Hagarty Insurance DENIED on my 2002 Ferrari 360

Hi Steve,

Sorry to hear of this experience.
This is where your broker needs to step in and fight for you.
Being a broker is more than just selling you insurance and taking your money.
If they won't fight for you and do their job, perhaps it's time to get a new broker........

Best wishes,
GG

 

i have absolutely never heard that and wld go as far to say someone is trying to mess with you.

 

They mentioned this policy to me a few years ago but stated it was for if you owned a McLaren, but that the 3 year policy did not apply to Ferrari. Back and forth a few times they stopped responding to me and I ended up just insuring through state farm who gladly accepted my money

 

When I got my first 458 in 2020, I was denied because of less than a year of exotic ownership experience. Which was the truth.

Next year, denied because of less than 2 years experience.

I wonder - pure speculation - if this is due to exotics becoming more commonplace in the hands of the younger and riskier driver, popularity of YouTube hooning content merchants, etc.

It’s just simple math to them and it looks like it’s not good business insuring exotics.

And if they do give you insurance, it could be with a 500 mile per year stipulation at twice the price or some other nonsense.

Hope you find a company that works with you.


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go to GRUNDY... despite having a fair number of cars Hagerty would not insure my F12 back in 2014 because it was over 700 hp.. I switched to Grundy then and never had another issue..

 

In my experience when an insurance company blows you off the stated reason is never the real reason.

Are you eligible for USAA? They give us smoking prices on our exotics.

 

Grundy is awesome

 

They kept bugging me and bugging me about adding my cars to a policy with them, and I finally said "Ok, what are the comparative numbers to my current Geico policy?", and it was almost 40-45% more in an apples to apples comparison.

I have Hagerty on my E30, and that's it beyond the Geico policy. Maybe I'll go back to USAA for something in the future.

 

Lol, I tried getting track insurance a few weeks back, filled out their on line form, then finally got to the bottom of the page, where it asked me to select car make and model.

As soon as I entered Ferrari, it sent me a notice - Sorry, we no longer offer track insurance for Ferraris.

They clearly want nothing to do with us.

 

They told me the same thing on my FF a couple years ago.

 

Very strange considering Hagarty is a “boutique” insurance company.

I have had no issues using conventional companies going back to ‘04 when I bought my 360 spider- used Progressive, then added on my Vanquish S in ‘05. Had my ‘17 F12 on it and now my ‘17 Vanquish & my wife’s C8 convertible. My 812 is on my Amica policy with a few of my other cars and they didn’t bay an eye…………

Strange…..very strange. Sorry to hear that ……


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Hagerty denied me on my GranTurismo. Had it with Progressive who has the rest of my insurance and other car, now truck. But they went nuts and wanted something like $2k/year for just the GT. Hagerty wouldn't take me. Tried switching both cars to Grundy and they took the GT but wouldn't insure the DD, at that time a little Ford Fusion.

Have had many folks say they insure all their cars with Grundy. They both seem like they have odd quirks at times. I had my 308 with Hagerty for over 10 years but that's been, dunno pushing 6-7 years ago now. Guess history doesn't matter either.

I hate insurance but what do you do, can't run without it.

 

I’ve been with USAA for 35 years but they don’t have an agreed value policy, although I’m not sure that’s what the o.p. is looking for.

 

It is weird. I have Hagerty for a couple cars, the 355 can be driven by anyone I allow to that's older than 26, but no one else but me may drive the 07 V8 Vantage as it's considered a "supercar"...I'm like, a V8 Vantage is a "supercar"? Guy was like, yup, according to the rules, it is and no one but me is covered driving that car.

Baffles me, but as these situations don't arise often enough to worry about, the rules don't actually affect me much.

 

Instead of a broker have you called Hagerty directly? I haven't had any problems with the 430 but when upgrading to the 458 they needed a higher deductible and the rate was a quantum leap to get it. I will be looking at all the others next year.

 

American Modern, they do agreed value, Ive been with them for many years.

G

 

I bet I can get McKeel in here to respond if you guys want.

 

Steve as you state insurance here is super regulated and there’s underwriting rules Hagerty has submitted. At first I had problems with them because of a very minor at fault which was automatic denial per their rules. I talked to them, explained and they agreed to insure if I was willing to take a higher deductible. I pay a bit over half of what you are quoted on the 430. I’m surprised of a quote of $4k for a 360 - what stated value did you give (which I was told dictates the majority of the premium cost).

Unfortunately I could not find anyone else in Ontario that offers what I consider acceptable insurance (agreed value) for these cars. Only other I could find was Chubb but they require to take your home insurance too (and have again specific rules for what types of homes they want to insure).

Good luck!

 

btw that was the previous year. They took me (see above post) this year. Note I just dealt with them directly and didn’t go through a broker. I got no where with the suggestions for Zehr. They took my info and went away for weeks saying they were working on a quote and never came back.

 

LOL.. when I looked at Hagerty a few years back they told me that I need to have a couple cars insured through them. And the rate they gave was twice what I got anywhere else. No thank you.

I get the impression from them that they like to insure the over 60 crowd who has a muscle car with 500 HP that they take from show to show or to C+C that they drive 50 MPH to get to. A great company for those with an "exotic" but who never drive it. I'll bet as ya'll say above Canadian underwriting rules are prohibitive. I'd ask them for a policy for a model-T and see what they give you!

Also glad to see prices on 360's! I got my manual for wAAAAAAYYY less than that in the day....

 

Ironically the performance of a 360 is lower than that of a new Civic Type R