Best Insurance company for FF | FerrariChat

Best Insurance company for FF

Discussion in 'FF/Lusso' started by islandtrader, Aug 30, 2016.

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  1. islandtrader

    islandtrader Formula Junior

    Jun 30, 2013
    369
    I am having trouble finding a good rate with State Farm for the FF. Quoted me up $2400 for 12 months which sounds pretty steep compared to my 458 which is $1500. Any recommendations for exotic car insurers?
     
  2. DaveMc

    DaveMc Formula Junior

    Nov 29, 2012
    379
    Palm Coast, Florida
    In Pennsylvania, Travelers was always cheaper than State Farm. For me, that is. Same in Florida now too. But my Maserati was half the price of a FF.
     
  3. Brian L

    Brian L Formula 3

    Jun 17, 2015
    1,943
    Los Angeles
    Full Name:
    Brian
    Damn ... in CA my FF is 3200. And that's a 5000 mile policy.
     
  4. Kauai

    Kauai Rookie

    Apr 24, 2015
    29
    Estero, FL
    Try Geico, mine was $2200 for a 2016' new.
     
  5. Brian L

    Brian L Formula 3

    Jun 17, 2015
    1,943
    Los Angeles
    Full Name:
    Brian
    #5 Brian L, Aug 31, 2016
    Last edited: Aug 31, 2016
    Where are you? State by state the numbers vary. CA is the worst. Geico in CA won't insure Ferrari, according to their website.
     
  6. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,767
  7. islandtrader

    islandtrader Formula Junior

    Jun 30, 2013
    369
    I'm in Illinois. My insurance agent said its hard to get statistics on the cars hence Statefarm uses MSRP as their metric for insurance.
     
  8. PhantomCypher

    PhantomCypher Formula Junior

    May 25, 2014
    281
    USA
    I just got my policy through Geico.

    With a 295k agreed value -> $2,700/year on their collector car policy. $1,000 comp & collision, 100k/300k/100k.

    You cannot insure the Ferrari through their mainline "daily driver" policy. It has to go through a special department. Google for it and you'll find it pretty quick or PM me and I can give my agent a call and refer you.

    This is for Southern California btw est. 3,000 miles a year.
     
  9. Caeruleus11

    Caeruleus11 F1 World Champ
    Rossa Subscribed

    Jun 11, 2013
    10,860
    I will second this. But our circumstances are often so complex that its hard to recommend one over another.
     
  10. SciFrog

    SciFrog Formula Junior

    Apr 9, 2008
    566
    USA
    I pay $8,400 per year for 6 cars including 2 Ferraris and an Aston these 3 are slightly older exotics) with Pure. No miles limitation but some discount because they insure everything else also.
     
  11. otakki

    otakki Formula 3

    Mar 24, 2016
    1,623
    Didn't know that Geico has a collector car policy department. When I called Geico's regular department earlier this year, they told me they wouldn't insure a FF because the MSRP is higher than their max of $150K. They refused to do agreed value.

    Have you tried Progressive or Chubb, mentioned to me by another dealer? 3000/5000miles?!...That wouldn't work for me. I need 1000miles/month. Why so different between 458 and FF?
     
  12. kev360

    kev360 Formula Junior

    Feb 19, 2006
    437
    Agree
     
  13. Brian L

    Brian L Formula 3

    Jun 17, 2015
    1,943
    Los Angeles
    Full Name:
    Brian
    Do you all have an AIG car policy or AIG home/business plus car?


    Good ... Prices? Service? What about it?
     
  14. Bundy

    Bundy Formula 3

    May 18, 2011
    2,374
    Arizona & Kentucky
    Full Name:
    Anir
    Islandtrader, where do you live? State Farm insured my 2015 F12 for $1,500 annually in Kentucky. My 612 OTO was $1,200. I would think that the 4 seat FF would insure at a lower rate than the 2 seat F12.
     
  15. phanliu

    phanliu Formula Junior
    Rossa Subscribed

    Aug 21, 2015
    620
    Illinois
    Full Name:
    Noel
    Try Liberty mutual
     
  16. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,767
    AIG for houses and cars. one policy for my DDs and another for the toys. All agreed value and premiums are half of what chubb asks for the same or even more insurance. Post crisis they made a big push into the car market and quite a few big car guys who were longtime chubb customers switched to AIG. SInce then ive priced out chubb, hagerty, and a couple other new players and AIG cant be beat.
     
  17. Entropy

    Entropy Formula 3
    Owner

    Jul 10, 2008
    2,149
    We have been with AIG Private Client Group for 6 years, coming off about 10 years with Chubb. AIG is pretty much the best in terms of coverage and service, and while their prices are stiff, in the end we save money because they assign risk with a bit more intelligence (i.e. they know the car market among others). AIG also covers our on-track adventures. We have everything with AIG (home, auto, collections, liability, flood, on-track and racing). Unfortunately we've had to make claims and they were flawless...

    I know other companies (Eg. GEICO) have been working to expand their profitable business (i.e. high premium, lower risk) and targeting exotic owners with the right profiles is a way to do it.

    FWIW, I have no rocks to toss at any insurance company, but if you have the resources to have a 458 and an FF, I'd make sure you're not saving pennies on insurance and have coverage and service that works. Claim time is a bad time to find out you have loopholes, exclusions, et al. The old saying "if you have a $5 head, buy a $5 helmet" applies to insurance and risk management too.
     
    spyderman likes this.
  18. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,767
    +1 on all those comments. I was with chubb for 10 years and switched to AIG in 09.
     
  19. islandtrader

    islandtrader Formula Junior

    Jun 30, 2013
    369

    Obviously service and quality of insurance matters. I was just seeing what everyone else is doing for their exotics. My hunch is statefarm is not able to accommodate my business when it comes to my insurance needs. Basically if its not something they want to insure they will charge you up for it. I will see if AIG or Chubb works better for my needs.
     
  20. otakki

    otakki Formula 3

    Mar 24, 2016
    1,623
    Any annual mileage limit for either AIG or State Farm?
     
  21. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,767
    not for aig
     
  22. Entropy

    Entropy Formula 3
    Owner

    Jul 10, 2008
    2,149
    not with AIG.

    generally, with AIG I've been straight up, we have some of our cars on the "normal" policy and some (which are generally less driven) on the collections. Again, the PCG guys there are pretty literate on these cars, and how people use them.

    As a factoid, AIG PCG insures more than half of the 250 GTO's in the world today.
     
  23. Caeruleus11

    Caeruleus11 F1 World Champ
    Rossa Subscribed

    Jun 11, 2013
    10,860
    Same here. I was with Chubb for 15 years and switched to AIG in 12. And to the poster talking about time to make a claim, we had an "oops" with an exotic car here and AIG came right through, no problems at all. That's the whole point of insurance. If it doesn't actually pay out when needed (i.e. mitigate your risk) then why pay the premium?
     
  24. phanliu

    phanliu Formula Junior
    Rossa Subscribed

    Aug 21, 2015
    620
    Illinois
    Full Name:
    Noel
    How are the rates with AIG. I'm planning to switch.
     
  25. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,767
    50 percent cheaper than what I paid with chubb
     

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