*Help* Looking To Insure Ferrari In Miami & Live In A Condo | FerrariChat

*Help* Looking To Insure Ferrari In Miami & Live In A Condo

Discussion in 'Florida' started by F355 Fan 82, Dec 9, 2017.

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  1. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    I recently acquired a 2002 Ferrari 575 and it seems like nobody but state farm will insure it either bc its an open end lease or bc I live in a high rise. Everyone wants a private,locked garage and hagerty wanted the car paid off. Before I bought the vehicle I got a quote for $150,000 valuation from state farm for $585 every 6 months and now they sent me a letter last night that their underwriters have determined the value to be $100k and my payment is now $425 every 6 months. I emailed them back 5-6 listings for sale from $149-185k for 2002 F1 575s and still no luck.

    Thus far I've tried:

    Hagerty
    Chubb
    Grundy

    nobody would insure me bc of either condo or bc the car isn't paid for.

    Progressive will do it for $2100 every 6 months for stated value of $135K max.

    What companies are you guys in condos using to finance your cars bc its become a nightmare for me. I had other nice cars before and it was never an issue, I had an S63 and it was no problem getting insurance from state farm for it. State Farm has no issue doing the car but they think its worth $100k which is way below what I paid and its real worth. They seem to be the only ones willing to work with it being a Ferrari and parked at a condo.
     
  2. buckminster

    buckminster Formula Junior

    Aug 18, 2005
    989
    On the water, SWFL
    Full Name:
    Nicholas Raftis
    listen man I feel your pain. State Farm would not give me a proper valuation on my 308 after the price run up, after months of data and hagerty valuations, auction results, etc. I just got pissed and went with Grundy and they gave me a $115,000 valuation after I had the car restored. Its $585 a year.
    my buddy lived in the Marquis and paid $4,000 a year for just a BMW 645 and an old 325, insurance prices in Miami are stupid high. so that progressive price is just about right.
     
  3. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    Are you in a condo yourself? Id take $115k valuation and $585/year I dont mind it, I just want to get it insured right and nobody wants to do the condo thing!
     
  4. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    I have State Farm and live in a condo in Florida. 458 spider , Sl 63 , E 350. Great to work with.
     
  5. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    They are thats not the issue, the issue is god forbid you need to file a claim, they are actual cash value which is basically auction value vs classic insurance companies are agreed value which is you get what you want. My 575 I just bought i insured at $135,000 with them and they sent me a letter 3 weeks later that they valued it at $95,000 and thats its new coverage. You have to have agreed value with an exotic. Hagerty quoted me at $3600 for $135k agreed value vs $850/year with state farm but the difference is almost $40,000 that you would get in a wreck.
     
  6. Corsair66

    Corsair66 Formula Junior

    Mar 14, 2016
    337
    Clermont, FL
    Full Name:
    Ken
    My wife and I both work from home and have shared a single daily driver for years. So, because we don't have a DD for each licensed driver in the house, none of the specialty insurers would touch our F430. So...I had to go with State Farm and fully realize that I'm taking a chance not having an agreed value policy. I'm not thrilled with the situation, but it is what it is. I might just buy a beater truck this spring for occasional use, park it in the driveway, and then revisit the F-car insurance.
     
  7. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    When I insured my 458 spider they didn’t send me anything regarding a value for my car. I should probably ask so thank you. Best , Kirk.
    Ps. Hagerty wanted ~ 6 grand for my 3 cars.
     
  8. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    basically same situation im in. The car is registered at our vacation home and they want us to have 2 other cars besides the F car....at the vacation home, just ridiculous. I only have 2 spots and an extra one is around $50,000 so maybe ill buy a 3rd spot and register a vespa to it with whats left lol.
     
  9. Corsair66

    Corsair66 Formula Junior

    Mar 14, 2016
    337
    Clermont, FL
    Full Name:
    Ken
    FWIW, I tried the moto route and the specialty insurers weren't having it. They specifically wanted a registered 4-wheel vehicle for each licensed driver.
     
  10. Rosso328

    Rosso328 F1 Veteran
    Owner Rossa Subscribed

    Dec 11, 2006
    6,795
    Central FL
    Full Name:
    Paul
    I looked into collector car insurance, but wasn't willing to go with the mileage and use restrictions that came with it. So all of my cars are through State Farm as regular drivers, though I do have the low annual mileage discount.
     
  11. desmomini

    desmomini F1 Rookie
    Owner Rossa Subscribed

    Nov 18, 2003
    3,914
    Upstate SC
    Full Name:
    Jeff
    Buy a beater on Craigslist, register it at the vacation home, check out long-term parking rates at the airport (or public storage).
     

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