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Ferrari insurance?

Discussion in 'Ferrari Discussion (not model specific)' started by kuda, Jun 4, 2012.

  1. kuda

    kuda Rookie

    May 16, 2012
    4
    I am sure this has been covered here but I can't seem to find it. Picked up my 458 Spider last week and was a bit surprised to hear the quote on insurance even though I expected it to be ridiculous. Is there a Ferrari club or a special broker who deals with cars like these? Thanks for any assistance.
     
  2. dahveedem

    dahveedem Formula 3
    Silver Subscribed

    Mar 12, 2012
    1,489
    Maryland
    Full Name:
    David
    Try your primary insurance company.
    Also Hagerty Insurance.

    Sent you a PM with the name of a broker.

    David
     
  3. bosshog8

    bosshog8 Formula Junior

    Mar 13, 2011
    448
    Pinelands NJ
    Full Name:
    Demetrius
    Unless you drive it every day or to work, then any collector car insurance company will insure it for less. I use Grundy because I already had it and just added my Ferrari.
     
  4. dakharris

    dakharris Two Time F1 World Champ
    Rossa Subscribed

    Jun 7, 2001
    29,408
    Sleepy Hollow
    Full Name:
    Cavaliere Senzatesta
    This subject has been covered hundreds of times. I'll cut to the chase. You will get lots of recommendations form some very well meaning guys that will be totally worthless unless they come from a driver with the same car, driving record, zip code and appetite for risk that you have. Your best course of action is to shop around. As an insurance broker, I recommend that you contact a strong local broker that specializes in high net worth clients. Remember, insurance on a 458 is expensive because a 458 costs more than most houses in America and most houses aren't designed to go 200 mph.
     
  5. blackbolt22

    blackbolt22 F1 Veteran
    Silver Subscribed

    Sep 25, 2007
    5,450
    Boca, FL
    Full Name:
    Mr. Anderson
    Wrong. Not for me. Haggerty refused me. Restrictions were ridiculous.
     
  6. mikeyr

    mikeyr Formula 3

    Jun 17, 2004
    2,155
    Santa Barbara, CA.
    Full Name:
    Mike Rambour
    for me Hagerty was $30 less than Allstate and they had restrictions that Allstate did not put on the car.

    Only issue is Hagerty is stated value (or whatever its called), you wreck it and they write you a check for what it was insured for. Allstate will first explain to you why its not worth what you think it is, then why you are lucky to get half what you think its worth, then you get a supposed "independent" appraiser who agrees with Allstate's value but since you are a nice guy adds a few thousand and then Allstate writes you a check.

    I still went with Allstate because of no restrictions and I may switch after my 360 is no longer a new car to me and I drive it less but first month, I put 2,000 miles on the car if that keeps up I would be over Hagerty's restriction in 2 months.
     
  7. Mr. V

    Mr. V Formula 3

    Oct 23, 2004
    1,245
    Portland, Oregon
    I was pleasantly surprised at the insurance cost for my Ferrari.

    I added it as the fifth car to my policy with The Hartford.

    Full coverage.

    No unusual charge at all, just another vehicle, and zero restrictions.

    Curious.
     
  8. teide

    teide Karting

    Mar 31, 2006
    125
    Denver
    Full Name:
    Antonio Sanchez
    Just a couple of things, be very carefull adding your collector cars to regular use car policies. Dont get me wrong there are very good companies out there, Hartford Travelers, State Farm, Chubb etc, etc. But specialized car collector car companies exist for a reason. Make sure that your policy states "agreed value" instead of "stated Value". Agreed value is exactly that, it is an agreed value, if the policy says the car is worth 100K thats what you get, some companies offer addtional 1 or 2 percent over that value. Stated value, no good for collector cars.

    Age of the vehicle is also different 1970 and below different story. A lot of differences between all the collector car insurance policies exist as well, and there are more than you can imagine. Agents that specialize in these vehicles, have special relationships with the different underwriters, and can get things done that you will not be able to do directly, exemptions etc.

    Correct valuation is a huge deal as well, my experience is that most collector cars are way under insured. Example client 1967 330gtc, his policy that he had not looked at in a while had the "agreed value of 127K. One sold recently for 450K (of course it was mint) Normal range 225K-350K. Did a new policy with an agreed value of 305K, difference in price 545.00 a year. This client did not use an Insurance Agent that specializes in these type of vehicles at the beginning, he did it directly, there is no difference in your price if you use an agent or go direct. But with an agent you get somebody that his main job is looking at all these things every couple months so you are really covered correctly.

    Last thing look for an agent that has collector vehicles himself, the passion for this counts a lot in my book. He will look after all the vehicles in his agency like his own.
     
