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Best Insurance company for FF

Discussion in 'FF/GTC4Lusso/F12/812S' started by islandtrader, Aug 30, 2016.

  1. kev360

    kev360 Formula Junior

    Feb 19, 2006
    420
    There is no "kool aid." I was a long time USAA member and thought the service was lousy and they didn't do a great job insuring high end cars and houses. Looked around and found AIG. Not sure if it's "new AIG" or just AIG but they have taken great care of me so far. In addition they are less expensive than USAA. It is possible in the future you may be proven right but in the present you are wrong. They seem to be doing a good job for me and others. But hey if you hate AIG it makes no difference to me.
     
  2. 996TTurbo

    996TTurbo Formula 3

    Apr 9, 2006
    1,546
    NYC
    Full Name:
    Martin
    USAA was more than double geico for me on my FF and Superleggera... i dropped USAA and now have geico after 5 years with USAA
     
  3. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    Glad to hear you went with GEICO I have a lot stock in Buffets companies even though I don't insure with them.

    Relative to USAA did you have bad experience service wise with them or just rate/premium issues?

    The truth is that all companies go through periods of time where there products are very competitive and times where their products are overpriced. These periods are largely self-correcting in the long run, when their rates/premiums are too competitive their losses catch up with them thus adjust premiums upward and/or tighten their underwriting standards. When their prices are too high they lose business and they adjust their rates/premiums downward and loosen their underwriting guidelines. Insurance is a very circular industry and is dependent of many factors, Underwriting, cost of money, political ramifications in various regions even weather conditions of a region. Usually a typical cycle lasts 3-6 years. Fortunately there are many alternatives markets and it is just a matter of finding the best one for your individual set of circumstances.
     
  4. otakki

    otakki Formula 3

    Mar 24, 2016
    1,148
    How did you get Geico to cover your cars? I called Geico earlier this year and was told Geico does not cover cars in that price range. I asked if they would do an agreed value, but that was not possible either.
     
  5. Bundy

    Bundy Formula 3
    Silver Subscribed

    May 18, 2011
    1,524
    Kentucky
    Full Name:
    Anir

    We pay $1,400 and $1,800 annually for the 2015 F12 and 2012 FF, respectively, through State Farm. The FF is more expensive because it carries the uninsured motorist policy for all our cars. We also have home and umbrella through SF. They were fantastic in paying for a $55,000 claim on a previous car.
     
  6. rockitman

    rockitman F1 Veteran
    Rossa Subscribed

    May 31, 2015
    5,920
    Upstate, NY
    Full Name:
    Christian
    I'm with State Farm after being with Liberty since 1989. Liberty does not like underwriting Ferrari. They charged me $2,600/year for my 458. Clean License.

    Since moving to State farm, I pay the following (annually) with max limits (to get Umbrella coverage) and $2000.00 deductibles for comp/coll

    2013 Porsche Cayenne: $592.00
    2014 Ferrari 458 Italia: $1,028.00
    2017 Ferrari F12B: 1,288.00

    I live in upstate, NY. If you are unlucky enough to garage your cars in or near big cities, you will pay a lot more.
     
  7. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    Likely different regions of Gieco have different underwriting standards/guidelines. I would guess where Gieco underwrote the Fcars was in a rural or low population area (low crime/theft) and your area is more populated city? Most companies have regional autonomy in their underwriting. So it is important to find others Fcar owners in your area to draw any conclusions.

    As rockitman said even if the company will underwrite the Fcars in a large city your premiums will be much higher - more accidents, higher crime rate etc.
     
  8. otakki

    otakki Formula 3

    Mar 24, 2016
    1,148
    My area is officially classified by Texas as rural. The closest major metro is Oklahoma City at 3 hours away. Hopefully I'll get a great rate.

    I will likely call Geico again because we all know it's not uncommon to get different answer every time. I have heard good things about State Farm, which is also recommended by a Fcar dealership. The rates mentioned above by members with State Farm look pretty good so I'll give them a call as well.
     
  9. Caeruleus11

    Caeruleus11 F1 Veteran
    Rossa Subscribed

    Jun 11, 2013
    8,107
    Yes we don't know what we don't know but I am simply sharing my experience. As you have shared yours, which we all benefited from.
     
  10. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
  11. Greg23

    Greg23 Karting
    Silver Subscribed Owner

    Jun 1, 2011
    243
    CH, ITA, USA
    Full Name:
    Greg B.
    Liberty Mutual in MA, USA - Zurich in Europe!
     
  12. dwe8922

    dwe8922 Formula Junior
    Silver Subscribed

    Feb 27, 2004
    333
    FL
    Full Name:
    David
    How would you guys recommend shopping insurance? I have always had USAA, and have had good experience with them, but I've never had a claim either. What I pay for my scud seems out of proportion to my GT3 and NSX, and what others are paying for scuds. My old 360 seemed reasonable.... I don't have a general agent as USAA has done everything in the past except homeowners (USAA pulled out of FL). I need to look for an umbrella policy as well...
     
