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F8 Insurance company? GAP insurance?

Discussion in '458 Italia/488/F8' started by GT2goneF, Oct 11, 2020.

  1. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    I am preparing for my F8 delivery at the end of the year and I would like to ask who do you have your car insurance with and whether you would select Gap insurance, even though the car will likely be paid off sooner.

    I currently have all my vehicles (6), my home and umbrella with USAA.
     
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  3. RayJohns

    RayJohns F1 Veteran
    Silver Subscribed Owner

    May 21, 2006
    6,253
    West Coast
    Full Name:
    Ray Johns
    I go through Farmers. My agent is actually in So Cal, so if you would like his contact info, just message me.

    As far as GAP insurance, typically that's used when you owe more on the car than it's actually worth. So that's generally a big red flag. For example, if you buy a Honda that has a market value of $17,500 but some car lot sticks it to you at $22K - then they are going to also require you to have GAP insurance, in order to protect their profit basically. If the car is totaled, the insurance company doesn't care that you were dumb enough to over pay for it. They are only going to check the lien holder / owner a check for $17,500 - not the $22K you agreed to pay someone. So the difference is made up with GAP insurance.

    It should be called moron insurance frankly.

    Ray
     
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  4. IloveGT

    IloveGT Formula 3

    Oct 17, 2015
    1,453
    the other way to do it is buy insurance with agreed upon value.
     
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  5. RayJohns

    RayJohns F1 Veteran
    Silver Subscribed Owner

    May 21, 2006
    6,253
    West Coast
    Full Name:
    Ray Johns
    I've never had any luck doing that. I tried to go that route with my modified motorcycle and it was just a hassle. Maybe with specialty insurance companies and million dollar Ferraris it's more common.

    Have you ever done it yourself IloveGT?

    Ray
     
  6. buddyg

    buddyg F1 Rookie
    Rossa Subscribed Silver Subscribed

    Sep 20, 2004
    3,254
    West Michigan
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    Buddy
    All my Ferrari’s have been on agreed value policies.
     
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  8. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    I read about this option but this is something that you have to call and address with the insurance managers directly. It isn't an option to select on the standard policy. Correct?
     
  9. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    I've never bought GAP but it always get offered. I never buy any products sold to me at the dealerships after I got shafted with ****ty job on stupid products and treatments to paint and interiors for my first GL550.

    Thanks for the advice.
     
  10. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    Please advice.
     
  11. buddyg

    buddyg F1 Rookie
    Rossa Subscribed Silver Subscribed

    Sep 20, 2004
    3,254
    West Michigan
    Full Name:
    Buddy
    I have used American Modern Insurance and have insured each car for an agreed amount that would be paid in a total loss. Reasonable cost based on 3000 miles per year which is all I can drive in a Michigan driving season. I don’t drive my car to work so only used on some nights and weekends.
     
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  13. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    I suppose you call and speak to them about this. Because I don't have any cars like that right now and I believe that I should at least have the F8 and the GT2 (which I hardly ever drive). This isn't an option that you usually hear about.
     
  14. IloveGT

    IloveGT Formula 3

    Oct 17, 2015
    1,453
    yes, I was with Grundy and now with Hagerty. Both with agreed upon value. 458, FF, Lotus Evora 400. The 4c is with Amica which is not agreed upon value. If you crash your car in the first year and have total loss, Amica will automatically treat it as a new vehicle value.
     
  15. mkraft3003

    mkraft3003 Formula Junior

    Aug 20, 2016
    426
    Tampa, Fl
    Agreed value is an insurance policy where you agree on the value of the car and the premium is based off of this value. If the car is totaled you get paid the full amount that you agreed upon. It is more expensive than a regular policy. To give you an example let’s say you get an F8 and you pay 350k you can come up with an agreed value with the insurance company and that is what the vehicle is insured for. If you have a loan on the car you may want to agree on the full 350k. If you paid cash you could agree on any value you want. Again, if the car is totaled you get paid the full value that you agreed on. Not every insurance company offers this. On a regular policy if your car is totaled they will only pay the ACV (actual cash value). An example of this is you buy that F8 for 350k and it gets totaled. The ACV may only be 275k and that is what the insurance company will pay. However, if you have a loan on the car for 325k you are now 50k upside that you still owe the bank. That is where gap insurance kicks in. Gap insurance will cover that 50k. Hope this helps.
     
