INSURANCE

I assume the Allstate rules vary based on location. My local Allstate guy doesn't insure any cars that cost over $100,000 (when new) at all! He was able to get an exception for me because I was a good customer for approx. 20 years without a claim. I insured a minimum of 4 cars a house and an umbrella policy during that time. I'm not sure how much control the local office has, but he made it sound like he had to go to bat for me with corporate in order to get it insured. My rate on the Ferrari was $1450 +/- per year. It's not too bad for the area that I live (we have high rates here), but it unfortunately went up since I added my teen daughter on my policy. Even though she doesn't drive it, they had to raise it since she is in the same house hold

 

I ended up going with American Modern insurance for my 458.

I had a previous 430 with Nationwide Insurance but when I bought my 458 they informed me they no longer would insure that expensive of a sports car in my area.
.

 

I insured a 2013 Bentley GT-C with Allstate (I have been a customer for 20+ years for autos/trailers). I have no idea of the rate I received, however, two different Bentley dealers stated that many of their Bentley and RR customers use State Farm to ensure their high-end vehicles (supposedly they have the best rates of the majors). This was the first 200K+ auto I have insured and I though I would need a "specialty" insurance company.

 

I do not own a Ferrari or any other 'collector car' yet I may be able to shed some light on this issue. Is the coverage on your current carrier indicative of the market? I would call someone like Haggerty and get a quote from them for the vehicle you wanted to add to your Allstate policy as well as other 'collector cars' you would like to add. You may find that you can get the same coverage at a cheaper rate for the vehicle you want to add. Also if you choose another carrier such as Haggerty you may be able to 'bundle' all your collector cars.

Just thinking out loud.

 

USAA never even broached the question.

 

Quite possibly because they just saw another chance to make more money. File a claim with them and this may change drastically!

 

While true I haven't filed a claim lately but, in 45 years the few claims I've filed were investigated and paid pronto. BTW, do you have actual experience with you assertion?

 

Hagerty easy to deal with.

 

No I do not as it was just something that I thought could be a viable concern. The one and only claim I have ever had in almost 40yr's of driving was in '06 and it was also handled 'pronto'. The incident was determined as 'weather related and not due to driver error' so my rates did not increase.

 

+1!

I think they're excellent too...but haven't had to go through a claims process with them or Hagerty, that's usually the tell all. I've heard Hagerty pays out without a bunch of nonsense. Unfortunately, not everyone can join USAA, only service members & their immediate family (which I am ).

Word to the not-so-wise…do you really think you're in good hands with Allstate??
Steer clear people

 

Wait around and anybody will be able to join. Former family members have been allowed for years. My ex has been a member since 1978 when we split.

 

Probably a spread of risk issue. They don't want two expensive cars destroyed in the next hurricane, flood, sinkhole, whatever. Anyone who can afford two cars worth more than $200,000 should not be purchasing his own insurance without proper advice, and I would not include Ferrari Chat in the list of proper advisers. You should contact an independent insurance agent to design a comprehensive insurance program for you that covers all of your risk of loss to all of your assets and your income.

 

Looking to insure my first Ferrai.
It's a F355 spider and I'm 32 old.
Live in London area.
Any help???
Please...

 

Local State Farm agent insured my Ferrari for substantially less than Geico would and actually told me they like insuring exotic cars.

 

I just switched from Progressive to USAA. Multiple Cars, 2 expensive - an Fcar & 750Li as well as some others. Literally my bill was cut in half. Saving $6,000 a year.
We will see how they perform over the long term.

 

My State Farm agent didn't even blink when I added the 430. I've been with them since 1983 with no issues. I have my other two cars (Corvette, Avalanche) and my house with them.

 

I have been a USAA member for over 50 years. The first car I insured with them was a 1959 Jaguar XK 150S roadster. Rates were ridiculously low, because then USAA was only open to commissioned officers. Basically a co-op of preferred risk people. The company has changed over the years to include senior enlisted and more extended family members. Still, rates are fractional of most other companies. Every so often I compare rates and USAA coming in at 50% of the cost of the selected company is the usual outcome. USAA also consistently rates as the best insurance company in the U.S. For sure one of the best run companies.

I have had one claim with them, when I struck an animal. Courteous and prompt with payment for repairs. Second experience was totaling my pickup. Other guys fault and USAA went to battle stations to get the best settlement.

We pay a very low premium for our 360. And then in January we get a nice rebate check from the co-op, based partly on the company performance for the year and partly for me being such an old fart and with the company for so long. :http://www.ferrarichat.com/forum/images/icons/icon7.gif)

I think you will be pleased with them over the long haul.

Cheers, Andy

 

I had USAA on my 430 spider 2600 per year . I switched to State Farm same policy 1100 per year 3800 total for f car , 13 SL 63 , 14 E 350 . Hope this info helps.

 

Was with USAA for 20 years. When I received my renewal notice, I thought "wow that is expensive for having a perfect driving record" and decided to call Geico for a quote. Geico was $80 less expensive for 6 months for the exact same coverage. When I called USAA back and told them that a "for profit, publicly traded company that actually pays income taxes was 15% less" she responded that I would get a reduction on the next renewal due to North Carolina changing the rates.

So what USAA chose to do is screw me as long as they can before giving me the discount.

What is sad is that North Carolina is a HEAVY military state with Fort Bragg, Camp Lejuene, New River Air Station, Cherry Point, and Seymour Johnson bases. North Carolina Dept of Insurance had to sue USAA due to over charging the military and its members in the state. Now if you live in NC, you do not get the whooped dee doo dividend check.

USAA - no thanks!!!!

 

Recently, I talked to the owner of a high end body shop, and he said that USAA was doing everything possible to NOT pay for a proper repair. I've been with them since college graduation, but it ain't the same "old boys club" it used to be.

 

Every December our rebate check from USAA far exceeds the $160 you have saved with GEICO.

 

USAA good service so far, about $1000 plus for a year.
Recreational/second vehicle think I said less than 5000 miles a year.