458 Car insurance in Florida

I pay 6k a year for my Pista. Last two years was a bad payout year for insurance companies, Also South Florida is known for high numbers of fraudulent claims. The rest of us have to share the bread.

 

yes, all of south Florida has experienced rate increases... the floods lately didn't help either.

 

You need to find a broker who can quote you with Berkley One and PURE

An example of the drastic differences in pricing

 

I was with State Farm briefly last year after I first acquired my 458. They were the cheapest compared to specialty carriers. ACV though. Shopped them again this year and was quoted about $3k for six months. Didn't go with them but was taken aback at the dramatic increase. Not for nothing, my daily beater Subaru that was insured with Farmer's increased the rate about 45% for no reason. I'm in Texas.

 

Pure just dropped us citing our location near water. No rate increase, no garaging them inland…nada…dropped.

 

it is across the board with almost every carrier. The insurance industry has been hammered and the cost are being passed on to the consumers.

From State Farm’s 2022 financial results:
Auto – The State Farm auto insurance business represented 61 percent of the P-C companies’ combined net written premium. Earned premium was $45.7 billion. Incurred claims and loss adjustment expenses were $48.4 billion and all other underwriting expenses totaled $10.8 billion. The underwriting loss was $13.4 billion.

As for Q1 of 2023:
State Farm Mutual Automobile Insurance’s near $2.9 billion underwriting loss, other personal lines carriers to post losses were Allstate’s primary subsidiary, Erie Insurance Exchange, Nationwide Mutual Insurance, American Family Mutual Insurance, State Farm General Insurance, Liberty Mutual Insurance, USAA Casualty Insurance, Farmers Insurance Exchange, and Kentucky Farm Bureau Mutual Insurance.

 

Same story with State Farm. Four cars and all had a 40% to 50% increase. I have two homes in south Florida. Same story. I consider myself lucky because I didn’t get dropped. Insurance is Florida’s dirty little secret no politicians want to talk about.

 

Insurance rates are approved by the state, however, that can't stop insurance carriers from charging whatever they want, especially in red states which are much friendlier to big insurance. I live in NC and my insurance was just renewed with Hagerty. $1300/yr on my 458. Agreed upon value of $230k with a 3k a mile year.

 

My Brothers , Paul is a very good friend of mine and has gotten over 100 of my Ferrari clients fantastic rates in Florida you may want to give him a call maybe he can help you as well with a great rate it’s always worth a try .
Mike

 

I'm with Condon Skelly and this year went to $3,000 for 12 month policy ($230,000 stated value). Other carriers were about 20% higher. Oddly enough my homeowners insurance went down 25%. Texas resident.

 

Any mileage limitations with Condon Skelly?

 

They used to but do not have one anymore I believe. I drive my 458 sub 1,500 miles a year so I don't really put enough to know.

 

UGH, I usually don't look at these things,

$4500/yr State Farm in west central FL.

Not sure if it went up, drastically or otherwise. I am insured as a daily driver, no mileage limits, no agreed value.

 

They limit 458s to 2500 miles/year for anyone who was wanting that info.


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Thanks reaching out to brokers for Pure and Berkley One.