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Insurance on these things

Discussion in 'Canada' started by dmbl, Sep 13, 2005.

  1. dmbl

    dmbl Rookie

    Sep 6, 2005
    3
    Having just bought a 360CS, I now need insurance. The company that insured my Maser (Monnex) won't touch the Ferrari.

    Any suggestions? I'm talking to Chubb, but they don't seem willing to just insure the one car, they want house insurance, the other cars, etc, etc.

    Any suggestions wold be helpful.
     
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  3. brim

    brim Guest

    Dec 20, 2004
    1,186
    I used Dyck Insurance without any problem whatosever. PM me if you want more details.
     
  4. dmbl

    dmbl Rookie

    Sep 6, 2005
    3
    Great. I will. Thx
     
  5. asb9987

    asb9987 F1 Rookie

    Dec 4, 2004
    4,190
    Toronto
    Full Name:
    A. B.
    Hi and welcome to the forums! I'm just speculating, but did you perhaps buy a Nero Challenge Stradale? The one from Ferrari of Ontario? Just wondering, because I couldn't get my eyes off that car in the two consecutive vists I made out to F/MoO. I was just FIXED on that beauty.. Anyways, sorry to go off on a tangent, just wondering if you purchased that fantastic Ferrari!

    EDIT: I JUST read the CS thread in here. CONGRATULATIONS! That was an amazing vehicle. My ultimte dream car (if its in black!). Hope to see you around!
     
  6. MS250

    MS250 Two Time F1 World Champ
    Lifetime Rossa

    Dec 10, 2003
    25,484
    Full Name:
    Avvocato
    Congrats and welcome to the board. WHoever you talk to about Ins, make sure you get the 19a clause included, get someome at the insurance company to explain it to you.
     
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  8. 483hp

    483hp Formula 3
    Owner

    Aug 17, 2005
    1,419
    www.fca.alberta.com
    I think the problem here is the fact that it is a CS. I have read many posts on this board about people being refused coverage on a high end car like a Ferrari.

    I had a very detailed discussion with a couple of insurance analysts at Monnex a few of weeks ago after a discussion with a few people on this board who had problems with Monnex. It comes down to the fact that the insurance company can refer the policy to the high risk market at their discretion. Right now Monnex does not have a limit on the value of the vehicle. It is basically down to the government regulations which is subject to change each year.

    Monnex can offer you insurance via their normal underwriters, but government rules require them to use the high risk market in a number of specific cases. Basically it boils down to two things:

    1. Your recent driving record. If you have any recent tickets, convictions, drunk driving, etc. (including your claims history) that give them ANY reason to suspect that you could claim on this policy because of your driving style, they will go to the high risk market. I suspect age also plays into this risk assessment as well.

    2. If there are any performance modifications or if the car has any components typically used for racing they will go to the high risk market. The CS would fit in this category whereas the "regular" 360 would not. Same goes for roll cages, turbos, etc. even if you install them for show.

    I also got the impression that they wouldn't touch grey market vehicles either.

    There is a big difference in the cost. If you can bind a policy with Monnex with their regular underwriters it would be about $1500 or so whereas with the high risk underwriters it will be a lot more ($7000+).

    It is pretty difficult to find insurance if you don't already have a good history with an insurance company. Starting with a new insurer (if they will take you) will typically mean that you HAVE to move the insurance for your other vehicles, your house, and anything else you own to them so they can spread the risk of this car over a larger pot of premiums to minimize their exposure.

    So, in most cases, it is all or nothing deal, and I suspect the premiums for the regular cars and house won't be a spectacular deal even though the insurance for the Ferrari looks good.

    In my situation, Monnex will underwrite my car without referring it out to the high risk market because I have a great history with them, I have a great driving record, and no claims on any of my policies over the past 10+ yrs. So I am keeping my fingers crossed when my car arrives next year. However, if I get a ticket or add any 'go fast' mods, my premiums will probably skyrocket.

