Insurance Questions

Explain what's a umbrella policy ? Also with companies like State Farm can one get agreed value ?

 

Thanks for info Neil.

 

Maybe I missed it but how old are you and how many accidents/tickets?
I'm 32 male no tickets/accidents and pay around $1300 a year for my Ferrari California and a bit over $1200 a year for my Lamborghini Gallardo with 250/500 limits. Not are secondary pleasure vehicles with $500 deductible.
I'm with State Farm, they were even less than USAA for us.

 

I'm older 2x which explains why mine are below $1k with same limits at State Farm.
Anyone want to comment on collector vs second auto w.r.t. taxes?

360 is the next 275GTB

 

OP - you got lots of replies here, but please also do a search in a few forums here (don't forget to try the general section). This has been covered many, many times before and you will find plenty of info there...

Also, its awfully close to meaningless to compare premiums with other folks on here. Age, driving record, state, zip code (I think this is still legal?), how many cars you own, how many drivers you have in the household, usage of the cars, miles driven, work commute, age of the cars, value of the cars, coverage limits, deductables, multi-policy discounts, etc all have an impact (and probably some stuff I'm forgetting). You can really only compare to your own similar coverage quotes from vendor to vendor. Perhaps in some "very general" way you can get some insight by looking at others, but really its not even close to helpful unless you go thru each of the items I listed and they are the same for another person...

 

An "Umbrella" policy is a supplemental liability only insurance policy that "goes on top of" your underlying liability coverage.

Example: You have the typical max $500k liability on your auto policy. You then can get more liability coverage on top of that by purchasing the umbrella. You only buy 1 umbrella and it goes on top of all of your house, cars, boats, etc.

Many people have umbrella's that range into the millions of dollars. They are pretty cheap all things considered. I wouldn't consider *not* having one if I owned a Ferrari (or even if I didn't).

 

Not sure which companies offer agreed policies. You will have to check. Also, there are agreed value and stated value. I can't recall the differences, but its been explained here before (search f-chat if curious or google it).

 

You need to carry the maximum auto coverage on every auto with a USAA blanket policy. I pay an annual fee of $900 for $4M coverage on two homes, five cars and sleep very well at night.

A good investment advisor will tell you that you should consider an umbrella policy.

You also need to keep in mind that USAA pays out an annual divided (tax free) from each member's subscriber account when comparing insurance rate quotes.

Sent by incredibly fast electrons

 

Thank you for all the input guys.
Yes, I do realize there are dozens of factors when it comes to rates.
I was looking for more ideas on different companies to try that actually will insure it.

You're right, I forgot to add that into the original post.
I'm in my early 30's, no tickets or accidents in the past 10 years.
Only driver in the household, and will be insuring two vehicles.

 

State Farm is $1100/year full coverage on 2003 360 spider, as weekend driver, fourth car.
Interesting is that rate includes coverage for my 22 yo daughter, they wouldn't let me exclude her as a driver, even though she has no interest in learning to drive a gated six speed...crazy, I know!

 

State Farm $860 / year agreed value, collector policy, no mileage or use restrictions

 

I use Leland-West Insurance for my 360. Agreed upon value, with 6000 max miles per year.
It is the cheapest I found. Go on their website "www.lelandwest.com" and you can get an instant quote, with whatever options you want. Worth looking at.

 

Found my best rate with AIG Private Client Group, and have been happy with them over the years. Currently have my Ferrari, Lamborghini, Porsche, Maserati, Nissan GTR, M3, wife's VW, and my Ram 3500 dually at just under $10k/year through them. Clean record, no accidents/tickets; but in one of the highest insurance rate parts of the country. Very happy with my rates and experience with them.

 

I think pPogressive's maximum stated value is $150,000

 

+1 and I would use them for everything, home etc. They will not be the cheapest likely, but buying cheap insurance is like buying cheap sushi. Probably a false economy.

 

It looks like newer Fcars wouldn't be eligible for Grundy WW based on an excerpt from their "Eligibility Requirements":

"Corvettes, Porsches, Ferraris and other Exotics 1974 or newer are not
considered unless part of a “collection” of collector vehicles or are legitimate
collectable show cars (not show off cars)."

