How To Insure A Ferrari With These Circumstances?

Hello, I recently purchased a 2002 Ferrari 575 and was able to get coverage from state farm for just under $600 every 6 months for 2500 miles/year. I was thrilled, it was a great deal and then today they sent me back a refund check for $180 and told me they could only insure the car for $100k which is below what I paid and doesn't work for me. So I called a few other insurance places and here were the issues I ran into

1) I have an open end lease, hagerty told me they only insure cars that are paid in full, that seem a bit off bc lots of people finance cars in this low interest rate environment. I spoke with someone at allstate and they didn't know what an open end lease was and kept me on the phone for 10 minutes to gather more info on the matter.

2) Another classic car insurance co told me they couldn't cover me bc my car is in a parking garage. I live in a high rise, yes I share a garage with 100 other people but I have 2 spots of my own tucked away in a corner and there's probably 15-20 other exotics in here from ferrari,lambo,bentley,rolls.

3) What is the market value for my car and how can it be determined, a quick search online and you have cars literally listed from $98k-$399k for a stick one, thats quite a range. Ferrari of Newport Beach currently has a 2002 Red/Tan listed for $185k and the cheapest one close to me is a blue one asking $149k. The $98k one online is a nice car, silver,etc. My bill of sale with taxes and everything was from 3 weeks ago and well higher than state farm "market value"

So to make a long story short, how does one insure a 2002 ferrari for what they paid for it when they live in a condo and have it financed/open end lease? Thanks again

 

ok great thank you im on their site now looking for an agent near me, so I cant buy it directly through chubb? I have to go through one of their agents? I just emailed my state farm agent with 4 different 575 listings for sale right now all asking $159-185k. I know thats not the market price but its ridiculous they're offering me $100k using "published antique and classic valuation references". What data does a firm like state farm use?

 

I believe so bc i dont think its insured like a normal car bc like i said i have my leased cadillac SRX with them and its $1100 every 6 months the Ferrari is now $425 every 6 months but the value they determined was $100k and not the $130k i had requested.

 

none of these places grundy not chubb have any dealers open on the weekend, except for one, the only one i found thus far open today is baldwin krystyn sherman who sells chubb and they're working up a quote for me now. Have any of you worked with them before?

 

Why is a condo such a big deal to insure? I lived in New York City and lots of exotics were in our garage. why won't they let you go off bill of sale or something?

 

I AM GOING TO RIP MY HAIR OUT

I just called hagerty back to see if the guy I spoke with yesterday was wrong and I was told they could insure it in 1 year but they cant today, they want to see how a year plays out bc im too high risk now being in a condo + open end lease + new purchase......so I asked the lady how one was supposed to insure a new purchase and she told me to shop around.

I have nothing on my driving record in the last 16 years, I had a small accident in an SL600 in 2002, I wasn't at fault, but it was 16 years ago and thats it, no speeding tickets, no nothing, and Im too high risk for Hagerty

This whole experience of trying to insure the damn 575 for its proper value is just ridiculous.

 

I am not a veteran so USAA is not an option for me, the problem im running into is this. I was talking with someone at AAA and progressive can insure the car for $2100 every 6 months at a stated value of $135,000. State Farm right now on their letter says its $100,000 and its $425 every 6 months. the AAA lady on the phone said the state farm wasn't stated value and they would no way pay me $100k if something happened. Im not an insurance guru but this is all getting so confusing. Do I just pay 5x the price for the stated value with progressive or what? Chubb and Hagerty want no part of a car parked at a condo. This is just a complete mess, I've probably spent 4-5 hours on the phone today calling around. Last month when I bought it, my state farm agent who does my home and cars got me insured in 5 minutes at $585 or so for 6 months I figured great deal and just did it. Last night was when I got the letter in the mail and I cant reach her today or tomorrow bc her office is closed,.

 

Ok thanks ill ask about that, not sure how i could up the security bc as it is there's a guard at the gate when you come in haha, there's not much else I can do in my parking space but this experience has not been smooth at all. Lessons I've learned the last 24 hours:

1) Do not do an open end lease, nobody knows what that is
2) Do not finance a Ferrari and only pay cash
3) Do not contemplate buying a Ferrari unless you have a home with a garage, condos, no matter the value are awful.
4) Insurance companies are awful to deal with in general

 

State Farm has the car insured, they're actually incredibly cheap sub $600 for 6 months but all the insurance companies i spoke with today told me thats probably not stated or agreed value and even the $100k they've insured it for they probably wouldn't pay out if something happened. I hate how insurance is such a run around business and not straight forward, admittedly I am not an auto insurance expert, this is my first Ferrari, Ive owned other expensive cars and none were $90/mo to insure like the Ferrari so I have to admit Im slightly worried even with the $100k coverage I currently have.

I guess monday I'll have to call in and see if we can lift these values, I got the letter in the mail last night and they were closed today and tomorrow.

 

but do you guys live in a condo? The issue isn't the car, the issue is all these collector companies want the car parked in a garage you can lock and the car is safe. They're denying me bc of where I live, a condo in miami, not bc of the car