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Insurance question

Discussion in '360/430' started by tpower22, Aug 10, 2005.

  1. tpower22

    tpower22 Formula Junior

    Jul 24, 2005
    342
    Southwest
    Full Name:
    Tom
    How much should it cost to insure a 360 Modena? I just got one and it was nearly impossible for me to get insured. My 6 month premium is 3,000. Is this outragous or what can be expected? I've never been in an accident and have two speeding tickets (neither excessive) on my record. I am under 25, so I was expecting the insurance to be high, but this seems really high for 6 months. I had an insurance agent find the policy for me so I just assumed that he found me the best policy (might have been wrong to make that assumption). Anyway, any help on this matter would be greatly appreciated because in 6 months I have the option to renew the policy or find another carrier. Also, do you know of any great Ferrari events in the southwest area? Or any great roads that I should check out?

    Thanks,
    Tom
     
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  3. Hoyt Clagwell

    Hoyt Clagwell Karting

    Dec 5, 2004
    76
    KY
    Full Name:
    Hoyt
    Yowza! Yeah, that's high, but then I'm not under 25 and single either.

    What is your deductible? Raise the deductible to it's max, and check how much annual mileage the insurance company thinks you're going to drive.
     
  4. racerdj

    racerdj F1 Veteran
    Silver Subscribed Owner

    Jan 19, 2003
    6,811
    Indianapolis
    Full Name:
    DJS
  5. racerdj

    racerdj F1 Veteran
    Silver Subscribed Owner

    Jan 19, 2003
    6,811
    Indianapolis
    Full Name:
    DJS
    State Farm here: 01 360 1000k ded, high limits mulit car discount as well as accident free $1150/yr, 01 Diablo $1175/year and 04 Murcie $1225/year. I'm 51 so it's a great age group. BTW I only had the 360 and Diablo and the Diablo and Murcie insurred at the same time. I am told that State Farm as of July 17 is lowering premiums as the ZO6 went from $550/6 months to $374/6 months.
     
  6. Modenafan

    Modenafan F1 World Champ
    Lifetime Rossa Owner

    Dec 19, 2004
    11,915
    Moorpark
    Full Name:
    Jon
    I'm insured through State Farm for $1,420 per year. I'm also a lot older, 47 with a clean driving record.

    Edit: I just got a $52 refund from State Farm on my mini. Woo hoo!
     
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  8. tpower22

    tpower22 Formula Junior

    Jul 24, 2005
    342
    Southwest
    Full Name:
    Tom
    Thanks for the help. I'll look at State Farm.
     
  9. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
    Full Name:
    IgnoranteWest
    It depends on if he is a "captured" agent (meaning he only represents one company) or a broker (many companies). Ask him, he'll tell you.

    I can't speak for NM, but in TX you're not "stuck" with that policy for 6 months... If you can find a better deal, you can cancel your existing policy and get a prorated refund of any unearned premium.

    Honestly, being under 25 with a 360 and 2 speeding tickets, your premium doesn't sound that far off base. But, I encourage you to explore all your options.
     
  10. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,143
    Northern CA
    Full Name:
    Yin
    Also State Farm, 48, clean record, multi-car/multi-year discounts, etc. $1100/year. However, I'm supposedly in their top policywriting tier which takes a clean record for several years to get into. If you start at a lower tier, it could be a lot (2-3x?) more.
     
  11. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,143
    Northern CA
    Full Name:
    Yin
    One caution on the pro-ration. The last time I did that, which was many years ago, they were allowed to deduct up-front expenses (like insurance broker commission, etc) before they pro-rated it. If these expenses are high, then even 20-30% savings might not be worth it.
     
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  13. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
    Full Name:
    IgnoranteWest
    That is not the case in Texas. In TX the broker or agent commission is charged back (broker or agent has to forfeit commissions, also prorated daily). Not sure how it works in California, or any other state.

    FYI for everybody, here is a link to each state's insurance department.
    http://www.naic.org/state_contacts/sid_websites.htm
     
  14. RossoCorsaItaly

    RossoCorsaItaly F1 Rookie
    Rossa Subscribed

    Jun 9, 2004
    4,213
    90210
    Full Name:
    Kevin
  15. Dave

    Dave F1 Rookie

    Apr 15, 2001
    2,722
    Little Rock
    Full Name:
    David Jones
    It's your age, and the fact that you have a couple of speeding tickets.
    Statistics show that males under 25 tend to leap before they look,
    with no regard to the consequences.

    Kinda like buying an expensive Ferrari without finding out if you can afford the insurance payments first.
     
  16. TimF40

    TimF40 Formula 3

    Nov 3, 2003
    1,031
    Seattle/Bay Area/NYC
    Full Name:
    Tim
    Ouch!
     
  17. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,143
    Northern CA
    Full Name:
    Yin
    It's possible he can afford it, but no one likes to pay $6K per year when others are paying $1-2K per year. However, he certainly leaped if he didn't know how he would be rated by the insurance co before he bought it.
     
  18. tpower22

    tpower22 Formula Junior

    Jul 24, 2005
    342
    Southwest
    Full Name:
    Tom
    hahaha It's not that I can't afford it, I just don't like paying more than I have to. If I can save money... well... that's better than sending it down the drain. I actually did do research and found a policy for 2k a year, but at the last minute my insurance agent (who told me that I had the 2k policy and only had to come in and sign the contract) told me that the company backed out of their agreement to insure me because it was such an expensive car and the 6k policy was all that he could find. Being as he told me this a few hours before the car was to be delivered, I figured that it was better to get it insured immediately and search for a better policy later on instead of having an uninsured Ferrari in my garage.
     
  19. GCalo

    GCalo F1 Veteran

    Sep 15, 2004
    7,002
    Northern California
    Full Name:
    Greg Calo
    Insurance companies do a risk analysis on potential customers.

    Tpower22 you would show up in CA as a very high risk being under 25 and 2 speeding tickets and now having an F-car.

    Average price to insure a 360 in N. CA is $1.6K-$1.8K per year per State Farm.

    With your record you probably would not be insurable here.

    $6K per year is a chunk of change.

    Suggestion- have the lead removed from the right shoe. It will definitely save you $.
     
  20. Dave

    Dave F1 Rookie

    Apr 15, 2001
    2,722
    Little Rock
    Full Name:
    David Jones
    Oh, OK...
    So wht's up with this post you made?


     
  21. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    Go USAA if you can get it. Under $1K per year for me. Full coverage, multi-car discount.
     
  22. tpower22

    tpower22 Formula Junior

    Jul 24, 2005
    342
    Southwest
    Full Name:
    Tom
    That was the original policy that my agent found for me. When I went to sign the contract on that policy he told me that the insurance company backed out and wouldn't insure such an expensive car. I then had to scramble and find another company that would insure me. The only one that the agent found was for 6k a year. The 1,950 was the original plan that I was told that I would be given. The agent made a mistake and when I made that post I was under the impression that that was going to be my insurance policy even though I hadn't signed the paperwork yet. That was the number quoted to me and I was waiting until I actually owned the car to activate the insurance. Unfortunately, that plan fell through and I made this post hoping to get some ideas about other insurance companies who I could go through.
     

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