Collector Car Insurance for my First F-car

Quick Question for you to answer:

How will you drive it? Weekends only? Maybe to work a few days a week when the weather's nice?

Quick question for other people in New Jersey:

Do they do agreed value policies in NJ?

 

If you're sure you're not going to exceed 5k miles, you will find a number of choices, but many companies will not let you exceed your limit even slightly, while others are a bit more lenient.

Also, some companies will not let you take your car to work under any circumstances, even if you're doing it "to go to an event". Again, others may be a bit more flexible.

I had Leland West, which was in the first category in both of the above statements, and I'm switching to Hagerty, which is in the second category, and you can see why I'm switching! It will cost a bit more, but I like having a little flexibility.

 

Hagerty, Leland West and Grundy/Chubb are three of the most popular. They have all been discussed at length on this forum. Hit the search button on the upper right, and you'll find a plethora of information.

Good luck, and congratulations on your soon-to-be-arriving Ferrari.

 

In this case, a collector car policy is probably your best bet, with Hagerty, Leland West, Etc. I like Hagerty the best overall, based on customer service and claims service, however, taking the car to work is not a use that fits into their policy, even if it's "on the way" to an event. Pleasure driving or club event use only.

Disclaimer: Our agency is appointed to write business in TX w/ Hagerty, Leland West, J.C. Taylor, ParishHeacock etc. Collector/Exotic/Racecar business makes up less than 1% of our agency, and I probably lose money on every policy I write because of administrative cost, but it's the most fun 1%.

 

Our F car is treated just like the other vehicles we have insured (although there is an agreed value on it) - no restrictions on mileage, full coverage and very reasonable rate via Progressive.

Carol

 

Try Grundy's collector car program. They have a great program assuming you meet thier requirements? garage, alarm, not too many tickets.

Good luck on your First Ferrari! It will be quite a thrill.

Make sure you get a thourough PPI from a qualified mechanic.

Happy Motoring.

 

I have Farmers for my Lotus; it's more lenient than Haggerty as it has most of the restrictions except the line that my car may be used for ANY PURPOSE on an occasional basis. $188 a year.

Ken

 

That's a pretty awesome rate. Everyone, please remember, rates vary greatly depending on what state you live in.

 

I contacted Grundy when I was first shopping for insurance a year ago, and they said my car was too new! They said they would only insure an '86 if it was part of a larger collection that included older cars.

Hagerty's line on taking the car to work is that it was okay "2 or 3 times during the course of a summer" or something like that. Pretty rigid, but not as rigid as Leland West, who said "0 times".

 

Haggerty is great, I pay $110 a year for my 63 bug, no mileage restrictions. coverd for $13,000 assesed value.


-Leo

 

Ken:

Is that an agreed value type policy?

 

4ZA: I can personally recommend American Collectors Insurance, based in Cherry Hill, NJ - agreed value type policy with the usual limitations. Ive used them for the past 5 years now. Havent filed any claims with them (luckily), but their customer service in excellent.

call them @ 856 779-7212.

 

Yup, for my 1972 Europa. I have it at $16k; it would be hard to replace at any price considering the rarity of top condition cars but that's about top dollar. I also have to have a "daily driver" car as well, a locked garage...similar to Hagerty. No mileage restriction but it's supposed to not be used for commuting, etc.

My car is obviously cheaper than a Ferrari, but body repairs in particular will run as much or more than any 70's/80's steel or fiberglass Ferrari, so any medium accident they'd have to total the car. I bet they don't know that!

Ken

 

Robert,

I use J.C. Taylor Insurance Co. I have my '84 Mondial QV insured by them. But it is registered in NJ as a "collector car" and mileage is limited to 3000/year by state law. Most insurance companies are going to ask you what you are using the car for and how many miles a year you expect to drive it. And you have to have a daily driver if you are getting collector car coverage. You need to check, company to company, whether they restrict your mileage or type of usage. If you are going to be using the car sparingly (i.e., less than 3K/yr.) consider registering as a collector car. You don't have to pass inspection, you only have to show them that the odometer is working.

As for coverage, J.C. Taylor will insure a car for a stated value, up to $30K. Over $30K, you have to have either a bill of sale or an appraisal showing a higher value. The other coverages will be the same as what you have on your regular driver (they will not provide higher coverage than you have on your regular car). I hit a deer in the yellow XKE you see in the avatar a couple of years ago, and Taylor was a pleasure to deal with. No problems getting the car fixed and getting paid.

 

As can I, I have 3 vehicles insured with them. I have USAA for my daily drivers...they referred me to American Collectors for my "toys." I did have a claim with them in 2001 after the Seattle earthquake, got 3 quotes on repairing the car, chose a shop, faxed in the quotes. I was told to take the car to the shop of my choice for repair...they cut the check. No fuss, no adjuster, they didn't even want my photos. No rate increase, great service.

However, I do limit my use to their limitations...If you want a bit more flexibility, you might try the other carriers listed. My 308 is at an agreed value of 34K, with 100K/300K limits of liability, full coverage, etc., the annual premium is around $260.00 yr.

www.AmericanCollectors.com

 

Ken:

Thanks very much for the info.

Yes, a medium whack would probably total my 330 2+2.
At $60k agreed value, I'm on the cheap end of the vintage Ferrari spectrum, and more-than-minor body damage plus some component replacements could get it over the line very quickly.

Scott

 

In South Florida, it turned out to be cheaper for me to get regular insurance through Allstate with no restrictions on use or mileage than to get specialty insurance. It is due to the multi-car discount and their declining rate tables. I would definitely get a quote from your regular insurance company. Just for your info, my 89 348ts costs about the same to insure with Allstate as my 99 infiniti Q45t (about $900 per year).
BT