Car Insurance | FerrariChat

Car Insurance

Discussion in 'Ferrari Discussion (not model specific)' started by Jim Riggs, Feb 3, 2004.

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  1. Jim Riggs

    Jim Riggs Karting

    Jan 25, 2004
    I am about to complete a purchase for a 348 SS and I was wondering about car insurance. I called my insurance agent (State Farm) to get a quote on comprehensive and collision insurance, but they had to call their home office because Ferrari's were not listed in their books. Does it make sense to carry comprehensive and collision insurance or is it prohibitively expensive? Are there specific companies that insure Ferrari's that would offer more competitive rates. Thanks!
  2. lukek

    lukek Formula 3
    Rossa Subscribed

    May 2, 2003
    San Francisco
    Full Name:
    I have had very good luck with Hagerty. I have the limited use classic policy, but I think that they have a modern exotic program, as well. Good rates, good customer service, and they have been very good about the one claim I had so far. Get agreed value insurance, with comp and collision.

  3. Greg G

    Greg G F1 Rookie

    Jim, given the value of your car, I dont see how you cld consider not carrying comp and collision coverage. There are several special interest insurance companies which offer collector car coverage. They usualy have certain limitations on the type of use (pleasure, work commuting and racing) and have annual mileage caps but they also have agreed upon replacement values and are surprisingly affordable. Do a google search for the following companies and compare:

    American Collectors
    Leland West

    Im sure there are more - that list is off the top of my head.

    Good luck and congrats on the new toy!
  4. Chuck550

    Chuck550 Karting

    May 15, 2001
    Mechanicsburg, PA
    I have a 348 SS and had the same experience with State Farm - they had no information on the car to provide a quote. So I went with Chubb - they are experienced with Ferrari and other high line exotics. I have been very pleased with their service, including assigned value coverage, glass breakage rider with no deductible, and unlimited use of the car. My policy is 500K/250K/500K with 1k deductible (except glass no deductible) unlimited miles at $1200/year. I can even drive the car to work.
  5. Noelrp

    Noelrp Formula Junior

    Aug 30, 2001
    Full Name:
    I have an SS also. My insurace is AAA with 300k/100k, full coverage. No limitation on mileage (I can drive it everyday, to the office, etc), 500/100 deductible. No special arrangement (3rd vehicle in my policy).

    My premium is $1250.
  6. Husker

    Husker F1 World Champ

    Dec 31, 2003
    western hemisphere
    Hello Jim. I noticed you live in Lubbock. I am in Amarillo and have a good mechanic up here for my 308. He doesn't speak good english (he's vietnamese) and he has an unassuming shop, but he can do it all - porsches, mb, you name it and he is very reasonable. I would trust him over any Ferrari dealership. Let me know if you want more info.
  7. GrigioGuy

    GrigioGuy Splenda Daddy
    Lifetime Rossa Owner

    Nov 26, 2001
    E ' ' '/ F
    Full Name:
    Hooza Goodboi

    I use State Farm. It took a little time to get a quote, but they came back with a competitive rate. I have it as a pleasure car as the 3rd car in a 2 person household, but it's not a mileage restricted policy or anything odd like that. With comp and collision and a $500 deductible, the price is only a few dollars a month more than my pickup.

    I also picked up a blanket liability policy, in case someone wants to sue what they consider "the rich guy in the Ferrari"
  8. 62 250 GTO

    62 250 GTO F1 Veteran

    Jan 9, 2004
    Nova Scotia Canada
    Full Name:
    If you jack the deductable to 1000 each you should save some cash year to year. Ask. That's what I did.
  9. Doody

    Doody F1 Veteran

    Nov 16, 2001
    MA USA
    Full Name:
    Mr. Doody
    everybody should have one of these - especially if you own a ferrari. it's a beacon for stupid morons to sue you :(

    i'm a fan of chubb's umbrella liability policies (fwiw).

  10. Gilles27

    Gilles27 F1 World Champ

    Mar 16, 2002
    Full Name:
    My State Farm agent quoted me almost immediately. $500 deduct., about $1000/year.
  11. J Nicks

    J Nicks Karting

    Dec 4, 2003
    Umbrella policy is a must these day's, even if you do not drive a Ferrari, Also, go with the highest deductibles on both comp. and collision.
  12. Jim Riggs

    Jim Riggs Karting

    Jan 25, 2004
    I'd like to get your mechanic information. I picked up my 348 SS in California last Wednesday and drove it up the coast and back across the country to Lubbock. It was a blast! I made a wrong turn in Bakersfield and ended up in the mountains. Oh well, what are you going to do?
    So far my 348 is solid with no problems, but who knows when you are going to need help. Thanks, Jim
  13. Rick328GTS

    Rick328GTS Rookie

    Jan 26, 2004
    New Jersey
    Full Name:
    Stay away from Leland West!!

    I spent 3 days sending personal information back and forth! Information that wasn't even required, or asked for by 3 other companies I spoke too!!
    They were downright rude! Finally when I requested to discuss my issues with a manager, the head of the company responded: " Tell them we are returning all the paperwork and take their business elsewhere! Nice way to do business!!! True customer service!!

    The good news is that Hagerty Insurance came through! A true professional company. They sent the application via email and explained it would probably take approx 24-48 hours to process. After I explained I was looking to expedite the process due to reasons related to the purchase, they worked non-stop to complete the application. I called them at 2:00 pm and they had me qualified with paperworked faxed to me by 6:00 pm !!!

    Truely a wonderful experience to work with Hagerty! A++ for customer Service!

    (PS, I don't have an association with either company, just a consumer who could not believe degree of professionalism between two companies!)
  14. Jdubbya

    Jdubbya The $10 Trillion Man
    Silver Subscribed

    Dec 28, 2003
    Full Name:
    I have Hagerty for my '78 308. If you don't plan on using the car as a daily driver they have excellent rates for "collector cars". Full coverage, no deductible and agreed upon value costs a whoping $231 a year. They were also very helpful in completing the whole process. Mine does have a mileage restriction, but how many miles do you plan on putting on the car anyway?
  15. Ksullender

    Ksullender Formula Junior

    Sep 3, 2003
    I have a 90 348ts, zero deductible and my premiums are about $700 per year through Grundy.
  16. Chiaro_Slag

    Chiaro_Slag F1 Veteran

    Oct 31, 2003
    Full Name:
    I had the same problem with Mercury. I called Hagerty and Leland, but they would only insure for pleasure driving. I wanted to drive to work also, so they were a no go.

    I ended up going with AAA - I pay about $720 / Year for full coverage.

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