Yikes, I have a very beautiful 575M and i love the car. I had had a 456GT in which i have a freak accident last year and that car was totaled.... Due to another freak circumstance my former insurance company cancelled me due to "non payment" but they never contacted me in any way, although they said they did. Bottom line they refused to reinstate or issue a new policy because of last years accident. ( The car suffered relatively minor damage , but the airbags went off, and that insurance company decided to total the car) So the companies that have turned me down are American Collectors, Hagerty, and several other big name companies I have contacted Grundy , they have to get back to me,, Question: Anyone have other "enthusiast " companies with reasonable pricing? Or does anyone have any ideas... If i can't get insurance at a reasonable price ~1500-2000 vs 5K + i will probably sell the car, which i don't want to do
So just to understand the facts….Let’s say your 456 insurance carrier was Geico. You totaled the car and they took a huge bath on the loss….a mid six figure loss when you paid less than $20k in premiums? Then they cancel you after you buy a 575 and miss a payment? I’m assuming that the circumstances around the 456 accident probably have something to do with it. The problem now is that you are a known high risk owner so finding a company to take the risk should be high unless you are willing to have a $30-40k deductible.
Does the provider of your home owners insurance and your daily driver(s) not provide a reasonable rate?
the policy closed on the 456 when the payout was made, about 6 months later i bought the 575 , got coverage from American Collectors. I thought it was on Auto Pay, ,, but they say they dont do that i issed 6 months and i never heard from them. oh yes, they refused to cover me because of the accident the accident was very unique, and i always wanted to discuss it here, it was weird,, to say the least
I offered to drop the collision and do Liability only, i would take the high deductible as well. no luck
Details of the accident please if you are willing to share. I had a similar issue yrs ago with The Rogers rate ppl. My friend was driving and totaled my California. My insurance paid out and 6m later cancelled all my auto policies (kept the house). geico and progressive were willing to take me at not much of an increase from what I was paying.
Tell ins co to pound sand. Take everything to a new one. You probably have daily drivers so you should be able to get Ferrari ins usually limited miles which keeps cost down. Personally I do liability only on all cars including new purchases. Over the years the premium saved have netted me many free cars. These thieves pay actual cash value and you always get screwed in a loss. So I just buy absolutely only what I need.
You may have already tried, but I have my Viper and 456 with Progressive... good premium, no mileage or use limitations.....
Sorry to hear - it sounds really frustrating. FWIW- when I bought my 575 last year, I reached out to Hagerty, but they wouldn't pick me up bc I had not owned an exotic car before. I have my daily cars through USAA and was able to get my 575 insured through them for around $2000/year. Now that I've owned the car for a year, I am switching it to Hagerty, which is cheaper and more tailored to the collector/enthusiast owner. USAA has slipped a step or two in recent years, but they are still pretty great to deal with. If you are eligible for USAA, it might be worth giving them a call.
Yep. Have my dailies insured thru USAA and they've always been great to deal with, but their specialty car coverage isn't very competitive with other carriers (they go through a secondary provider for their specialty car insurance lines...can't remember which company). For my 550 and two 911s, which I own jointly with a friends, we ended up with State Farm for stated value and reasonably flexible usage/mileage allowances. Ironically, SF's specialty car insurance is now (or will be soon) part of Hagerty. I have two other cars, a '70 Corvette LT-1 and a '01 ERA 289 FIA Cobra replica insured through Berkley One, also stated value and reasonable usage allowance. Might give them a look and, of course, be willing to go with a high deductible and maybe liability-only or liability + comprehensive (no collision coverage).
I was progressive on my 456 but I don’t have a recent crash. I’d echo what fatbillybob says, liability only, because they are snakes anyway. Also, with each passing week since your accident you are getting farther away from the risk they fear, so keep trying maybe you are almost past the threshold. Also, try getting quotes for your entire life, all houses and cars, together, so you are more appealing as a whole than just a bad driver in a Ferrari lol. Also, can I buy your crashed 456?
Thanks, never heard of Berkley One, will look them up the killer here is the recent accident where my 456 was totaled..last year, you can see my recent post here
Here's the good news,, Grundy picked me up, i explained my accident to them and it appears all is ok,, the price was in line with Hagerty and American Collectors, both of which , however had turned me down
Just curious what people are paying? For my '95 456GT, I pay just under $600/year (Canadian $$), insured up tp appraised value of $108,000, and limited to approx 6000 miles a year.
Wow that’s cheap. Same car I’m paying $1100/yr USD but no mileage limit (although 6k would be plenty)
I did have an accident last yr,, totaled the car possibly due to finding new replacement airbags However, i was paying about 1250 with American Collectors, and now !350 w Grundy , with a cap of 2500 miles.
