2009 Scuderia Insurance

Ok,

Now for the bad news:

What are you guys paying for Insurance for your Scuderia's? Also please include what your deductible is, and obviously who it's through.

Help is always appreciated.

 

$1500 a year....$1000 deductible....will go down when my ticket drops off this Spring...

 

I paid $1200 per year with State Farm

 

Wow, thats cheap! I will have to look at my bill to be sure, but i think mine was twice that, no tickets, no accidents. Allstate.

 

Financialman,

With Allstate as well and like you, I think I'm 2x the number of the other guys. I think it's cause we are in CA!

DL

 

Sheesh, these threads are always so odd/misleading. Just stating what you pay in premiums and what your deductable is, is virtually meaningless.

To even begin to be comparable, you need:

Total amount of Liability coverage (state min or what?)
Existance of Umbrella policy? Level?
Uninsured motorist provisions
Value of car
Stated value or ??
Comprehensive deductable
Collision deductable
ZIP code
# of cars in household
# of drivers in household
Driving records of all drivers
Multiple Policy discounts
Coordinated Medical
Extras like towing
Diminished value clause?
Mileage limitations on usage of exotic
Intended/stated mileage drive for each car in household


And I'm sure I'm missing a few items..

Its complex and can vary greatly...For example (and not helpful I expect)...When I got quotes for my CS last spring, they ranged (annual premium) from $4700 for Allstate, to $5000 with Haggarty (better coverage) to $2500 with ACE (better coverage yet). Also got quotes from Chubb ($5000) and Chartis ($3000). These are for all 3 cars I have (that matters a ton, because the Ferrari is $2000 of the ACE quote and the Maser/Jeep were only $500 - meaning a lot depends upon which car is primary on the policy when the draft it).

 

I didn't want to make everyone work so hard, but those that just gave $$$ numbers, and no name of the agency are not very helpful.

Still getting quotes, but best I have come up with so far is a show car policy through Progressive, but it de-values the car. Would get me buy, unless I had an at fault accident, or an un-insured motorist hit me.

Still checking, thanks for the accurate replies so far.

 

I edited my post after I actually pulled the quotes I got (updated some facts/#'s). I was really surprised with ACE. I have no idea if they are good with claims or not...

But, as you can see, with "the same" coverage they were much cheaper than my other bids (see my revised post). I got to them through my full service broker. He also got the Chubb and Chartis quotes and I did switch all houses, umbrella, collections, etc, etc to them as part of that process (and they were cheaper on those too).

 

Still seems high for the Ferrari. My 360 Spider is around 800-900, 1000 deductible, sorry I don't know the other coverages.

American Family Insurance is very aggressive currently and saved me a bunch on my house versus Safeco. They do my Esprit, and my 360.

Progressive does the Lexus GS300, the CLK63, the GT2 and will cover the Scuderia in case something happens with the shipping company, or Esoteric Auto Detail, even though those Companies, along with Bentley Chicago currently have the liability on the car.

 

That's my point...you don't know the level and type of coverage I have on the cars!

FWIW, I have a clean driving record, over 40, no claims history, no other drivers, three cars, limited mileage on the Ferrari and Maser....in other words, mine should be cheap, and I shopped around with 6 companies...so, I'm pretty comfortable with what I'm paying competitively...its all about where you live and how much coverage you buy (that last one is the largest one and location may be #2 on the list).

 

You might want to look at how much coverage you actually need? Sure stuff can happen, Progressive had a rental car add on for my GT2 for example. I have 6+ cars + company vehicles to drive, I don't need to pay so much for month for that.

If you have an Umbrella policy for your business, and or home, you may not need such high coverage for your Ferrari? Just something to think about. 1k / year for you would be a free day with 2-3 cars at Exotics Racing? wink wink

 

Full numbers....USAA....3 points which will drop off next renewal cycle....and I am mistaken....it's $1968 which will drop to $1675 next renewal....my Viper was $1500

Bodily Injury To Others $ 20,000 person per $ 40,000 accident
Personal Injury Protection $ 8,000 person Yourself
Bodily Injury Caused By An Uninsured Auto $ 100,000 per person 300,000 per accident
Damage To Someone Else's Property (Compulsory Limit $ 5,000) $ 50,000 per accident N

Optional Bodily Injury to Others $ 100,000 per $ 300,000 per accident
Medical Payments $ 50,000 per person
Collision Actual Cash Value $1000
Comprehensive Actual Cash Value $ 300$
Bodily Injury Caused By An Uninsured Auto$ 100,000 per person $300,000 per accident
CREDIT CREDIT
MERIT RATING PLAN SURCHARGE 03 $ 293 SURCHARGE
$1968

 

matt, without getting into a ton of detail per Arizona's itemized list, I think youll find Chartis, through their Barrett Jackson program is the best. Agreed upon value (which is the best idea in my book), $250K/$500k, no tort, $1,100 per year in PA for $280K 458. 3,000 mile per year limit.

my Boxer carries all the same and is $550 per year.