  9. teide

    teide Karting

    Mar 31, 2006
    125
    Denver
    Full Name:
    Antonio Sanchez
    Agreed
     
  10. Jms15

    Jms15 Karting

    Jun 1, 2011
    90
    manhattan
    Seems consistent with my experience. Chubb had the ar listed 20pct below purchase price and it needed to get changed. Also they were very reasonable on the fcar when given the opportunity to consolidate multiple property, multiple car and umbrella policies all with them (I had things split up between them and firemans). Total was significant savings overall.
     
  11. dsevo

    dsevo Formula Junior

    May 7, 2007
    611
    Flower Mound, TX
    Full Name:
    Dustin
    A lot of people tell you that you need special insurance, but I disagree. My 360 got totaled 7 months after I bought it, and Farmer's paid me more than I paid for the car including tax. The car had rear quarter panel damage that looked relatively minor, but because I took it to Premier in LA (EXPENSIVE), and the quote was so high, they totaled it. My point is, don't necessarily believe these posts that say the normal companies will give you half what its worth, because that simply isn't the case.
     
  12. teide

    teide Karting

    Mar 31, 2006
    125
    Denver
    Full Name:
    Antonio Sanchez
    Also correct, but its like playing russian roulette, I have seen both, State Farm, Farmers etc pay just as well as the specialize companies, and then other times that they did not or fought for every penny. Its about peace of mind though at the end.
     
  13. tr0768

    tr0768 Formula Junior

    Oct 28, 2008
    714
    maltby wa
    Full Name:
    Howard Musolf
    I have all my collector cars insured with JC Taylor. I am very pleased with the coverage and especially the rates. My wifes Maserati spider premium was only $900.00 for full coverage with agreed value of $45,000.00. My 308 annual premium is $650.00 for full coverage with agreed value of $30,000.00. My 400i Cabriolet premium is $700.00 with agreed value of $35,000.00. These rates are based on zip codes. storage facilities, alarm systems and some other factors only the underwriters know. I did get a rather nice deduction after we added the alarm system including heat and smoke detectors , and an addtional deduct when we added cameras, that can be viewed by the alarm company on their computer screens.

    Now consider the fact that these insurance rates are for non daily use. I agree to limited use of 3000 miles or less per year. However, there are no mileage police and I have never been asked to provide a mileage statement, and I have never exceeded the limits. I have some 20 cars insured with JC Taylor from 1905 through 1988, including vintage sprint cars and Indy race cars(with the limitation of no competition) I have friends that have had claims with JC Taylor and they have had excelent service and very fair treatment.

    Howard Musolf
    1981 308gtsi
    1982 400i Cabriolet
    1988 Lotus Turbo Esprit
     
  14. TheMayor

    TheMayor Six Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    69,540
    Vegas baby
    Whenever this question comes up, a lot of us say "State Farm". I have a 458 with them and I don't think it's ridiculous at all. Then again, I've been insuring F cars with them for over 30 years.
     
  15. Entropy

    Entropy Formula 3
    Owner

    Jul 10, 2008
    2,151
    My experience with "more expensive" but contemporary cars has been positive, and it's been easy to add/delete cars. May have been easier since my driving and claims record was clean, i had been a long-time customer and the cars were "reasonable" (i.e. not extravagant, by Fchat standards anyway). I honestly had an easy time covering new toys.

    I have personally found that the "car fluency" of your local agent to be a key element in getting the right coverage, especially in California.

    In recent years, I've had to do more adjusting as I wanted to include our race cars, and get track insurance...this is doable, but tough. I ended up consolidating everything under one provider (home, street auto, liability, flood, etc) to get the "special coverages" I wanted, plus the confidence of things like "agreed value". I'm probably "over-insured", however I sleep easier being "less paranoid", and I'm actually paying a lot less per dollar of coverage than before.

    Shameless plug: Fchat sponsor HWI Motorsports is an insurance provider, and Morgan covers some wild stuff, from racing series to race cars to collector cars to our flood insurance. I believe he can write for many of the premier insurance providers. Plus, he's a car guy who gets it...he was just down at the CCR race this weekend soaking it up in his hot rod Camaro.

    Maybe we can get him to chime in
     
  16. Formula Uno

    Formula Uno F1 Veteran
    Silver Subscribed BANNED

    Oct 8, 2008
    5,917
    New York City
    Just curious....how much is insurance for a 458??

    My 308 is $800 with Hagerty's!
     
  17. HWI Motorsports

    Rossa Subscribed

    Feb 1, 2012
    15
    Shrewsbury, MA
    Full Name:
    Morgan Duffy
    Ok, chiming in since I'm a sponsor here and this topic is my area of expertise. There isn’t really any right or wrong ways to insure your cars (or your homes, art, jewelry, boat, whatever...) as it all depends on what you want out of it. Insurance is different to everyone as everyone has a different tolerance for risk coupled with very specific variables created by their own personal situation. If a wide range of coverage is really important to you and you are affluent then you are leaving a lot on the table with a State Farm, Allstate, Liberty, etc... They are great companies but they don't offer the level of coverage many affluent folks have grown to need as their wealth has grown. I consider insurance gambling and my job is to show you all that is available in the market then let you choose your poison. Maybe it is large deductibles so that you save premium but like the safety of knowing exactly how much you are going to lose should the proverbial hit the fan. Maybe you hate insurance altogether so you don't want to buy any more than governmentally required liability. Any way you slice it the choice should be yours and fit your situation but in all honesty you should know what is out there and how it works before you make those choices.