  13. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    Look at the individual premiums for the three cars. If the use of all three cars is the same then the Liability premiums should all be about the same if not exactly the same unless one of the three is a DD then that car will have a higher liability portion. Next look at the comprehensive and collision premiums. That is based on the NEW value of the cars and have a higher numeric symbol for higher value cars . If the NSX is a older vehicle the physical damage premiums should be much less (since the cost new of the origional NSX was much less) but I expect the new cost of the Scud is much higher than either the other two. As the cars age the premium comes down for six years and then stays the same. I lead you through this excercise so you can make a more better evualation about the reasonableness of the premium for the scud. I would guess that the the premium for the scud if the use is the same for all three cars then the scud would be perhaps about a third higher.

    I have never done business with USAA so I don't know if they provide Agreed Value coverage so you can ask them, if that is important to you. But I do believe they will provide umbrella liability up to $5mil if you want or need more liability limits you will likely need to go another company for $5mil excess of $5mil. Generally I have found most people with USAA have been pretty well served by them if they are able to provide the coverage you want. If not then look for a mid size regional insurance broker who deals with a wide variety of insurance companies - Chubb and AIG Private Client Group come to mind or then the usual suspects of auto speciality companies - Hagerty, Grundy etc.
     
  14. otakki

    otakki Formula 3

    Mar 24, 2016
    1,148
    Why is USAA pulling out of FL?
     
  15. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    I am not sure about this particular situation but usually when insurance companies pull out of a state it is because the State Insurance Commissioner will not allow them to file the rates they feel they need to make a profit in the state. USAA is usually particularly long suffering on this issue so they must have reached an impasse.

    Likely they have had several unprofitable years in Florida and that combined with not being able to file new higher rates leads to the company pulling out of the state. FL has the hurricane issues and likely the cost of their reinsurance went way up so they need new higher rates to stay viable/profitable. My guess based on 40+ years of experience dealing with hundre3ds of insurance companies but I could be wrong.
     
  16. gh0st0

    gh0st0 Formula Junior
    Silver Subscribed

    Jul 2, 2018
    334
    Midwest
    Usaa - 2400 6 month premium with 500 deductible. Probably need to shop around
     
  17. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    The USA premium of $2400 for 6 months sounds like a lot. First see if a $1,000 or $2,500 deductible will help much. I think you can likely do better than what you are paying. Since you don't have an insurance broker (being with USAA a direct writing company) I would suggest you get one unless you can do a good job sorting out all the differences in the insurance quotations.

    If you write out the "insurance specifications" and give them to six different insurance companies I can almost guarantee that most quotes if not all quotes will not be exactly to your original quotation request, especially when dealing with exotic vehicles. Every companies underwriting requirements are all different but unfortunately they may not point out all the differences, that will be up to you to find and understand the coverage differences. Getting an insurance broker it is their job to try their best to get relative similar quotations and explain the differences as they are not always self-explanatory.
     
    gh0st0 likes this.
  18. MedinaCustomClassics

    Dec 7, 2006
    184
    Medina, Washington
    Full Name:
    Mark H
    I've had great luck with Safeco claims. Zero issues on paying for things on my FF when I took a corner too fast and messed up the front end. Not sure on the pricing, I guess I should look at that
     
  19. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    20,822
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    USAA is among the very best at accepting and paying claims.

    GEICO is barely above the crap tier of local junk insurers, and digs in on petty arguments for claims, leading to more lawsuits against their insureds. Liberty Mutual and Travelers are better among the nationals.
     
  20. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    20,822
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    Oh and remember that the most important part of your policy is not collision or liability, but underinsured/uninsured ("UM/UIM") coverage. That's what pays YOU for bodily injury if someone hits you. Assume that about 70% of all drivers have minimum policies.
     
  21. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    It has been my generally experience that those insurance companies who compete exclusively on price (viewing/hearing their advertisements) are the worst on claims handling. They need to hold claims payments down since their premiums/price is their only selling point. Also their undersriting is usually more restrictive as is their general coverage. Kind of you get what you pay for -
     
  22. gh0st0

    gh0st0 Formula Junior
    Silver Subscribed

    Jul 2, 2018
    334
    Midwest
    Of course there should be some sort of happy medium between price and paying out claims
     
  23. fga4

    fga4 Karting

    Jan 2, 2017
    82
    SF Bay Area
    Full Name:
    Jerry Cellilo
    Thanks!! I upped my limits from 30/60 to 50/100. In CA a lot of UM and UIM and from checking if the underinsured has $15,000 my policy only adds to come up to my (now) $50k not their 15k and my 50k. Learned a lot.


    Sent from my iPad using FerrariChat.com mobile app
     
    ryalex likes this.
  24. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    20,822
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    That's great. Yeah the worst case scenario is when you get a bad crash with $$$ medicals and only $15k coverage for the third party that hits you. I see it regularly. Usually just ends as a quick claim, often with the client crying because there's nothing else to get.
     
  25. randkin

    randkin Formula Junior

    Aug 2, 2015
    810
    Somis, CA
    Full Name:
    Randy
    The reality is that your UM/UIM limits should be the same as your own liability limits. It is reasonable to protect yourself for the same limits (UM/UIM) as you wish to protect yourself from suits from others, IMO.
     
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