Joe

 

I hear ya! Maybe we should shop around!

 

Matt, be careful with the Barrett Jackson as if i recall, stated value coverage is only for leisure use. This is defined in such a way that if you go to get milk for example and get in accident, coverage can be denied. From my experience, carriers will deny coverage as often as they can.

 

Defintely just get tons of quotes, go with the best. Car insurance comparison in different states is almost completely worthless. States like CA will be much higher than others. My fianceé paid $2k a year in MI for a beater pontiac sunfire worth $4k (not comprehensive) mainly b/c MI is a no-fault state. When she moved to Ohio (at fault) with NO CHANGES in insurance, it went down to $1,200 annually immediately. This was with State Farm. I told her to call Geico and she signed up with them for $450 for same coverage, no joke. So it went from $2k to $1.2k just based on state, then from $1.2k to $450 based on company. We sold that car and bought her a 2011 Jeep Liberty Limited (I have no idea why she wants boxes and not sports cars!) and her insurance for that with full coverage, $1k deductible, is about $850 annually.

For my cars, I have full coverage, $1k deductibles, and highest liability avaialble. Get the highest liability, its pennies extra and could really come in hand. Get rid of road side assistance and medical coverage (assuming you have health insurance!) crap you don't need. Make sure to get the $1k deductible. I paid $808 annually for my 996tt and G35 coupe. I added the 360 and now pay $1205 annually, so it was only about $400 to insure the 360 as my third car. I called Haggarty and got a quote and they wanted $2k for JUST the 360 and much worse coverage with milage restrictions.

Dealing with insurance compaines and thier random bull**** is not fun, but really, get lots of quotes and it can save major cash. It also is very beneficial to have all your cars insured with the same carrier.

Finally, unfortunately, think most run of the mill insurance companies will refuse to insure a Scud or CS as "special exotics" or whatever they want to say. Most whine about insuring just a 360, which is what I ran into and was told my coverage would not be continued past 6 months, but I'm expecting to just keep quietly paying and be ok. Getting through underwriting at first is the real issue. I don't envy your position in trying to find reasonable insurance on a Scud.

 

this is a true statement. As for Barrett Jackson, it is chartis providing the coverage and there are limitations as I mentioned in my quote but be careful of limitations in all policies. Even the "biggest and best" find ways out of paying. From experience with chartis though, I have a friend who carried chartis on his scud as well and when it burned to the ground, they wrote a Check pretty fast.
Do your shopping and buy coverage that best suits your expected use. I don't use any of my ferraris to go pick up milk, so I chose chartis

 

Joe Mac - I'm with Chartis through BJ, also and just received a pretty large jump in premiums for no reason - no tickets, no claims, etc. Did you experience a similar increase?? Thinking of switching to State Farm.

 

They are testing you. That's why we have options. We should all get quotes from other companies annually, just like our business insurance.

 

no increase here, but too many options for them to stick it to you.

 

So funny how everyone is so meticulous about their cars and then they insure them with 2 bit insurance carriers to save a nickel. Some really bad advice offered here as well from some well-meaning but disturbingly underinsured folks. My advice is to consult a professional agent in your local area and get some quotes.

 

Provide your assessment of which are two bit and coverages too small please

 

I agree....please provide some examples on who is underinsured....

 

Maybe it's a South Carolina thing??

 

No problems with your coverage as outlined unless you don't have an umbrella. Anyone with a 458 and a Boxer should have one. The mistake that most make when they buy a monoline policy from a specialty or program (B-J) is they don't coordinate their other coverages (homeowners). Pricing looks reasonable for the coverage provided, but I hate to talk about premiums in such general terms because they can vary greatly due to a myriad of individual circumstances. For that reason alone, threads like this are close to worthless.

Chartis is the re-badged AIG, in case you didn't know. Same people and even the same paper. Just a different name used for brand recognition. After the 2008 bailout, many people wouldn't buy AIG at any price. Chartis has something they call a "private client group" that is intended to appeal to upscale customers who have upscale cars, homes, boats, art, jewelry, etc. Given that B-J is probably getting a cut of your premium, there is likely room for you to get similar pricing from a broker who would then coordinate all of your coverages so that there are not giant cracks in your insurance program. If AIG can give certain terms to Barrett Jackson, they can give them to anyone.

BTW, I'm not a big fan of gimmicks like mileage limitations. What happens if you go over 3,000 miles? Will you remember to call them up? Does it throw you completely out of the program that you previously qualified for? What is the premium going to be if you do? If you forget to call, will a claim be denied because of a material misrepresentation on your application? At a minimum, you have a court date instead of a nice neat check from your carrier.