Insuring your Ferrari

Do normal insurance companies insure Ferraris? I know Geico for example doesn't even insure Porsches. Do companies such as State Farm, Progressive, Nationwide insure Ferraris or do you need to use smaller niche insurers? What company do you use and what's the typical range I should expect for the yearly premium? I just bought a 360 Spider with 8,000 miles (assuming a perfect driving record).

 

I've always used Allstate and I've never had a problem insuring any of my sports cars, including a 360 and my new 430.

Premiums will vary, of course, but with a clean driving record, multiple cars insured at once and no teen-age drivers (yet), my premiums were the same for the older 360 as they are for the new 430 at around $1600/year. IMO, not bad.

Frank

 

My Ferraris are insured through Geico. Have been for years.

 

Chubb, most recent was $1,700 per year for a 2007 430 spider

 

State Farm. about $1000 year

 

I've used Atlas most recently. They allow you to insure for a cap number of miles per year. 3k, 5k and higher as well.

My annual premium is $1,500

 

Just had a convo w/ my agent (Farmers). He is quoting me $80/month for a 360, $60/month for a 355.... although I have an extra 10% out-of-pocket expense on my side for all claims; understandable given the price of the cars vs. the premiums that I'd pay.
Says it should be no problem to insure though.

 

AIG Private Client Group, fantastic group, fantastic coverage.

 

Silver Wheel. Great for the older (collector) cars!

Costs less to insure than my Neon.

 

If your "normal" provider says no, push back. The cost of loosing what I suspect is a great client generally results in the ability to simply add your F-Car. At least it did in my case with Allstate. Cheers.

 

There have been many threads. Go to State Farm first - price is very competitive. Best

 

For the past 30 years, State Farm has insured everything except my race cars.

 

I have USAA and they are very good--always pay claims without any grief. I've heard Chubb is very good also.

 

My F430 is also insured through Geico. Al

 

I've had Mercury for years, but they wouldn't back off of $7400 a year. Now you'll see me on the Allied Insurance commercials... I just saved $6000.00 a year on my auto insurance!

 

+1

 

Same here. $1100 a year for 2000 - 360. Great price.
Hunter

 

8,882.00 is what I have to pay with the current USD exchange rate. Damn you guys get cheap insurance.

 

State Farm has insured all my Fcars and other Sports cars no issues no questions

 

I agree. The numbers are similar to what has been already posted.

 

yup...Allstate, no problem. One other tidbit (from my insurance agent of all sources!): he offered to temporarily 'suspend' collision coverage for the hard, dark winter months when I will not be driving my F430. Nice savings, and still covered if (God forbid) something happens in the garage...

 

State Farm - $1,480 per year.

 

USAA. $950 every year, even with all of the highest coverages they offer. Best customer service on planet earth too.

 

Volunteering your insurance rates is at best meaningless and at worst misleading. You rates are dependent on many, many factors; driving record, claims history, deductibles, number of vehicles insured with the same carrier, other policies (home, personal articles, liability, etc.) with the same carrier, medical coverage, geography, etc.

 

Don't look only at the premiums. Compare the coverage carefully. You are insuring to compensate you for a physical loss and to provide you with defense in the case of a liability issue. The coverage varies a great deal from one company to another and in the case of an expensive car like a Ferrari, the differences in coverage become quite important.

Some insurers will allow you to state a minimum value for the vehicle which, in the case of older Ferraris, is very useful, and some company's coverage provides you with true market value if you incur a loss.

For anyone considering insurance I would suggest that you consider Fireman's Fund. They are a premium quality insurance provider and I can tell you from recent personal experience that they excel in handling claims.