If you were to go into the market to replace your car, I think you would struggle if you had less than £100k in your pocket. Even with £120k it could be tricky. But Adrian Flux would not get close to these numbers. All Chaucer, the underwriters, came back with, was that I needed a professionally fitted alarm fitted to the garage if they were to continue insuring the car. I am mid policy, so Adrian Flux switched me to another insurer who didn't have this requirement. But I am still massively under insured. Needless to say I will go elsewhere when I renew. Their valuation process is a joke and showed no understanding of the market. I gave them all the info, links to current adverts and auction results etc I also spoke to A-Plan but they were absolutely toilet! Please let me know how you get on, by PM (private message) if you prefer. Good Luck!
Hi I have just switched my insurance on my 77 GTB from Locktons to Hagerty, and they had no issue with a £120k valuation backed up by the local dealer that stores the car for me. I agree with Andy, that it is only going to get increasingly difficult to replace quality early steel 308 gtb's at a price below this, especially in RHD (must be far less than 200 left in the world now, after all). BR, Jez
Hi Jez, Many thanks for the info ..i will also give Hagerty a try. Just waiting for my current insurer to get back to me.Did you decide to hold onto the 308 in the end ?That 355 is looking nice too! Brgds
I didnt have any problem with Footman James and 75K GBP. But a friend who also has an 89 328 has his insured for 85K on the Ferrari Owners Club Locktons scheme and is paying much less than me so I will likely switch to them next time.
Hi, after years with Hagerty I recently switched to Grundy for my '88 GTS. Saving approximately $500.00/year. Couldn't be happier.
Hagerty just significantly adjusted my renewal up as well, will be switching as a result. I did some competitive shopping and found that I can get higher levels of coverage for significantly less.
Hi Andy, In the present market, I think you are under insured - but I guess that depends on the definition of 'value'. It is all a bit arbitrary for me, I've had the car 17 years and never claimed - I hope I never will...
Greg, I too also want to switch to Grundy insurance. I've gotten a quote from Hagerty and American Classics and Grundy has the best quote of guaranteed Value for $80K Is this a good company, can anyone lease tell me more about Grundy Insurance? Thanks.
Did you switch? I am following up with Grundy to confirm their quote (about 15% less than Hagerty) to obtain a higher agreed value than what Hagerty will currently allow me.
We went through this recently with a couple classic cars..... including the 308's. We use the same agency (Advanced Insurance Agency in Del Mar/Solana Beach are of North San Diego. We had stated value policies that are really reasonable.... Like $120k for under $1k year. We recently referred a notable TV automotive show and they turned around and insured 15 +/- cars on the spot through Drew and Dave there. They have really worked hard with us over the past year to iron out to big range in discrepancies in classic auto insurance! Hutch
Stated value is useless if you are after a fixed value for a car if it's a total loss. In the case of a total loss a stated value policy pays either ACV or the stated value, which ever is LESS. Agreed value pays in full for a total loss.
Hagerty in the UK have a valuation tool that you can use. Numbers are based on their research of sold cars.
I have a long list of cars with Hagerty for better than 10 years & with no claims. When it comes up for renewal, I want more coverage for less. If they can't I'll be shopping.
My 88.5 328 GTS is insured with Condon Skelly, up until this year for an agreed value of $50k. This year I bumped up the agreed value to $100k and they were happy to oblige. Premium @ $100k value is $358.04/year with max liability limits.
Today, I increased mine from$75K Agreed to $95K Agreed (with Grundy) and they didn't even blink. 12 month policy was $631. Hard to imagine that come spring / early summer, this could increase (again) to be north of $100K.
Any difference on driving limits with Grundy vs Hagerty? Been with Hagerty for about nine years for three of my cars. Should adjust my coverage, but maybe should look at options. I want to be able to drive my cars, not just to go to a car show…….
I don't know what makes the difference but Grundy told me since I'm in CA, I have unlimited mileage which I think it's nice.
I don't remember being told of a driving limit, but, I'm usually under 2500 miles a year anyway. The policy cost was a huge difference though between Grundy and Hagerty.
Anybody hear of a good umbrella policy or supplemental? I like that I've been with my ins co for decades, but I'm certain they are not keeping up with the wild appreciation. Prob with these collector car companies is a run of the mill incident like comprehensive will have a 5000 deductible + 10%, or some other wonderful caveat. My deductibles are just 100.
I have $0 deductible on collision and comprehensive with Hagery, I think other collector insurance specialty companies are the same. Also, they will find and fit correct OEM replacement parts for you and understand the value and emotional attachment we have to our vehicles better than "State Farm" or another, normal insurance company. One important note that has not been mentioned: I carry high dollar liability + umbrella , not the minimums, if you are driving a Ferrari the perception is that you are rich and likely to get sued for big bucks if something unfortunate happens. I am going to shop mine with Grundy at renewal next summer. Alden
You may want to read your policy (something very few people do until its a bit late). Many policies have mileage limits of 1,000 ; 3,000 ; or 5,000. If it looks like you will exceed the limit, before doing so contact the company and many will charge you accordingly and you will be covered. I don't believe umbrella policies are designed to keep up with the appreciation of your vehicle. I have a copy of a client's umbrella policy on my desk, and so I briefly checked to see if any provisions looked like they would cover loss of an automobile, and none looked applicable (things could be different in your own home state). In addition, the coverage to watercraft and atvs was rather limited maybe $5-10K. I am guessing that the company issuing the umbrella, believes you will deal adequately with comprehensive and replacement value for your vehicles (if they are classics) as they require you to carry a bodily injury coverage limits of $250,000/500,000 (rather than just the bare minimum). So if you have a collectible car get collectors insurance with an agreed upon value. The umbrella coverage for automobiles dealt mainly with providing coverage to protect you in the event, you injure someone and it is determined (through settlement or jury award) that the value of the person's injuries exceed the $250K/500K auto policy.