    BTW, Glenn....I called Dyck insurance to get a competitive quote. They won't touch vehicles worth more than $250K.
     
  9. fioranoseeker

    fioranoseeker Rookie

    Sep 25, 2005
    24
    Full Name:
    Rob P
    hello looking to purchase a 355. Looking to get an insurance quote. seems like the insurance companies want your cars homes ect. Will Dyck Insure
    a ferrari without wanting the rest of your insurance? If so may I have there phone # Thanks
     
  10. Jay GT4

    Jay GT4 F1 Rookie

    Oct 16, 2001
    4,995
    La mamma dei fessi
    Full Name:
    e sempre incinta
    If your Ferrari is 15 years or older, which yours isn't but I thought I'd put this out there, then you can get Silver Wheels. You get an appraisal for the car and they insure it for the full appraised value. My GT4 is appraised at $30K Canadian and the rate is just over $300 per year with full coverage, no milage restrictions. The only thing is you can't use it as a daily driver and you must have insurance on another car. The actual company is called "Lant" you may want to give them a try for a new Ferrari.
     
  11. fioranoseeker

    fioranoseeker Rookie

    Sep 25, 2005
    24
    Full Name:
    Rob P
    Thanks. Your right. Lant won't insure a Ferrari unless it is 15 years old or older. Any other Companies that you know of that will insure a Ferrari say under 170,000 Dollar value and about 5 to 10 years old?
     
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  13. I.T. Guy

    I.T. Guy F1 World Champ
    Rossa Subscribed

    Jul 17, 2004
    10,902
    Canada
    Full Name:
    Jason
    What are you guys paying?

    I got a quote today for a 2002 360

    $3856 with full coverage: $1,000,000 liability, all the mandatory coverages & $500 deductible all perils (collision & comp)

    Isn't that too high?!?! I was expecting between $1000 and $2000! I'm 34 good record.

    Am I out of line or is that normal?

    And no I did not buy the car yet, just browsing.
     
  14. ClassicFerrari

    ClassicFerrari F1 World Champ
    Lifetime Rossa

    Jan 7, 2004
    16,798
    Toronto
    Full Name:
    Vasco
    Jason, you were thinking $1000 to $2000 is right? And that $3800 is too high for a 360....and FULL coverage?

    Not trying to be a smart azz but am I missing somthing here?
     
  15. RMP348

    RMP348 Karting

    Dec 18, 2006
    130
    Etobicoke, Ontario
    Full Name:
    Rocco
    Try State Farm, and ING..

    I have had my Ferrari insured with both!
     
  16. mouser57

    mouser57 Formula Junior

    Jan 26, 2008
    760
    Alberta
    I use Johnson insurance in Calgary, I pay $1100 per year for full coverage and liability for my Hummer & Testarossa with year round insurance
     
  17. kaz550

    kaz550 Formula 3

    Jun 21, 2005
    1,559
    Richmond Hill
    Full Name:
    Zak
    We use Chubb ... they are great never had a major issue with them and they never question cars we put under their policy
     
  18. I.T. Guy

    I.T. Guy F1 World Champ
    Rossa Subscribed

    Jul 17, 2004
    10,902
    Canada
    Full Name:
    Jason
    From reading fchat before I thought $2000 or under would be normal. After I received my quote, I thought to myself, they were all US posts, maybe I should ask what other Canadians were paying?
     
  19. samsaprunoff

    samsaprunoff F1 Rookie
    Silver Subscribed

    Jun 8, 2004
    3,261
    Edmonton, AB Canada
    Full Name:
    Sam Saprunoff
    Good day,

    I, too, had some very detailed discussions with Monnex (here in Alberta) and it was different when I talked to them a year or two ago. For collector cars (i.e. not new cars) they use the appraisal value and the repair-ability cost to determine which underwriter they will use. For older cars, if the appraisal value is over $100K then they will force one to use a specialty underwriter. Also, if the repair-ability of the car is of a concern (i.e. if the car is a limited production model where parts are difficult to obtain), then they can also force one to use another underwriter. In my case I had an older Lotus Esprit and Monnex was concerned that although the market price was not too high ($25K), that the repair cost would exceed this amount substantially. In my Lotus's case, I had to provide part prices (glass, basic body part prices, etc) and repair estimates to Monnex before they would provide insurance. Once I did that the insurance was not too bad (for Alberta) ... roughly $1100 per year.

