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Merged: What insurance company do you use to insure your Ferrari?

Discussion in 'Ferrari Discussion (not model specific)' started by Mike328, Feb 3, 2004.

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What insurance company do you use to insure your Ferrari?

  1. State Farm

  2. Progressive

  3. Geico

  4. Allstate

  5. Nationwide

  6. USAA

  7. Chubb

  8. Grundy

  9. Hagerty

  10. Leland West

  11. Thum

  12. State Auto

  13. 21st Century

  14. Direct General

  15. Other (specify below...)

Multiple votes are allowed.
Results are only viewable after voting.
  1. Mike328

    Mike328 F1 Rookie
    Rossa Subscribed

    Oct 19, 2002
    2,655
    Boulder, CO
    Full Name:
    Mike
    There are tens of threads in the archives will little tidbits of assorted, unorganized information on the insurance companies F-car owners use to insure their Ferrari.

    Just wanted to get an idea of which ones use the most.

    Since this is applicable to most folks, we can expect to get a pretty huge sample size!

    If you want to post your rates and deductibles, that would be awesome.

    I'll start. I use State Farm, because I have my other car (SAAB 9000) on it, as well as homeowners insurance and a Personal Liability Umbrella.

    With $1000 deductibles (!!!), pay right around $75/mo now that I just turned 25 and the car is classified as a Pleasure car (not "typically" driven to work), less than 8k miles per year (I put on 7 in the past year and a half, mostly beacuse I've been doing so much WORK on the CAR!!).

    State Farm insists that they'll handle all indemnification. If there's a "total the car" situation, they'll look around ABQ and the surrounding area to find the equivalent car. I work hard to document all the work the car has done to indicate that it's in exceptional shape (read: Excellent condition for price guides).

    I bet if they couldn't find a 78, they'd just assume replace it with a local 84 QV!!
     
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  3. Meister

    Meister F1 Veteran
    Silver Subscribed

    Apr 27, 2001
    5,448
    Duluth, MN
    Full Name:
    The Meister
    I use Farmers.
    A good friend of mine is an agent and I have all my cars with him (4 corvettes, harley, Ferrari, the wifes camry..) I live in a place where all me special interest cars are only used for about six months so it's not hard to get by with the limited mile classifications and such. I think on average I pay about $300-$400 for six months depending on the car.
     
  4. 1975gt4don

    1975gt4don Formula Junior

    Nov 5, 2003
    662
    Peoples Rep of CA
    Full Name:
    Smog Exempt
    Ditto here with Farmers. Great Co. I have a classic auto policy, 1500 miles per year limit :-( 1K deductible. I pay around 350/6 months. My wife and I have 4 autos total insured thru Farmers and our house to maximize discounts. Farmers requires an auto appraisal to determine value of the car prior to comp coverage.

     
  5. rossofiorano355

    rossofiorano355 Karting

    Dec 22, 2003
    210
    NOLA - Bham
    Full Name:
    Ron
    useful poll, great post - hope you get alot of response - will post my info shortly

    suggestion: to compare the data easily, how about a standard format for the info?

    i.e.
    Coverage x/x/x
    Deductible x
    Allowed Milage xxxx
    etc.
     
  6. M.James

    M.James F1 Rookie

    Jun 6, 2003
    2,721
    Worcester, MA
    Full Name:
    Michael.C.James
    I'm currently LOOKING for someone to underwrite me....I have a quote from Geiko, Prudential is 'talking' to me, and a friend has given me a lead on his company (he has two F-cars). I thought I had underwriting with SAFECO, but they decided to drop me in a months' time - no reason given.

