Hi- I’ve done thread searching but usually the responses are companies like Chubb for agreed value. Since my 488 is a (heavily) depreciating asset, I’m not interested in very high premiums for agreed value. In the USA, do any of you have low premiums with a 488? I have State Farm for everything (house, umbrella, personal items, etc.) and they recently got rid of the “drive safe and save” in California so there are no more low mileage discounts. So my 488 insurance spiked 2x to $2000/year despite only putting 1500/miles on a year. I tried most of the other companies (Progressive, Nationwide, Geico, etc) and they all either didn’t insure Ferraris or had an unpublished “total car value” that I exceeded so wouldn’t offer insurance. Thanks!
I don't know California's rates, but $2k is more than reasonable in Texas. I can't find anyone who will beat Amica. Every few years I shop around, but nothing comes close for a multi - house multistate policy. Sent from my Pixel 4 XL using FerrariChat.com mobile app
If you put 1500 miles a year on it why bother insuring it at all? It's not like your life changes in any critical way if you didn't have the car. Just get any compulsory liability and self-insure for collision and comprehensive.
From this small (but possibly representative) sample it sounds like I just had a great deal before and now it’s just back to normal. Dropping collision and comprehensive is an interesting idea. I’ll do the math to see what the difference is. Liability limits are high due to umbrella needs but it may still be worth it.
I'm in NJ and like you with State farm for everything. I pay 2200/year for 7500 miles/year that's with 7 cars insured with them (1 Bentley, 3 F cars, 3 Mb's)
Not in the states but I believe it’s crazy not to do agreed value be of the depreciation Why under insure ? If you have a write off you will loose much more than agreed Either way insurance I feel is based on what you get rather than premiums alone and that you will only find out when you make an clapim unfortunately
All of car insurance is a bet (at a loss, as insurance companies are profitable enterprises) where you’re saying that you’d rather pay a set amount now because the risk of a catastrophic event would be more painful. You don’t do “agreed value” above the actual value usually since that’s just taking a (loss-making) bet that you never hope to cash in. I insure some high-end watches mainly because in the event of a robbery I don’t want to be tempted to resist - I’d rather just hand everything over to not escalate the experience. Could I handle the loss of them without insurance? Of course. But this way, I feel more comfortable. Using similar logic, I don’t have life insurance - I am “self-insured” with assets. There’s no decision point there, so no need for insurance if your family will be fine. Car insurance is in between - although I could handle a loss, if I wrecked a 488 without it being covered I probably wouldn’t rush to buy another one. So it’s all about balancing the payoff-after-accident with regular premiums. Agreed value would provide a payoff higher than that value, but in the event of a totaled car I just want a new car, not some higher payment. So it’s overkill IMO.
I paid a small premium, maybe a hundred bucks, to add liability up to $500k where the umbrella kicks in on my 458. I already had liability only on 4 other cars.
The problem is not you but the other drivers that are not insured to pay for your car when they damage it. Uninsured/Underinsured Motorist is the important thing to have but my policy will only give me $100k on that and collision and comprehensive. Can't get more than that, I have tried.
My research said UI is a total waste of money as long as you have full coverage (comp/coll) on the car and good health insurance. I even called the Texas state insurance commission to make sure and the woman I spoke with confirmed. She said that if you don’t have UI coverage and get hit by somebody underinsured, you would just have to claim on your own collision policy, and pay the deductible. UI just prevents the deductible and the claim on your own policy, but costs significantly more. Unless my info is wrong, I see no reason to pay it. Also, I think the stated value policies are overrated too, unless they’re cheap. I had a 360 that was totaled in 2007. I was paid more by the insurance payout than I had bought the car for, including tax. Just a standard Farmers policy.
For a 488, $3700 in Westchester County, NY, unlimited mileage with State Farm. Above entries make me think I'm paying too much. Inquired about stated value, but no one would offer it along with unlimited mileage.
My wife got rear ended in our 2015 Range Rover Sport two years ago and the driver wasn't the owner of the truck that ran into her. It was a Toyota Tundra and our car was totaled. I didn't have to pay any deductible and the insurance company paid me $65k for the car about a month later. I am not sure what they covered it under but I had all three, comprehensive, collision and UI. My wife was transported but she was OK. I am with Farmers too. It took over a month for our insurance company to find the owner of the truck because they lived in Louisiana. We couldn't find an accident attorney to take my wife's case and yet when my wife just fender banged a maid in traffic who then proceded back into traffic only to be hit at high speed by an oncoming car, the maid got an attorney and our insurance paid out $75k. The maid's attorney claimed my wife pushed the maid's minivan back into traffic which was false. The amount of outright lying that goes on with people in accidents is ridiculous and it's mostly the attorney's and adjustors that do it. In that case the car that hit the maid going 30 did most of the damage, my wife bumped into her at about 5mph. Just glad we had plenty of coverage. My rates are crap, I don't even want to mention them here.
