355-sponsored-bradan/299299-grundy-insurance.html

 

I didnt call Chartis though. Sounds interesting. That might be a good one to try too.

 

Haggerty. $550/year full coverage, $1000 deductible. Limitations are no tracking the car, no grocery store, no bank, and no using it for work. It's under a "Silver Wheel Collector Car" policy. $50k replacement value, but that was the appraisal at the time. An appraisal is required very 5 years. Next due on a year or two.

 

I had my DD, 308 & 355 on NJM all unlimited use.
I did need appraisals for the Ferraris. That was easy enough.
And I liked that. Can use the cars any time I wanted. Though recently I've been driving them under 3K/yr.
Switched to Grundy for a 50%(ish) savings. But the more I read, the more I think about it, I'm not keen on their use restrictions. I'll call them Monday to confirm, but I'm thinking going back to NJM.

 

if anyone wants to look into chartis call mike Rosenberg at 212-563-5800

 

Thats pretty damn cheap. Grundys was doing me for $1100/year full coverage. Zero deductible. But agreed value was at $100k for the 355.

Haggerty wouldnt even give me a quote because i have a speeding ticket.

 

And I forgot to mention the rate drops 5% each year up to a maximum of 3 years if no claims.

 

Haggerty has no driving limitations correct?

 

Take 2 on agreed value policies. So you want an agreed policy for 100k for you F355 and insurance company ABC will write that policy. You have an accident. Estimate for repair is 50k. Let's say that if totaled salvage value would be 25k. They repair your car and now you have a car worth ???. They fix it because what they would pay you if they totaled it less salvage value (100k-25k = 75k) is more than the 50k repair.

With regular insurance, they look at the car and see $50k damage. They thus total the car and give you a check for fair market value which is most likely more that you could sell the repaired car for. Probably in 70k range. They total it because what they pay you less salvage value (70k - 25k = 45k) is less than less than the 50k repair.

Which would you rather have? A heavily damaged and repaired F355 or $70k cash?

Part of the point here is that just because you can insure your F355 for 100k doesn't mean you should.

 

Good point.

 

Thank you.
My renewal says nothing of the such. I was about to dig out the original policy from last year or go on-line & see what it said.

 

Sure but you're at Thier mercy as to what the fair market value of your car is. You're saying $70k but what if they tell you your car was only worth $30k and that's all they at willing to pay? There are not a lot of published price guilds for these cars out there and the ones there are can be pretty far off. Isn't a hagerty #1 condition car valued around $56k? You think the insurance co is going to look at that at offer you $70k for yours? Not likely. Any who decides what condition it is? Maybe they think it was a 3. Etc etc etc. I'd rather just have a value agreed upon by both sides up front.

 

You are not at their mercy. I know in my state, and I would assume others, there are regulations of how cars are evaluated for total loss, 1) to protect the owners and 2) to prevent insurance companies from suing each other over disputes in value and tying up the court systems. And they do take into account things like if you have major repairs done with in the last 6 months or so. Speaking from experience here. Additionally, you do not have to accept there evaluation. My "normal" policies states that you have the right to have you car independently appraised and submit the appraisal to arbitration.

Furthermore, if insurance companies believed the Hagerty evaluations in the first place you would not find anyone writing agreed value policies for an average 355 with a greater agreed value.

The other thing to remember is that while a lot of 355 owners like to think their cars a special being worth 75 to 80k. In truth 75-80k cars are pretty common these days. A new BMW M4 can reach 100k.

As for Hagerty, even NADA has a 1999 GTB listed as an $85k car at high retail and a 95 B at 71.4k. A 95 spider at $78.8 high retail.

 

Looks like I might need to update my Agreed value ($57.5).

With American Collectors Ins:
300K/500K/100K Bodily injury/ Liability, 2,500 mile annual mileage limit --- $850.26/year

 

Check out Leland West Insurance. Their website will give you an instant quote. I have my
308GTS and 348ts with them. The cheapest rate I could find. Sorry, Hagerty is a ripoff.

 

93 348 Serie Speciale - State Farm through my business. $840 per year. Guaranteed "stated" value of $99,800.

 

I went to their site and got a quote for my 308. $1037 with $100k value. That's a joke. If I lower the coverage to $50,000 value it's still $638, That is still twice what I pay from Liberty Mutual for a "actual cash value" policy with the same limits on liability, comp and collision.

Same thing on my F355. LW wants $1014, LM $499.