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Couple of Insurance questions.

Discussion in 'Ferrari Discussion (not model specific)' started by rmani, Dec 24, 2003.

  1. rmani

    rmani F1 Veteran
    Silver Subscribed Owner

    Nov 1, 2003
    7,007
    NJ
    Full Name:
    RMani
    I did a quick search but didn't really find a good supply of answers to my question. How much do you guys pay a year to insure your Ferrari's? I have heard different stories that you can't get insurance for them and you must self-insure, or go through a specialty insurance co. Do everyday regular insurance companies cover them? What do people with f40s, f50s, etc do for insurance? Thanks
     
  2. Jay GT4

    Jay GT4 F1 Rookie

    Oct 16, 2001
    4,995
    La mamma dei fessi
    Full Name:
    e sempre incinta
    Here in Canada there is a company called "Silverwheels". They insure Ferraris and collectible cars very cheap. I believe my car is about $350 a year for a 1975 308 GT4. The only stipulations are that it must be appraised, you can't drive it to work and you can't park it unattended in a mall parking lot. Other than that there are no restrictions on miles. They can do this because they understand people will take car of their classic and collectible cars. Not sure if there is a US version of this company or not.
     
  3. G-force

    G-force F1 Rookie

    Aug 4, 2002
    3,053
    so california
    Full Name:
    wayne skiles
    pay about $100/month with USAA. for '99-550.
     
  4. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    I'm about $85/mo. full coverage for an '01 360 with USAA. Hard to beat I'd imagine.
     
  5. dwood1969

    dwood1969 Karting

    Nov 1, 2003
    67
    Charlotte, NC
    Full Name:
    David Wood
    $1000 per year (~$83 per month) for full coverage on a 99 550 with Chubb.
     
  6. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    16,562
    USA
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    Hugh G. Rection
    Many regular auto insurance companies offer policies, but there is a huge "specialty" market for exotic and collectible cars. Look in any Ferrari related periodical like Forza, Cavillino or Prancing Horse, and you will find many carriers that offer policies.

    You will also find many on the internet by running a search under "collector car insurance" or some variation like that.

    Generally, the policies require that you have a secure garage, no one under 25 driving the car, and that this is not your primary car. You can also (often times) have a stipulated value or agreed value policy where YOU get to determine the car's worth. Some policies may have mileage restrictions, but not all. I had a agreed value policy for my previous 78 308 GTS with an agreed value of $37K and no mileage restriction. Policy was less than $500 per year. Unfortunate for me, I was involved in an accident, but they did pay out (Grundy which is underwritten by Chubb).

    My current policy with American Collector Car Ins (or something like that) for my 328 is about $650 per year. Higher I'm sure because of my previous claim.
     
  7. dwood1969

    dwood1969 Karting

    Nov 1, 2003
    67
    Charlotte, NC
    Full Name:
    David Wood
    Oops!!! Mean't to mention that $1000 per year with Chubb is about half what State Farm quoted for the same coverage. In answer to your question, some regular insurance companies will carry the high-end vehicles but they may not be your best bet.
     
  8. ShanB

    ShanB Formula Junior

    Jul 9, 2003
    547
    Tejas/Europe/Desert
    Full Name:
    shanb
    I pay $540/year - Leland West
     
  9. rmani

    rmani F1 Veteran
    Silver Subscribed Owner

    Nov 1, 2003
    7,007
    NJ
    Full Name:
    RMani
    unbelievable how cheap your insurance rates are. in NJ even for older folks insurance is killer. I recently had my father get a quote for an older e36 m3 and they wanted $1800/yr for full coverage! and he's 61! Under my name (I'm 22) I was quoted at $4650!!. I never realized it was that simple. Thanks for the responses!
     
  10. spyderman

    spyderman Formula 3

    Nov 4, 2003
    1,436
    Toronto - Canada
    Full Name:
    Spyderman

    Grande,

    Do they insure newer Ferrari's...looking for a quote on a 2004 360 in Canada.
     
  11. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    16,562
    USA
    Full Name:
    Hugh G. Rection
    rmani,
    Remember most of these policies (not all) require the following:

    1) No driver under 25
    2) Secure garage storage
    3) Not your primary car (most show registration of primary vehicle)
    4) Mileage exclusions
    5) No track days

    With that many exclusions, it lowers their risk considerably. Now some of them are on standard policies...and yeah, those are a good deal. :)
     
  12. colo348

    colo348 Karting

    Nov 1, 2003
    141
    Colorado
    Full Name:
    Jim
    I have a 348ts and pay $700/year. With this insurance you can drive up to 3000 miles/year, you can not drive to work or to the mall. You need a daily driver car and a clean driving record helps. Pretty tight restrictions, but the coverage is good with a $500 deductable.
    Good luck,
    Jim
     
  13. Jay GT4

    Jay GT4 F1 Rookie

    Oct 16, 2001
    4,995
    La mamma dei fessi
    Full Name:
    e sempre incinta
    Not sure, like I said the company is called "Silverwheels" and they have an office in Toronto. Are you in the club?
     
  14. parkerfe

    parkerfe F1 World Champ

    Sep 4, 2001
    12,887
    Cumming, Georgia
    Full Name:
    Franklin E. Parker
    I pay around $600 a year with Allstate for my Boxer with full coverage and a million dollars liability and UM.
     

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