Insurance

Not a lot of details here to help you with. I have no idea what kind of car you even have, so my only advice is to call at least 3 or 4 different insurers for quotes. Its a pain, but could save you big cash. I was quoted about $2k by three providers then called Geico and they underwrote me for $1050 a year. Sure beats 15%!

 

Pete,

My other suggestion is to take (or at least check) what difference the highest available deductible does. Normally it is $1k, and the difference between a $500 deductible and $1k could easily be a few hundred, or more, bucks a year in insurance costs. The point is that if you get in an accident, your repair bill is going to be way over $1k and you'll file a claim, pay your $1k, and the insurer will pay $xx,xxx of the balance. It is not like you'll file a $900 claim for insurance and be kicking yourself for not paying more for the $500 deductible to save yourself that $400 (less additional insurance costs too). On cars of this value, it is just silly to pay more for a $500 deductible. Go with the highest deductible they offer assuming it makes a big cost difference in the coverage cost, and usually it does.

A lot of the fringe insurance benefits like "hospital reimbursement" or "out of work reimbursement" or "free towing" are not only overlapping coverage with your existing health/disability (or AAA tow) coverages, but also ludicrously expensive for what they actually do. Find out what each aspect of your insurance plan costs and make sure you really need it.

Also, some issuers will have to do a custom quote since Ferrari isn't one thier basic list. A rep may tell you they can't do it. If so, hang up and call back and mention "can you do a custom quote for me."

One thing you (ALL ferrari owners, ie people of sizeable wealth) need is the highest liability coverages they offer. Extra liability coverage is absolutely dirt cheap, the difference between $100k and $300k coverage may be like $7 a year, and it can make all the difference in the world in a lawsuit (although evidence of coverage limits is technically inadmissable). If you need more coverage, get an umbrella policy, which is also much cheaper than you may think.

 

State Farm is really great because in CA they only charge based on miles used which is typically low (miles) for an exotic.

 

Thanks for the info. You gotta love State Farm. They insured my company leased car when Wawanesa and Farmers turned me down!

 

State Farm will actually finance the Ferrari as well.. Plus if I wreck a ferrari, I want a real agent to help me, not a lizzard on a 800 number..

 

+1 on State Farm

They insure all our stuff. I have an 05 F430 and pay around $900 a year......Steve

 

Is state Farm's an "Agreed Upon Value" Policy?

 

I just switched to Barrett Jackson for my F430 based on information I found on FerrariChat. It was half what I was paying before with no deductible (had $1000 before) and an agreed value. FYI, State Farm said they do not insure Ferrari's??

 

That is odd with State Farm, I wonder if it depends on where you live. I had no issue with them.......Steve

 

State farm for me for 25 years of Ferrari ownership.

 

Erie Insurance is another great company. I switched from USAA to them about 1.5 ago, they had much better rates if you can believe it and they do full cost replacement on the house. USAA wasn't even covering basement replacement costs!! They were covering my house at $625k, Erie full replacement comes in at $845k!! Huge difference and premium was less money!

 

USAA, Amica, State Farm, Liberty Mutual all insure exotics at reasonable prices. May want to do some quotes online and decide.

Here is a mini review based on my experience and research:
USAA - Heard good things but I think you have to be in the military. Good value.
Liberty Mutual - They paid for damages without question. Seems easy to work with. Great rates.
SF - doing a claim with can be a hassle, they never call you. Any collision loss will raise your premium big time. Great rates but medium to low on service.
Amica - small but top rated except I know one guy on the forum got screwed by them. Good service but claim process is questionable.

If you only drive 3k mi a year to car shows and organized drives only, you can get super low rates at leland west and hagarty if you have a daily that is 3 yrs new. Their price is ridiculously low like 700-800 a year but dont expect coverage if you do errands or drive your exotic to work. I don't recommend this type of insurance unless it's a true show or collector car. They do agreed value.

 

Boy, some of you guys must have the "magic touch" - about a month ago I was searching for a new Insurance Company and was reading various comments on FerrariChat including State Farm, Liberty Mutual and Barrett Jackson. I called all 3 of them and both SF and LM told me they don't insure exotic cars like Ferrari's. Barrett Jackson was the only one that came through for me and as I said earlier, better coverage for less money - John