    I've had a nickel-and-dime speeding ticket once a year, every year, since I've moved to SC - they hand out tickets here like Church Bulletins on sunday. No tickets in the past several months, no points on the license, no tickets from driving the Ferrari. But nobody wants to insure me, either. I've spoken with Hagerty, Grundigg, Classic Auto - they've all told me to pound sand. At first Prudential refused, now they've requested some more info (I still have homeowners with them, and the daily driver) to 'take it under consideration'.....If they would have raised my rates alittle when I got a ticket, I would have been more careful in the past and my record would be a lot cleaner. As it stands, I have a driving record that looks horrible on paper and everyone is afraid to cover me. The search continues, but I expect to get raped in premium costs if someone will underwrite me....
     
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  8. twoshort

    twoshort Rookie

    Jan 22, 2004
    10
    As an independent insurance agent in Michigan, I would be interested to know how many tickets you have actually received in the last 3 years.
     
  9. speedemon

    speedemon Formula Junior

    Jan 6, 2004
    611
    Bay Area, CA
    Full Name:
    Chris
     
  10. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    74,299
    Houston, Texas
    Full Name:
    Bubba
    Dream on with that replacement car BS. If you total it, they write you a check for market vaule.

    My car is with State Farm as Stated Value. Which is different.

    They were still PITA in claims when I was hit, low balling repairs, arguing about damage as "existing" even though the agent inspected the car at the time policy, was written as "as new" condition.

    It took about a year and a half to settle the claim completely, with two body shops and trim work. they finally came around when they realized they would deal with me FOREVER until I was satisfied.

    The reason for all the heartache? They insured the Bast--- that hit me, too!
     
  11. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    74,299
    Houston, Texas
    Full Name:
    Bubba
    BTW, no mileage limits on my policy.
     
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  13. andybm3

    andybm3 Karting

    Nov 12, 2003
    235
    USA
    Full Name:
    Andy
    I use Farmers
    2000 360
    $2,500/$1000 col/theft deductable
    5,000 mile annual limit
    $1,200/yr
     
  14. acw

    acw Karting

    Nov 3, 2003
    122
    I use Allstate

    04 360 Spider
    $500 deductible
    No miles limit

    $1806 / year

    Note: - I have several cars and house with them
    - 0 tickets, 0 claims ever

    Look like I should start shopping around.

    AW
     
  15. ccr2002

    ccr2002 Karting

    Oct 31, 2003
    150
    Salt Lake City, UT
    I have chubb, and an agreed upon value of the car that will be paid out in event of car totaled. Has anyone had dealings with chubb...are they worth the premium?
     
  16. Tod328gts

    Tod328gts Formula Junior

    Jul 23, 2003
    626
    River Forest, IL
    Full Name:
    Tod Whitmore
    Farmers here, very happy with them..

    1988 328 GTS

    Full coverage with $500 det. i pay about $500/6 months and then in the winter months when it's in storage it goes to about $75/6 months.

    I have my house and my truck also insured with them and i too have no tickets or accidents.... 'knock on wood' ....


    I would beaware of Allstate, had them for years with no claims ever, then my house got hit by lightning, burned out computers and electronic stuff and a big hole in my roof, total claim was about $6k, which they did pay for and fix then a couple months later they dropped me. HAH! Dam.... they saw those lightning rods on my roof.... HAH!

    State Farm, had them.... Way too expensive in my opinion....

    Happy with Farmers, but yea, no claims yet... hmmmm????
     
  17. sandersja

    sandersja Formula Junior

    Jan 16, 2003
    367
    Portland OR
    Full Name:
    John Sanders
    posted above: "I use Farmers."

    Hum, I am surprised that people even consider/are happy with Farmers. They had a decent price for a $1000 deductable ** BUT ** they also required a ** 10% ** deductable in addition. They called it by some other bogus name, but it was the same as a deductible in the case of a loss. There was also no doubt that it would require a court case to battle over loss value.

    Perhaps things in CO are different, or my agent was uncharacteristically worthless for the Ferrari. I did have it checked out in detail by the Farmer's agent and they would not budge on it. I have 5 other cars with them, house, umbrella, etc etc
     
  18. Brian C. Stradale

    Brian C. Stradale F1 Rookie
    Lifetime Rossa

    Mar 17, 2002
    3,603
    Dallas, TX, USA
    Actually, that's a pretty good rate. Keep in mind that a $180K car might cost approx three times as much to insure as a $60K car. And you have a lower deductible than most.

