Wouldn't it be easier to phone and ask for a quote? There are so many variables, it's rather hard for people who know nothing about you to answer.
You're seriously asking about INS for a Maranello with your ass cheeks clinched? Pass on the car, man!
Very overused word. Everyone always says they have full coverage. There is no such thing as buying full coverage. Do you have $25,000 liability or $2,000,000. You'll only know if you have full coverage when your accident is totally covered when it happens. But expect to pay around $1200 for decent coverage. Jay
call grundy in penn ,I have a 2003 sl no limits full value at$ 40000.00 for$ 595 per year,My buddy tommy hase his 308 full no limit for 50,000.00 750.00 per year !
Thanks for the replies. I was just looking for a ballpark figure- $1,000 vs $4,000. I currently have 2 V12 BMWs that have been reasonable to own and maintain. I've resisted buying foolish assets like Ferraris but have always wanted a Maranello since I saw one, when I lived in La Jolla CA in the nineties. I recently made the decision to buy a 575M after booking 7 figure profits each, on Gold, Crude Oil, and Copper futures trades this year to celebrate. After all, I'm not getting any younger...
Where you live, your driving record and the value of the car can cause a $1-3K swing in your premium. Log onto Leland-West or Hagerty and quote it yourself for a ballpark figure. Then call your broker and do the job right. Buying a stand alone auto policy for your exotic is one of the stupidest things one can do from a risk management perspective. Doesn't stop many here from recommending it, though. I continue to be surprised at how many otherwise intelligent, successful people set themselves up for disaster.
Very excellent advice. Thanks. When I see the cost of items like windshields for $4k, I just didn't want to be blindsided.
It occurs to me that if you made over 3,000,000 dollars this year that insurance cost for a Ferrari is a rounding error on your balance sheet especially since insurance can be placed in the $1000 per year range. Maybe next year you can book seven figure profits on cotton, wheat and soybeans.
Nothing about buying a Ferrari is based on sound money/financial principals. I even have to move, because where I live, they won't let me block the lake view with another garage. (They want me to dig down)! Otherwise, I'd already have at least one 575M already. I just fired off the post after wondering if maybe insurance might be $10k. Who knows if a windshield is $4k. (A windshield for a $100k BMW is $400). As far as speculating in futures, it has been very good to me. My primary trading vehicle- my bread and butter, comes from trading the S&P 500 index. The trades I mentioned were long term side trades (except copper, which I bought in Mar '09 and each copper contract went up over $40k profit in less than 9 months). So yes, I would recommend futures to anyone willing to devote the time to learn. I've been at it professionally since 1972 and still learning... Like I said, not getting any younger.
I'm not that successful or intelligent so please enlighten me ....I have all my insurance policies including daily drivers through a reputable large insurance company that doesn't offer specialized limited use collector car insurance, and so my weekend toys are insured through Leland-west which has been great to deal with. What disaster am I setting myself up for?
Andrew- Dave was agreeing with what you have done. My insurance is set up the same way. If you have a large loss, better to have it through someone who has a vested interest in making you happy and with whom you have a long record and paper trail as a customer. USAA in my case. Might cost a bit more, but way safer. Taz Terry Phillips
I'm saying that if you don't have an umbrella over your policy, you probably have inadequate limits to cover an accident. I don't know your limits, but they could be $100,000 for liability. That means if you run over a lawyer, after you win a cupie doll, his former partner will sue you for $1,000,000 and you will have to sell your exotic and a few more items to pay him the judgment he will win from you. Most people who buy a policy for their exotic do not connect the dots and make sure that they have high enough limits to protect them from their potential liability. The focus is usually on protection of their own property without enough concern for their liability when operating their pride and joy.
I have an umbrella policy though my main insurer (USAA)- I still don't know what is wrong with buying collector car insurance through Leyland West, which has tailored their business to collector cars and in my mind offers great coverage relative to the cost since they know it's an extra car driven on a limited basis, garaged etc etc....your statement from the prior post implies that if I don't cover my ferrari though my main insurer I'm setting myself up for disaster or not "doing it right", and I don't see how I'm doing anything wrong...am I missing something? How is this stand alone policy I have one of the "stupidest things from a risk management perspective"?
Andrew- I see what Dave was saying now. Does your umbrella policy cover you if you have an accident in your Ferrari? Mine does, for the exact reasons Dave mentioned. Plus I have the max liability limits on my auto policies. He is saying you could be sued by an ambulance chaser for more than your single car specialty policy will cover, which could put you in dire straits financially. Taz Terry Phillips
I insure through Classic Auto Insurance. I have found that they are the cheapest for exotic or specialty cars. www.classicins.com
Another company to price check with is Hagerty. They sell agreed-value insurance for exotics, classics, and modified cars. I use them on my 550 and mid-year Corvette.
I'll have to check, but the whole point of an umbrella policy is to cover one from outside liability so I don't see why it wouldn't (it's not like the car is uninsured). I don't recall reading anything where it excludes things like liability from outside insured vehicles where the liability exceeds the coverage....or being sued for more money than my wife's nursing insurance covers for instance....if it doesn't cover such things, there's no point in having umbrella insurance. This could be a valid point or a non-sensical point- one never knows on the internet chat forums...I'll have to look into it.
An umbrella policy schedules the policies it is excess over. Look at your umbrella policy. If it doesn't specifically list your exotic car policy (with your policy number) on the Declarations page or on an endorsement, I am 99.9% certain that you do not have excess coverage while driving your exotics. I have never seen an umbrella automatically cover any underlying policy of insurance you may have. Insurance underwriters do not generally insure pigs in pokes.
I was stunned when I called my insurer (GEICO) for a quote on my 355. This is our 4th vehicle in a family with 2 drivers and I told them I would only drive it 2-3,000 miles per year. Total cost for a year with roadside assistence thrown in was $575. I paid them on the spot and didn't make another call to any "specialists" for quotes.
