How to properly insure a Challenge Stradale with values on the rise? | Page 2 | FerrariChat

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

Discussion in '360/430' started by rzundel, Jul 3, 2015.

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  1. gsworld2014

    gsworld2014 Formula 3

    Dec 23, 2014
    1,104
    South Florida
    Full Name:
    Greg S
    Grundy is a lot better. Hagerty is terrible. I would never use or recommend them.
     
  2. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    I think I will give Grundy a call. I received my quote from Hagerty today and it was between $3100-$3600/yr based on deductible and $300k stated value. Seems really high to me. State Farm is currently insuring for about $1000/yr.
     
  3. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    I received a quote from Grundy and it was about the same as Hagerty. I'm trying to compare the two proposals to see if they are apples to apples? Both are for $300k stated values. Both around $3200/yr. This includes good driver discount and low mileage usage. I would be curious to see what others are finding?
     
  4. Living4life

    Living4life Formula Junior

    Jun 29, 2008
    263
    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.
     
  5. DM1

    DM1 Formula 3
    Owner Silver Subscribed

    Nov 9, 2006
    1,042
    Southwest
    Full Name:
    DM
    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
     
  6. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
    4,490
    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.
     
  7. Caeruleus11

    Caeruleus11 F1 World Champ
    Rossa Subscribed

    Jun 11, 2013
    11,516
    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.
     
  8. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    After asking Grundy to increase my deductible to $1000 and decrease my annual mileage to 101-500 miles the price on a $300k guaranteed value dropped to $$2300. They had to go to their underwriter to get both changes made. Their standard quoting tool doesn't offer this so the premiums reflect a higher amount. They also advised me to watch out for Hagerty increasing rates annually for no reason. Not sure how true this is. Right now $2300 from Grundy seems to be the best value from a AA rated company.
     
  9. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    I still have not made any decision with this. It's hard for me to switch from State Farm seeing they insure 4 other cars of mine along with the house and umbrella. Grundy works out to $1k more and Haggerty is $2k more. I'm trying to see if State Farm will do an agreed to policy. My agent says no but a couple of you have said that underwriting will do it if you push them. I would like to hear more details on this.
     
  10. TnT F430

    TnT F430 Karting

    Jan 26, 2015
    128
    Granite Bay, CA
    Full Name:
    Tom
    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.
     
  11. Jason Crandall

    Jason Crandall F1 Veteran

    Mar 25, 2004
    6,375
    ATL/CHS/MIA
    Full Name:
    Jason
    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?
     
  12. Rcktrod

    Rcktrod F1 Rookie

    Dec 21, 2010
    3,946
    USA
    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.
     
  13. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    My State Farm agent said that they have report that gets updated periodically and the current value on the CS is $180k. I'm having my agent go back to underwriting and see if they will give me an agreed to value on my CS. I think it's crazy that any insurance company would insure the car for less than true market value.
     
  14. f355spider

    f355spider F1 World Champ
    Owner Rossa Subscribed

    May 29, 2001
    18,038
    USA
    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.
     
  15. ttn27

    ttn27 Formula 3

    Sep 30, 2010
    1,131
    TX
    Full Name:
    TN
    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.
     
  16. Rcktrod

    Rcktrod F1 Rookie

    Dec 21, 2010
    3,946
    USA
    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.
     
  17. Apexsniper

    Apexsniper Karting

    Aug 13, 2015
    111
    Deep South
    Full Name:
    Adam
    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.
     
  18. arizonaitalian

    arizonaitalian Two Time F1 World Champ
    Owner Silver Subscribed

    Oct 29, 2010
    20,483
    Wyoming
    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.


    Sent from my iPhone using Tapatalk
     
  19. rzundel

    rzundel Formula Junior

    Dec 30, 2006
    531
    Southern California
    I was surprised Heacock's quote was as expensive as Haggerty's. For a $300k policy with limited use restrictions both run about $3k/year. Grundy is $2300/yr . My current State Farm premium is about $1200/year on a market value policy. I had a long discussion with my State Farm agent yesterday and he guaranteed me that SF DOES NOT have a Stated Value policy like some have implied they do and he said that even though State Farm won't give you the guaranty of a stated value policy they will give you Market Value for your car in a total loss. For a well documented car with good photos and possibly an appraisal reflecting what you think Market Value should be for your car, State Farm is usually more than fair trying to make you whole in a total loss.

    Bottom line for me is if I could find a Stated Value policy for a 50% premium over what I am currently paying I would jump at it. At 2-3X the cost of my currently policy, I am more inclined to stick with what I have and hope that State Farm will take care of me. At least I know they will be around to pay the policy if something catastrophic were to occur.
     
  20. tuonoR

    tuonoR Formula Junior

    Apr 22, 2006
    319
    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.
     
  21. MaranelloDave

    MaranelloDave Formula 3

    Apr 27, 2010
    2,203
    LA
    Full Name:
    Dave
    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.
     

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