Grundy thinks 458 is too new to insure!?

Have you checked with good ol StateFarm? Have had them for years. Great rates and they insure everything.

 

Insurance on these high end exotics is sketchy. Better to bite the bullet and go with the specially insurers (like AIG, etc.) that have agreed replacement values and tons of extra liability if you can afford the rates and think its worth it. Otherwise, several common carriers will insure your two cars if you have a history with them and it will be a fraction of the cost until you start upping the miles/year to unlimited. The actuarial tables drive the probability of loss so the carriers know the individual tipping point. Nothing a high premium policy can't resolve.

 

I have 3 high end cars with AIG
All agreed value and I think premium is pretty good, also with no deductible on the cars
Yearly premium on all 3 cars 4,600
Agreed value for all 3 is 1,650,000



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What about the additional policies they surely added to the car policies? Such as the famous umbrella liability policy for those greedy ambulance chasing lawyers and lousy uninsured motorists, home bundle with high allocation for artwork, jewelry and cash, and the other auto bundle. Its my experience that if you add it all together the costs are much higher than average carriers offering the same/similar total bundle policies. I turned AIG down because they more than made up the difference on the bundle. I have the 2013 F12 appraised at $420K for $1300/year and just added to the existing insurance. Used the saved money to keep the car CPO mechanical insured which to me made much better sense. Others may disagree but my carrier has been excellent handling claims on high end cars.

 

That's very good rate. Who is your carrier and where (state) are you? Thanks

 

I had the opposite experience when switching from regular mainstreet insurer (Allstate, but also shopped the others) to Chubb/AIG/ACE type insurers. The bundle was far cheaper (iirc, I saved over 30% by switching from Allstate to ACE/Chubb):

I switched from Allstate to ACE (now Chubb) when I got a Ferrari several years ago. The total for my homes, cars, etc was far lower with ACE and I got agreed value on the cars. I was surprised by that outcome. I've checked each year at renewal time and Chubb (they merged/bought ACE a while ago) is still far cheaper in total.

Made one claim for a windshield on the Challenge Stradale and it was handled quickly and without any effort (at $4000+ for a windshield, that's good service!).

With the strong caveat that rates are simply un-comparable due to differences in location, age, # of drivers, driving records, cars, values, coverage amounts, etc, I can say the Ferrari with agreed value of $225k was $1200/year with $500k liab (I have an umbrella on top of that) and $1000 C&C deductible ($0 glass). I had two cars on the policy (the other was a 2013 Jeep GC with similar coverage for $450/year). No other drivers, clean record.

Btw, Allstate (who I had been with for 20+ years) wanted over $2500 for the Ferrari without agreed value! Thus causing me to shop around and make the switch. The truly surprising part was that each policy was cheaper on ACE/Chubb and thus the total was thousands less. I also shopped the collector insurance companies and those policies are a total joke. Limited miles, some crap about the car being "collectible" and used for "show" and yet the cost was far more than a straight up policy with ACE/Chubb.

So...ymmv. (will vary actually)

 

Chubb and AIG would not insure without the additional umbrella and bundling of home and auto. My carrier is Erie (I think they might be local to MD) and I'm old-ish and have had the same insurance rep for 35 years. Put my whole family on the policy when they were growing up. Now its just my wife and I and no at fault stuff and no tickets (knock wood). I forget which one it was, Chubb or AIG, but they were also quite curious about me driving a 740HP car. Wanted to know my history with high performance vehicles! (I raced motorcycles in District AMA for over a decade and grew up building muscle cars along with owning modern high performance V8s). They both did offer a policy in the end and I thought that I had to go with either one because I assumed Erie would not insure. Then I asked my agent and he just added it while I was at the dealership picking up the car. Its way cheaper for the car itself and I don't want (and never needed) the excess coverage mandated by the others.

Makes more sense to save the cash for mechanical issues especially on V12 cars. Stuff will break when eventually out of warrantee (not a question) and it will be costly. I am currently replacing the battery in my F12 and I have the front and mid bottom covers off as I detail every inch of the chassis, suspension and engine. What a machine! The engine block is a locomotive and takes some time to get used to being under it. The dry sump with its pump, reservoir and plumbing is pretty exotic. So is most everything under there. I count three radiators. If you've seen what I have under there you might be self insuring for what will happen rather than over insuring for what might.

 

Your definition of "excess" and "mandated" is some other folks "required, smart and common sense".

First, Chubb/ACE have been far cheaper for my homes than the mainstreet insurance companies. So having it all with them was only an upside.

Second, I've had liability umbrella for as long as I can recall (well before I had exotic cars). Fwiw, my umbrella is $700/year. I saved over $1200 on the Ferrari insurance alone, so even adding the full cost of the umbrella, I came out ahead. Many (most?) folks with the financial situation to afford an exotic car choose to have an umbrella, rather than feeling that an insurance company is trying to take advantage of them.

(you mention "other policies they make you take" - I had no such experience. I have had some jewelry and wine collection insurance at various times over the past 20 years, but since I got ACE/Chubb I haven't had any. They only quote me what I want and I can drop any one policy and it didn't impact the others. I've dropped homes, I've even dropped the umbrella for a couple of months when I didn't have any exotic cars. It was no problem. I'm a customer of theirs and can tell you my first hand real customer experience with them for 8 years now).

You obviously had a bad shopping experience with AIG or Chubb. Ok, got it. But, Chubb and AIG are among the very best insurance companies for folks with wealth, exotic cars and high standards. The fact that they can be cheaper than alternatives is a mind-blowing pleasant surprise (it was for me). That doesn't mean they will be the cheapest for everyone, as we all know insurance premiums are maddeningly situational. But for me over the past 8 years since I found them, I've been getting the best, comprehensive coverage at the lowest cost. That's a win and a win. My point in posting is solely to encourage readers here to check with them. I would have stuck with the "well known" mainstreet carriers or whomever my agent recommended. But, when the Ferrari caused a massive rate increase with my original carrier, and the specialty car insurers were no better, I was desperate and did a comprehensive search. I've saved many thousands since then and have far better coverage. Hopefully other folks here will find the same.

 

Go to Haggerty Ins and request the private client group. I have 12 cars and 50 motorcycles insured under one policy. My 458 Spider is on that one. Excellent service, coverage and pricing.

 

I hear what you are saying and have no issue with it except the slight tone of snobbery. Like you, I am just stating my circumstances in an effort to help out an FChatter. Folks should check all avenues and decide from there. There is no honor in overpaying - well maybe for the car if you really want it