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New owner insurance question

Discussion in 'New Member Introductions' started by Lanman, Apr 9, 2024.

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  1. Lanman

    Lanman Rookie

    Feb 25, 2024
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    Main Line, Philly PA
    Full Name:
    Lance Marquardt
    #1 Lanman, Apr 9, 2024
    Good morning, First time Ferrari owner here F430 spider, was quoted insurance through Haggerty… But when I called to make the payment, they stated they would not insure me because I have not previously owned a supercar … Told me to call back in one year.

    Any thoughts comments, or suggestions?


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  2. JWeiss

    JWeiss F1 World Champ
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    Nov 18, 2010
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    NYC and Long Island, NY
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    JWeiss
    #2 JWeiss, Apr 9, 2024
    Welcome aboard. Sorry I can’t offer you any insight on the insurance - I have seen quite a few discussions on what’s been going on, especially recently. Have you tried your local region-specific area here?
     
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  3. Doug.

    Doug. F1 Rookie
    Silver Subscribed

    Apr 16, 2004
    3,290
    Las Vegas, NV
    #3 Doug., Apr 26, 2024
    Hagerty seems like a joke to me. Your experience is not rare. I'd look elsewhere.
     
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  4. Toohuman

    Toohuman Rookie

    Apr 22, 2024
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    Biloxi MS
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    #4 Toohuman, May 3, 2024
    State Farm insures exotics, good pricing too.
     
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  5. Borbone

    Borbone Rookie

    Jul 2, 2013
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    Pacific Palisades, California
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    Johnny Borbone
    #5 Borbone, May 6, 2024
    Just got off with Hagerty as well and although I've owned two supercars they're still quoting me $4,380 for a $150K 2004 360 spider, which seems crazzzyyyyyyy high..

    Is the forum agreed that State Farm is the go-to here?
     
    Lanman likes this.
  6. SAFE4NOW

    SAFE4NOW F1 Veteran
    Sponsor Owner

    Aug 25, 2004
    5,813
    Dallas Texas
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    #6 SAFE4NOW, May 6, 2024
    Contact Angelica @ Hub International
    angelica.brothers AT hubinternational.com

    Drop my name and mention you are an active Ferrari Club of America member, she can help

    Steve
     
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  7. Agoln

    Agoln Rookie

    Jul 16, 2020
    5
    Indianapolis
    #7 Agoln, May 6, 2024
    Same thing happened to me, but then I got insured with State Farm, and the rate was better.
     
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  8. Lanman

    Lanman Rookie

    Feb 25, 2024
    24
    Main Line, Philly PA
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    Lance Marquardt
    #8 Lanman, Jun 17, 2024
    I apologize,

    For some reason the iPhone app is not giving me notification when someone responds :/

    Everything got worked out with Hagerty- pricing reasonable. Our home and other vehicles are through AIG, their pricing was significantly higher.


    Sent from my iPhone using FerrariChat
     
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  9. Lanman

    Lanman Rookie

    Feb 25, 2024
    24
    Main Line, Philly PA
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    Lance Marquardt
    #9 Lanman, Jun 17, 2024
    My apology. The iPhone app is not notifying me when someone responds, Haggerty ended up working out. But yes, my initial experience was not good.


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  10. Lanman

    Lanman Rookie

    Feb 25, 2024
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    Main Line, Philly PA
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    Lance Marquardt
    #10 Lanman, Jun 17, 2024
    Thank you for letting me know, I appreciate it


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  11. Lanman

    Lanman Rookie

    Feb 25, 2024
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    Main Line, Philly PA
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    Lance Marquardt
    #11 Lanman, Jun 17, 2024
    My apology. The iPhone app is not notifying me when someone responds. :/

    I did better off when I applied directly online and removed other house members as insured.

    My broker highly recommended this company in New Jersey, unfortunately, he was having issues with Haggarty too …

    https://condonskelly.com/


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  12. Lanman

    Lanman Rookie

    Feb 25, 2024
    24
    Main Line, Philly PA
    Full Name:
    Lance Marquardt
    #12 Lanman, Jun 17, 2024
    I’m sorry, the iPhone app does not notify me when someone responds… did not mean to leave you hanging.

    I had commercial and personal insurance through hub, however, we had a number of issues and recently changed. I am unfortunately reluctant to go back. …

    Until they buy the company I am currently working with too, lol :/




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  13. TheMayor

    TheMayor Ten Time F1 World Champ
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    Feb 11, 2008
    105,192
    Vegas baby
    #13 TheMayor, Jun 17, 2024
    I had State Farm for many years on several Ferrari's. Unfortunately I dropped them when their rates went up significantly for no reason. I have 2 classics with Haggerty that I feel are very reasonable. But more modern "super cars" doesn't seem like their cup of tea.

    I have a Corvette C8 that I tried to get insured with State Farm. My record is perfect. Been with them over 30 years. The cost was crazy so I tried through the Corvette Museum. They turned me down because the C8 is my daily driver. I'm like --- isn't that the purpose of owning a C8? They would only insure it if I didn't drive it. Wouldn't even quote me. So much for understanding the issues and needs of "Corvette owners"

    Ended up shopping around and went with Geico.

    BOTTOM LINE, the insurance industry today has gone completely nutzo. The information and recommendations you could rely on 5 years ago is all out the window now. Its every man for themselves.
     
  14. GrigioGuy

    GrigioGuy Splenda Daddy
    Lifetime Rossa Owner

    Nov 26, 2001
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    #14 GrigioGuy, Jun 17, 2024
    Haggerty's also really depends on who your agent is.

    My normal agent couldn't get me approved for them when I needed insurance for the California T. She also was saying that there were use limitations, etc.

    I went with the in-house agent at Woodside Credit, and he was able to get us approved at a much lower cost and no use restrictions. Why? Because *his* commission was dependent on that loan going through, and he was more motivated than my normal agent.
     
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