    Also, location makes a huge difference in rates.

    Guys... report what car and what location... all Ferraris and all hometowns are NOT equal for insurance purposes.

    Now I might need to shop around again... I pay a bit over $2K/year to State Farm to insure my 360 with $1K deductible... but every time I do, I fail to get better rates. But I live in Dallas... might be cheaper to live in west Texas. HOWEVER, there's a few on the list above that I haven't tried... thanks for the interesting poll.
     
  19. MARQ

    MARQ Formula 3

    Feb 9, 2002
    1,924
    East Coast US
    Full Name:
    Marq
    Been with them for 3 years. No problems....but then again...no claims either. Went with them as they offer no mileage limits and they agreed to my 'value' I wanted placed on the car.
    I shopped all the well-knowns (Hagerty, Leland,etc.) and Chubb was the best deal for me.
     
  20. Mike328

    Mike328 F1 Rookie
    Rossa Subscribed

    Oct 19, 2002
    2,655
    Boulder, CO
    Full Name:
    Mike
    Oops. Looks like I blew it with the poll options. In my research in the archives coming up with names I assumed "Farmers" was just hot-shot F-car owners talking slang about State Farm!

    My presumption is that the majority of the "Others" category, then, is effectively Farmers insurance.
     
  21. snj5

    snj5 F1 World Champ

    Feb 22, 2003
    10,213
    San Antonio
    Full Name:
    Russ Turner
    USAA
    The shippers tore a rear lower A-arm, shock mount and dented the roof (!) when the Ferrari went to Germany from florida. They sent a German engineer to appraise the damage and wrote the Ferrari dealer in Saarbrucken a check for $12K and completely replaced all the parts as new from Maranello. No problems, very professional.
     
  22. Mike328

    Mike328 F1 Rookie
    Rossa Subscribed

    Oct 19, 2002
    2,655
    Boulder, CO
    Full Name:
    Mike
    That's good to hear about USAA.

    My girlfriend (soon fiancee :) ), her dad was in the Navy, and as such she qualifies for USAA.

    In general, if the USAA option is available to you, does it make sense to do it? I would think their pool of customers might be less risk (be interested to hear thoughts on this), and their rates lower... And less BS when paying out claims.
     
  23. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    17,271
    USA
    Full Name:
    Hugh G. Rection
    I originally had an "agreed value" policy on my 78 308 GTS for $37k, through Grundy (underwritten by Chubb), very reasonable cost, around $500 per year. Totalled the car, and they paid no problemo...but would not cover my replacement 328, so now I have a similar policy with American Collector Car...or something like that...cost is around $600 per year for $47k coverage.
     
  24. richanton

    richanton Karting

    Nov 3, 2003
    54
    No, it doesn't make sense to do it. Don't get married.
     
  25. snj5

    snj5 F1 World Champ

    Feb 22, 2003
    10,213
    San Antonio
    Full Name:
    Russ Turner
    I have been quite happy with USAA for the last 19 years.
    Hard to compare one case to another with insurance, though it seems.
     
  26. spyderman

    spyderman Formula 3

    Nov 4, 2003
    1,514
    Toronto - Canada
    Full Name:
    Spyderman
    I am insured with ING...
     
  27. Tyler

    Tyler F1 Rookie

    Dec 19, 2001
    4,274
    dusty old farm town
    Full Name:
    Tyler

    Yes, Chubb is worth the premium. Old school customer service and rapid and friendly action when you actually need the services you're paying them for. Novel idea, huh? Seems simple enough, but it's rare enough in today's world to command a worthwhile premium.
     
  28. vref

    vref Karting

    Dec 18, 2003
    214
    1 Hr North of Housto
    Full Name:
    Jim
    Usaa

    355

    $1000 year
     

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