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  16. pilotoCS

    pilotoCS F1 Rookie
    Silver Subscribed

    May 19, 2019
    4,786
    The District
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    It's interesting that you use Honda as an example. They include GAP insurance in all of their leases. So, you don't have to worry about selecting it or not. But it makes business sense for them as well. If the car is lost (totaled) or stolen, then they've just sold you another car, done deal. Of course, they only lease new cars, so . . .
     
  17. Regular Guy 01

    Regular Guy 01 Formula Junior
    Silver Subscribed

    May 10, 2011
    277
    Tacoma, WA
    Full Name:
    Eugene Greer
    My insurance agent wife has us with Pure Insurance and we have agreed value on all of our cars, including my dd 2003 Ford Ranger p/u.
    I have no worries about any of our cars if they ever get totaled.......

    The most important thing to worry about is making sure to have an agent that will go to bat for you and look after your well being if anything should happen.
    Having to call a 1-800 number and talking to somebody over the phone that doesn't know you isn't usually in your best interest. Having a personal relationship will go a long way when you need it.

    Best wishes,
    Gene Greer
     
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  18. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    That is exactly what I thought. The question is, which alternative is better. Gap to make up the difference or the agreed to value insurance policy.
     
  19. mkraft3003

    mkraft3003 Formula Junior

    Aug 20, 2016
    426
    Tampa, Fl
    GAP is probably going to be the cheaper alternative. Agreed value policies are typically more expensive.
     
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  20. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    I am not really looking for cheaper but best option. The F8 I ordered is optioned pretty heavily.
     
  21. IloveGT

    IloveGT Formula 3

    Oct 17, 2015
    1,453
    hargerty and grundy are pretty well known of writing checks without much problem. For piece of mind, agreed upon value is way to go because there will not be any more of negotiation or argument involved in the future.
     
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  22. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    Thank you so much for your advice. I will start looking it up.
     
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  23. steven t evans

    Jul 24, 2020
    21
    Arizona
    Full Name:
    Steve Evans
    Gap insurance is a strange lil creature.....it is not the same from insurance carrier to the next carrier. To add Gap option ive seen rates from 15% to 25% more to your base policy premium and that cost stays on policy term to next term....never goes away unless you cancel that option. Also alot of insurers only offer it as a new business option or some carriers have maybe a 30 day window to add the optional Gap coverage. A Gap rider can leave you with a Gap in coverage (lol).As some have stated before me the best business option is Stated Value Policy. Another saving you may be missing is adjusting that agreed valve on policy renewal....meaning lower your agreed value as the cars value goes down and dont forget to review all other items you have agreed value on your homeowners floaters schedule...ride safe!
     
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  24. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    Thank you everyone. You have all been very helpful!
     
  25. mathewr

    mathewr Formula 3
    Rossa Subscribed Classified Subscribed

    Brian,

    I have both of my cars and both of my golf carts with USAA and have for 20 years. I bought a F430 two weeks ago and asked about agreed value with USAA. They said they cannot do it but transferred me to their partner “American Collectors Insurance” and they were a better price than anyone else. Happy as can be so far and it was easy 10 min phone call.

    Cheers, Mat
    Houston, TX
     
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  26. GT2goneF

    GT2goneF Formula 3

    May 28, 2020
    2,060
    Southern California
    Wow...

    Thank you!!!! I will ask about this and see what they come up with. I hope to get USAA help. I too have been with them for many years and have all 7 cars, the house, mortgage and umbrella insurance through/with them. So i hope they help me get a good rate, enough to throw the GT2 along in the mix with the F8. Will keep you posted. Again, thank you for the insight. Have a great day/night.
     
  27. Carbonless

    Carbonless Rookie

    Oct 27, 2019
    14
    San Diego
    How do you like PURE? A friend of mine spoke to me about it and I got a quote when I was about to purchase a house last month, but escrow fell through and I ended up staying with the current carrier. Their policies are slightly more expensive, but they are better about insuring toys and my buddy said that there was absolutely no hassle if you had to make a claim.
     
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  28. Regular Guy 01

    Regular Guy 01 Formula Junior
    Silver Subscribed

    May 10, 2011
    277
    Tacoma, WA
    Full Name:
    Eugene Greer
    My wife and I love Pure. We have the choice of many other companies and they are hands down the best. My wife being the agent has a personal relationship with the underwriters and marketing rep. They have shown us how they do business and how they take care of their customers. You are correct when you say they are a little bit more expensive but like the old saying goes, the good stuff rarely comes cheaply. The only problem I see is that you need to qualify to get them but if you do, the best choice ever. Please remember that having a great agent is the other important part of the equation........

    Regards,
    Gene Greer
     

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