 

That must be a new rule ...

 

TheInfamousDrew - I spent my career in the insurance brokerage business and many of my business clients had a wide variety of exotic cars. The truth is that it is very difficult for an individual to comparison shop insurers because all brokers do not have access to all insurance markets. Also the lay person really does not have the skill set to do an apples to apples comparison even though some think they can. The policy forms are not all the same for the various insurance companies. Insurance shopping is certainly not Rocket Science but there are many complexities that are not readily known even to fairly knowledgeable insurance sales people. They will know generally the insurance products of the companies they represent but will have poor or nonexistent knowledge of their competitor’s products or their underwriting acceptability or requirements.

Basically there are markets for regular DD and markets for collector cars. Some of the DD insurance markets write the lower value exotic cars Ferrari, Porsche, AM, RR, Bentley etc. That will vary from region to region and also depend on the owners driving record and use of the vehicle. But when you are talking about "high end" collector or limited production exotics you need to go to the specialty collector car market or if you want to get "agreed value". Most of the regular DD insurance markets do not offer agreed value only Actual Cash Value or Stated Value (which is really no good). Also many of the DD auto insurance companies may only be accessed by a company agent or employee – AAA, Allstate, Farmers, Gieco, State Farm & USAA (direct writing companies). This makes comparison difficult and tedious at best.

The alternative is to go to a fairly large independent regional brokerage firm who has access to many personal lines insurance companies. They will also have access to the specialty collector auto insurers – Grundy, American Collectors, Hagerty etc. that way they can get comparable quotations. Then it would be up to the individual to get their own individual quotations from the direct writing insurers to explore those markets. Most (maybe all) of the direct writing companies do not offer agreed value coverage. When there a lot of the model vehicle produced the agreed value is less important and actual cash value may be acceptable. However when the model is a low production vehicle it is more important for agreed value as actual cash value may not be acceptable because of the thin market and difficulty in obtaining parts for older collector vehicles. Also it is important to have the agent oversee the placement of the Personal Umbrella excess liability so there are no gaps in liability in the event a collector insurance company is selected for the exotic autos and a regular insurer is selected for the DD vehicles.

 

Grundy collectors insurance. Great rate

 

Going to be hard for you to compare to others here for several reasons. First, insurance companies generally have different legal entities by state and sometimes several in one state. Insurance regulations also vary greatly by state. Where you live in the state can also impact you. For instance, if you live near the water where flooding can be an issue and traffic is an issue, your rate will be very different from someone 50 miles away in a rural area. In fact, they might not insure you and will insure the car garaged in the rural area. Layer on top of this, driving records, other drivers in your household, their records, credit reports, other insurance you have with that carrier, all these things factor in.

Good luck. My point is, a company may be willing to insure your next door neighbor but not you. With that, do shop around because another company may evaluate risks differently and be OK with you and not your neighbor. You may have two tickets and a Ferrari and one company might not like that. Your neighbor may have two kids under 20 and another company may be OK with you, but not te kids......GOOD LUCK. Realize this is probably not helpful finding insurance, but the background might be helpful.

 

Just read Randkin's post. Good thoughts and good suggestions.

 

I have Grundy. I first got them last year I had two cars under there insurance. The Ferrari and my Corvette

 

Drew thanks for write up . Only thing to consider , hoe much will you drive your car and where? I went with state farm because it didn't have mileage or use restrictions. One year I may drive 5k+ miles next maybe less than 2k. Plus I go to cruise night pick kids from school go the gym go play hockey . So I didn't want restrictions which I had with Grundy.

 

Are you sure travelers won't insure the car in South Carolina? I live in California and I just switched to farmers after Progressive jacked up my premiums without an explanation.
My policy has my car listed as Ferra N/A and the vin number, it looks like the brand Ferrari isn't listed in their system but my agent called and got the car insured only with the approximated value of the car, just saying it might need an extra step.

 

Not my experience. Easiest way to confirm is to call Grundy or use their online quoting tool. Generally, as long as you have a garage to store your car, and can prove you have a daily driver (provide registration) then you are "good to go" with them.