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Insurance for Ferrari

Discussion in 'Ferrari Discussion (not model specific)' started by Vlad328, Mar 16, 2004.

  1. Vlad328

    Vlad328 Formula Junior

    Mar 16, 2004
    279
    New Orleans, LA
    Full Name:
    Vladimir Zuzukin
    Hello all,

    I would like to thank the FerrariChat community as it has been an invaluable resource in guiding me toward my very first Ferrari purchase. I have chosen the 328 GTS model as my dream car, and I am currently on the hunt. My next question is what kind of insurance to buy for the vehicle? What insurance policy would you guys recommend for a $40k auto investment? Can you guys recommend any specific companies? And, of course, how much can I expect to pay to insure this car?
     
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  3. Jerrari

    Jerrari F1 Veteran

    Jul 24, 2001
    5,459
    Michigan
    Full Name:
    Jerry Wiersma
    Check Grundy & Hagerty. Maybe $500.00/yr.
     
  4. pdevivo

    pdevivo Karting

    Sep 12, 2002
    75
    San Francisco Area
    Full Name:
    PD
    I've used Leland - West for about 7 years - very satisfied. 1st with an 84 308QV and now with an 87 TR. Go for the limited use option ( unless you drive the car every day ) and you'll probably pay $350 - 500.

    Paul
     
  5. Jdubbya

    Jdubbya Two Time F1 World Champ
    Silver Subscribed

    Dec 28, 2003
    27,425
    PNW
    Full Name:
    John
    Do a quick search here for insurance and you should come up with enough names to keep you on the phone for days. I went with Hagerty at about $230/year. Check here: http://www.hagerty.com/index.asp?Aff=

    John
     
  6. formula1joe

    formula1joe Formula Junior

    Nov 3, 2003
    436
    Atlanta, GA
    Full Name:
    Joe Bennett
    I actually have mine with State Farm. The exotic and specialty insurance groups would not touch me because of a speeding ticket or two. My Ferrari is under a special "collector" policy basically stating that no one else but me drives the car, I am allowed a couple of thousand miles a year...

    I pay about $30 a month for this policy. Now if you plan to drive the car alot, termed daily driver, then it will be alot more, approximately $100 to $150 a month with a clean driving record, over 25 and married.
     
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  8. JOHN328

    JOHN328 Karting

    Jan 2, 2003
    67
    SAN FRANCISCO BAY AR
    Full Name:
    JOHN STRIEGEL
    BE CAREFULL READ THE FINE PRINT

    A lot of the limited use, collector's policies have many restrictions on use miles, type of storage, ect. Your best bet is with your standard carrier, Allstate, Farmers, State Farm on & on, If your record is clean its not that expensive.

    John
    328 Owner & Ins. Broker
     
  9. Vlad328

    Vlad328 Formula Junior

    Mar 16, 2004
    279
    New Orleans, LA
    Full Name:
    Vladimir Zuzukin
    Thanks for all your replies. I will check into those collectors auto insurance policies and also check with my regular auto insurance carrier. I will plan to drive the car basically on weekends. Spending $20-$40/mo. to insure my future toy seems very reasonable.
     
  10. Jdubbya

    Jdubbya Two Time F1 World Champ
    Silver Subscribed

    Dec 28, 2003
    27,425
    PNW
    Full Name:
    John
    My Hagerty policy only limits me to less than 5k a year, it has to be stored in a garage, and nobody under 25 can drive it. I only drive about 8k a year in my daily driver, and the F-car will always be stored in the garage, so....it was a no brainer for me. I called my Allstate agent but they laughed at me!! Hagerty was also great to work. Sent the application in on-line and faxed in the final stuff.

    John
     
  11. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    17,416
    USA
    Definitely read the fine print, but most policies are pretty generous on the mileage, and some even have no mileage restriction (Grundy). Expect to pay around $500 to $600.

    Oh, and get that "$40k investment" idea out of your head right now,..it ain't no investment, it's a big money pit! But the most fun you will ever have; you'll never regret it! :)
     
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  13. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
    Full Name:
    Ryan

    Worse than a man's wife?


    And yeah, I was going to say not an investment, but Dave beat me to it.
     
  14. Robert Mann

    Robert Mann Karting

    Feb 21, 2001
    70
    Texas
    Full Name:
    Robert Mann
    Curious,

    I have a 1989 328 and read with interest the costs that some of you have on your Ferrari insurance. My main carrier is State Farm and has been for years. Because of interest, I called Hagerty and they were even higher in cost than what I have been paying.

    Hummm--

    Robert Mann
     
  15. riverflyer

    riverflyer F1 Rookie

    Nov 26, 2003
    3,560
    Mendocino, Ca
    Full Name:
    John
     
  16. Mike328

    Mike328 F1 Rookie
    Rossa Subscribed

    Oct 19, 2002
    2,655
    Boulder, CO
    Full Name:
    Mike
    Yep, same boat. I called Hagerty, and they wouldn't write a policy without the 2500 miles per year mileage restriction.
     
  17. Spasso

    Spasso F1 World Champ

    Feb 16, 2003
    14,612
    Land of Slugs & Moss
    Full Name:
    Han Solo
    Hagerty gave me 3,000 miles per year on my GTS. I am going to contact them to verify that figure.

    They also require that it be garaged every night.

    254.00 per year premium
     
  18. superyota

    superyota Formula Junior

    Mar 29, 2004
    349
    Newport Beach
    Hagery was $3900 a year for me (26) on a new 360 modena with over 5K miles per year...wow that is a lot for a second car.
     

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