    Interestingly, with my BB I did not have to go through this exercise... although my appraisal value at the time was under the $100K mark.

    Cheers,

    Sam
     
  20. carbon_00

    carbon_00 Formula Junior

    May 5, 2006
    746
    Toronto/London, UK
    Full Name:
    Scott
    Chubb Insurance $2200 yr for F430, I have a great agent at CIBI.ca, PM me for details.

    They insure all our cars and homes etc...great service. Used to be with Ariva but they would do the F430, too bad for them.

    Cheers
     
  21. red3555gtb

    red3555gtb Formula 3
    BANNED

    Nov 15, 2006
    1,356
    Woodbridge/Ontario
    Full Name:
    Rocco
    For a 1999 355B I have a quote of $2200 for 12 months on the road, or $1500 for 7 months on the road and 5 months in the garage.
     
  22. JamesSimpson

    JamesSimpson F1 Rookie

    Jun 29, 2005
    3,624
    Toronto,CANADA
    Full Name:
    James Simpson
    call Sat at Brookbanks insurance 416-401-1463 they just did a murcielago roadster for a non-canadian resident with no cdn drivers licence....tell him I refered you...
     
  23. ClassicFerrari

    ClassicFerrari F1 World Champ
    Lifetime Rossa

    Jan 7, 2004
    16,798
    Toronto
    Full Name:
    Vasco
    I hear you. And after reading the posts I was the one out to lunch. It does appears to be reasonable to insure these cars. I can't believe it! This was a great thread to bump up. And for a minute there I got excited and thought Playboy Brim was upon us again. Guess not :(
     
  24. I.T. Guy

    I.T. Guy F1 World Champ
    Rossa Subscribed

    Jul 17, 2004
    10,902
    Canada
    Full Name:
    Jason
    PM sent, thank you!
     
  25. I.T. Guy

    I.T. Guy F1 World Champ
    Rossa Subscribed

    Jul 17, 2004
    10,902
    Canada
    Full Name:
    Jason
    Thank you everybody. I'll follow all leads and keep you posted.

    Jason
     
  26. Bones2U

    Bones2U Formula Junior

    Jul 13, 2008
    791
    Ontario
    I also had a weird experience with Monnex. I have a heavily modified 1978 308 GTS and at first they wouldn't insure me. I have been with them for over 10 years and have 3 other cars and my home with them as well. I had to give them an ultimatum in order for them to look at my request seriously. I was either going to get it insured with them or move all my business to somebody else. I finally got the right person to talk to over there and spoke to the underwriter directly. After that the whole situation changed and I was insured in 24 hrs. I pay about $1,100 a year (once I revert back to basic coverage for the Winter months). Moral of the story is that with Monnex everything could change depending on who you talk to so ask to be transferred to the underwriters who are in a separate location and have different phone numbers than "Customer Service" agents who just answer the phone.
     
  27. 355

    355 F1 Rookie
    BANNED

    Jan 4, 2005
    3,643
    Toronto
    Full Name:
    Frank
  28. wrs46

    wrs46 Formula 3

    May 19, 2005
    1,395
    QC, CANADA (&CH, &F)
    Full Name:
    Walter
    That's my soon to be former company. Although I have no negative experience with the insurance company itself, its broker here in Montreal (Morris & Mackenzie) is one of the worst experiences I have ever had with a service company. They can't get anything straight, and always work under cover of anonymity (i.e. they never sign or put their name on their letters to customers, even in response to specific requests or questions).

    Because of their lousy service, Aviva has lost/is losing my policies covering two residences, one business, four cars and one boat to the competition...
     

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