Hello There, Question related to insurances: Which option do you guys take for the replacement of a vehicle in the event of total loss ? the value "as new" , the "value certified by an evaluator" or simply your "original purchase value" which then follows depreciation? I made a request to my insurer for a certified fixed value following an evaluation of my 458, but the amount of the premium is just as double as what I currently pay for my car...I just wonder what Ferrari owners usually take. Thanks !
My insurance is with Hagerty. They can suggest an insured value for you. Hagerty has a large number of these cars insured and they typically gather purchase prices so they have a pretty good database I would think.
Also Hagerty. Agreed value is what I think they call it and I use them for 3 street cars and a race car. No coverage for on track incidents but I have known a couple people lose their race cars to fire, theft, or towing incidents.
I have it set to purchase price. I also have it designated a collector’s car, which doesn’t limit the mileage, but does seem to lower pricing for some reason. Cincinnati is carrier. the irony is that it’s my daily.
I see several Hagerty fans here. However...believe it or not...I did extensive research and offer this for your consideration: - I used Farmers because I bundled my home and umbrella with auto along with my other cars and got a decent rate - If you live in an area where you garage/store your Ferrari for the winter (like me), Farmers will let you cancel the collision coverage while it's off the road and leave just the comprehensive. Saves a TON of money. Hagerty does not allow that!!
Very Good point ! I live in canada and my car is sored 5 months, I use a local insurance, only pb is the price for replacement in case of total loss, a certified price will double the insurance cost compared to market value (off course, depreciation here I come)