    If we are just focusing on cars here then all of us want an Agreed Value policy at a minimum so that we know how much we are getting if our car is stolen or totaled. It would also be great to have a company that will pay an appropriate labor rate to fix said car should it only be partially damage and use only OEM parts as long as they are available.

    But would you stop at that type of coverage if you knew that you could take it to the next level which includes up to 150% of Agreed Value in case your car has appreciated and then add in Diminished Value coverage so that the insurance company not only pays to fix the partial damage but then reimburses you for the value lost now that everyone knows it's been wrecked (here's my shout out to CARFAX)? What about shipping? Anybody here travel outside the US? Did you know that some regular auto policies extend worldwide? Did you know that some carriers put collector cars and race cars on Collections Schedules along with your jewelry, art, wine, guns, etc..?

    There are no simple quotes for this stuff (sorry Furio but that means there isn't any one price for all 458s) and there shouldn't be. Take the time to review your options and really make an educated decision when it comes to insurance. Many of the insurance world Big Boys have turned insurance into a commodity and it isn't.

    Fire off some questions and if anyone wants to discuss in depth email me at morgan@hwimotorsports.com. I'd love the opportunity to provide some proposals and earn your business. After all I do have to pay Rob for my sponsorship.
     
  18. TheMayor

    TheMayor Six Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    69,540
    Vegas baby
    State Farm: $1800 a year in Vegas (multi car policy). No restrictions, $1000 deductible.

    I don't think that's outrageous at all on a car costing 300 grand that can do 200 MPH.
     
  19. Napolis

    Napolis Three Time F1 World Champ
    Owner Honorary

    Oct 23, 2002
    32,118
    Full Name:
    Jim Glickenhaus
    Ditto especially about using a good broker.

    It's also very important to understand what an insurance company is vs an "insurance company" that really isn't one.

    The insurance Company I use is ACE and would recommend them for large multi car collections that are shipped and used worldwide. Keep in mind that many countries require that the company insuring you has a physical presence in that country.

    http://www.acegroup.com/us-en/
     
  20. dakharris

    dakharris Two Time F1 World Champ
    Rossa Subscribed

    Jun 7, 2001
    29,408
    Sleepy Hollow
    Full Name:
    Cavaliere Senzatesta
    Nice post, Morgan. If everyone read it and followed your advice there would be fewer complaints about insurance claims.
     
  21. Dolcevita

    Dolcevita Formula Junior
    Rossa Subscribed Owner

    Jul 5, 2011
    712
    Ontario, Canada
    Full Name:
    Craig
    That's a great rate.
     
  22. 360CSS

    360CSS Karting

    Nov 10, 2004
    72
    Rome-Constantinople
    Full Name:
    Caesar
    I have Chubb on my Ferrari's all with agreed value.
     
  23. SCEye

    SCEye F1 Rookie

    Aug 28, 2009
    2,691
    Norcal - Peninsula
    I got a quote from Allstate (my current carrier).

    2004 Stradale (3rd car in group, after Lexus and Honda)
    clean history - no accidents/no ticket (knock wood)

    $240/year = liability only
    $2200/year = full cov. 1000 deductible.
     
  24. Shawn

    Shawn Rookie

    Nov 23, 2011
    2
    I recently got a few quotes for a '02 360 I will be purchasing soon. I'm young, 21, but clean record no tickets or anything.

    Progressive told me $14,000 a year!!! I was speechless on the phone. That wasn't even full coverage too! Hagarty was completely ridiculous and would not even insure me, quite rude on the phone as well. I ended up calling over half a dozen company's, most would either not insure me because of the car, or were stupid expensive.

    The best I got was $4800/year with a $2000 deductible from state farm. It is about $400/year more for a $1000 deductible. That is agreed value of the car(~90k+any mods) and full comp and collision. Basic coverage for the driver(me)

    Gotta pay to play..
     
  25. plastique999

    plastique999 F1 Rookie
    Silver Subscribed Owner

    Nov 9, 2008
    4,439
    Alta Loma, CA
    Full Name:
    Edward
    That's odd...I wonder if it's your age? and what was the stated miles you told them?

    My 430 spider is with Progressive - I have a "dirty" record, but it is our 3rd car insured with them. Agreed value of 140k, and paying 2400/yr.

    I was gonna shop around and see if Haggerty or some other insurance company would offer a lower rate.
     

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