I'm not good enough at searching this forum to find any information, so I apologize for overlooking any prior threads. I have just started looking for a 612 (because I want a front engine V-12 GT and because I assume I will fit in one, 6'3", 210 lbs.) I am retired with no pension and some retirement assets, so I have an umbrella policy. That policy requires me to have auto insurance liability limits of $500k. Hagerty has given me an estimate of $2100/year based on the price range I will be trying to find a car in. This is double what I am paying for my Speedster Motorcars 1936 Auburn Speedster replica, for about the same agreed value. Do you think this is reasonable? Are there other insurer's from whom I should get estimates? Thanks, Larry
Try Classic Auto collectors - I received a competitive qt from them but I elected to stay w/ my current insurer even though they're more money. I just didn't want to worry about fine print on when & where I could drive the car. btw your $2100 / year is competitive imo . Location matter though.
Rather than do the research yourself, unless you are pretty insurance savvy and can realistically compare all the nuances of coverage, restrictions, valuations, underwriting requirements etc. I would suggest you locate a local regional insurance broker (get recommendations from your car club friends for the name of the local broker). Then ask the local regional broker’s personal lines people who and how many companies they have that will 1) Provide coverage for a Ferrari/antique vehicle. 2) provide “Agreed Amount” coverage (assuming that you want agreed amount coverage). 3) What "regular" non-specialty companies do they have that will combine your antique/exotic cars, home and umbrella policies - both Chubb Group and AIG Private Client Group are two which come to mind. If you get a bunch of double speak then try a different broker. I pretty good size regional broker should easily be knowledgeable as this is a routine issue for this size broker. The limiting factors here are providing coverage for a Ferrari in your local area and provide Agreed Amount coverage. Most regular auto insurance companies will NOT provide Agreed Amount coverage and Stated Amount is not the same, you do NOT want Stated Amount coverage. Many regular insurance companies prefer not to provide coverage for exotic cars and/or Ferrari cars. Some specialty auto insurance providing coverage for antique/exotic include: Hagerty, Grundy, American Collectors, JC Taylor, Condon & Skelly.
I basically do what @randkin does, and I've done it that way for a long time. They roll all my cars, homes, art, umbrella policy, etc into one big thing and I pay one bill, once a year. I'm with Chubb, and have been very happy with them for over 10 years.
Chubb is pretty much the premier personal lines insurance company in the US if you have a claim. A couple of my former clients who lost their homes & cars in the recent large fire in Ventura and Santa Barbara counties had Chubb as their carrier. They said they were very pleased with the rapid and hassle free loss adjustment on their losses. Unfortunately Chubb does not underwrite personal lines in my particular part of the county so they are not an alternative me.
