How to properly insure a Challenge Stradale with values on the rise?

Grundy is a lot better. Hagerty is terrible. I would never use or recommend them.

 

Tell American Modern you want to add an endorsement to drive to work once in a while, they will add it. I had it on my policy when i was with them. It adds a little more to the cost.

 

Just remember that you only find out how good your insurance company/ policy really is when you need to use it. Either one of these companys will be ok as far as I can say. Just be careful of the untested ones that offer "cheap " rates. Hate to find out you had a claim and it didn't get paid because of a technicality

 

I just called hagerty this week. I have five existing cars on the policy and inquired about the CS at 250k. They started out wanting an additional $4,925, to which I said NO.

They opted to call me back later.

When they called back, I was upgraded to their Private Client group and quoted about 2,500 more per year for all six cars.

 

Try AIG as well. Also make sure to get coverage for diminished value. Any company that doesn't want to write agreed value on a car like the CS means they don't understand your car and you really don't want to be with them.

 

I have all my insurance with Allstate (DD, house, umbrella and riders)... except the F430Checkout Grundy, they do agreed value and no milage restrictions. They say estimate your annual milage but dont worry about going over, no odometer check. The last thing I want to do is battle an insurance company over $$$ when my Ferrari is stolen or sitting in a repair shop yard in the rain. I would rather use an insurance company that willingly offers agreed value then one you have to sneek in the back door.

 

I'm with State Farm also. If I totaled my CS I'm not seeing why they wouldn't use recent sales data to establish a value. What other method would they use?

 

I contacted Heacock for an "agreed replacement" value policy for my Speciale Aperta that has gained considerable value. They only would go to 400k which amounted to 40k over the MSRP, which is about 1/3 of the reported value in Cavalino magazine. I'm still looking.

 

That is how insurance companies make money...under pay claims. It happens all the time, and why the "legal side" column in Sports Car Market Magazine constantly recommends "agreed value" insurance policies to avoid unpleasant, (and potentially lengthy and expensive) legal battles when making a claim.

 

I recently took delivery of my Soeciale and tried to get an agreed value from Heaock for 400k. However, they said since it is a brand new car, they can only insure it for msrp and not over. However, they said I can call back in 3 to 6 months to increase the agreed value. I went ahead and got an agreed value at the same amount as msrp since I already have 2 other cars with them. However, they have no problem with increasing the agreed value of my 599 GTO to 700-750k.
I found Heacock's annual premium is about 0.5-0.7% of the agreed value vs. around 1% of the agreed value on average for Hagerty or Grundy.

 

The premium with Heacock was actually a couple of hundred dollars less than my current policy with State Farm. They said at 4-6 months they might consider raising the agreed value of the SA to 450k. I thought I'd stick with State Farm for 3-4 months until the value had a little more information to support a higher number and try them again. Thanks for your information.

 

When I bought my car I looked into getting a quote from Heacock. Submitted a quote request online and never got a response back from them. My normal insurance company (AAA) told me they would cover me for about $80 a month without restrictions on usage & where I drove so I just want that route. I have a pretty pedestrian f430 so I am not concerned it will appreciate at all so didn't need some crazy guaranteed value coverage.

 

I have agreed or stated value (sorry, I forget which one) with ACE and I had to get an appraisal to get them to raise the CS to $235k (mine has 18k miles). I suspect they would have accepted any amount on the appraisal.


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State Farm does offer agreed value policies. I have them on 2 cars, there is a hard value listed on the first page of the disclosures. However, there is a distinction between "stated value" (haggerty, american modern, etc.) and "agreed value" (state farm, maybe ace based on the arizonaitalian's post).

Stated value = you tell them the value (unjustified maybe they do their own checks to establish the maximum possible value they would underwrite)
Agreed value = you justify the value through appraisal or other market datapoints and the insurance underwriter has to approve

I did not get appraisals, rather I used haggerty values for 2 cars (an RS America and Stradale). The agreed value policies are actually very slightly cheaper (the CS was $80 less per year) than my standard policies because there are stricter usage restrictions. Agreed value through State Farm is only available on cars > 10 years old so I have American Modern on my Scuderia.

 

I have an agreed value policy with Chubb. They set the price based on their own market research without any input from me. The AV has steadily climbed during my ownership of my scud and is at a value higher than I would likely be able to sell for.