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Insurance question

Discussion in 'Ferrari Discussion (not model specific)' started by riverflyer, Sep 22, 2005.

  1. riverflyer

    riverflyer F1 Rookie

    Nov 26, 2003
    3,560
    Mendocino, Ca
    Full Name:
    John
    For owners of exotic mix, i.e. new and old exotics, do you place them all under the same policy? If so, who do you use? Any help and personal reccommendations greatly appreciated.
     
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  3. dm_n_stuff

    dm_n_stuff Global Moderator
    Global Moderator Lifetime Rossa Owner

    Dec 10, 2003
    36,588
    The Sunshine State
    Full Name:
    Dave
    Had the porsche on the regular policy, had the ferrari on the classic.

    Thought, what the heck, I'll ask.

    They added the Porsche to the policy, saved me about $1200 a year.

    Currenty with ARGGHHHHH!!! Drawing a blank.. GACK!! I'll get back with details tomorrow. Great American maybe???

    I have since sold the Porsche so just the Ferrari is on the policy now.

    The Porsche was about 8-9 years old when I added it.

    DM
     
  4. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
    Full Name:
    IgnoranteWest
    Could have been Great American, they are a classic insurer. Some of the name brand insurance providers re-insure through Great American.
     
  5. coolestkidever

    coolestkidever F1 Veteran

    Feb 28, 2004
    5,486
    CT
    Full Name:
    Patrick
    wait wait insurance companies have insurance companies.


    man what vicious cycle.
     
  6. M512

    M512 Formula Junior

    Sep 5, 2005
    580
    Earth
    Full Name:
    M512
    Yes, insurance is about spreading out risk and absorbing it amongst many. If a "smaller" company sustains too large a loss, and they don't have the money to pay what they owe... Guess what? So it's not vicious, but smart business and in your best interest that they re-insure. This way other companies can help them absorb the risk if the loss is too large.

    The alternative would be for a company not to re-insure, and an event happens that is covered and let's say your home and Fcar are totalled along with many others. If the loss is too large for the money coming in from all policy holders and they cannot pay, they go bankrupt and you do not get the full coverage you paid for. Make sense?
     
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  8. SeaBayR

    SeaBayR Karting

    Sep 15, 2003
    66
    On the Chesapeake
    If you have Geico (10 years or more) they will add your ferrari to the existing policy. I added my 348 and it was about the same as a Range Rover or the Boxster $375 for 6 months. (Elise was the same too.)

    First they tell you they won't insure exotics, get a supervisior..they will.

    Good Luck
     
  9. tatcat

    tatcat F1 Veteran
    Silver Subscribed Owner

    Sep 3, 2001
    8,360
    panama city beach FL
    Full Name:
    rick c
    just got done by classic automobile in indy for $550 a year.
     
  10. FerrariFabio81

    FerrariFabio81 Karting

    May 24, 2005
    236
    Maryland
    Full Name:
    Fabio Secaira
    Hagerty is a pretty good company to use. They specialize in insuring exotics and classics, as well as regular everyday use cars. If you look them up on the web I believe you can get a quote online. Their prices are really good from what I've quoted before.

    Good luck with your search John.
     
  11. FarmerDave

    FarmerDave F1 World Champ
    Consultant

    Jul 26, 2004
    15,167
    Full Name:
    IgnoranteWest
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  13. FerrariFabio81

    FerrariFabio81 Karting

    May 24, 2005
    236
    Maryland
    Full Name:
    Fabio Secaira
  14. PINNIN512

    PINNIN512 Formula 3

    Aug 30, 2002
    1,014
    California
    Full Name:
    David
    Anybody have AAA for there exotics? Mabey too soon to ask but last week i inquired and they said they just started insuring exotics.Amazing though because i asked about a BBi that was never officially imported and they have it in there computer! They quoted me half what i am paying now through American Collectors.
     
  15. John Harry

    John Harry Formula Junior

    Sep 8, 2005
    328
    Pittsburgh PA
    Full Name:
    John Harry
    With classic plates on my '83 308 I pay State Farm $175 for 6 months. The classic plates cut my cost significantly. Be aware that there are stated value and agreed value policies. With agreed value the insurance company agrees up front on the value of the car. With stated value you may be required to prove its worth in the event of a loss and the company has the right to dispute your valuation. In my case I went with a stated value policy because I just bought the car and thus have my bill of sale as documentation for the value, plus there is nothing extremely rare or unusual about the car (except, of course, that it's an '83 Ferrari). You are more likely to find an agreed value policy at a specialty car insurer.
     
  16. ylshih

    ylshih Global Moderator
    Global Moderator Advising Moderator Honorary Owner

    Mar 21, 2004
    16,141
    Northern CA
    Full Name:
    Yin
    I have all my cars under State Farm. Quotes have been very reasonable. No real restrictions on use (<7500 miles per year) and problem-free claims service the couple of times I needed it.
     

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