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Need creative insurance help!!

Discussion in '458 Italia/488' started by Chrisna35, May 12, 2018.

  1. Chrisna35

    Chrisna35 Rookie
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    May 2, 2018
    30
    Boston
    Full Name:
    Christopher Jon Nadeau
    Hello all, my first post, and was hoping to be posting pics of my new 2014 458 spider.
    I can not get coverage for my newly purchased car here in Mass. I have two boys each with a speeding ticket and accident and even if they are not listed on the Ferrari coverage no dice. I have been turned down by 15 carriers including American Collectors, Grundy, Hagerty and all the big boys in Mass because the boys live home. 5 agents are all striking out. Any advice is greatly appreciated as my Nero 458 sits at the dealer!
     
  2. dm_n_stuff

    dm_n_stuff Global Moderator
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    Dec 10, 2003
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    Afonsolaw and boobernackle like this.
  3. QueueCumber

    QueueCumber Formula Junior
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    Jul 9, 2015
    347
    CT
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    QC
    You can try taking less coverage than the value of the vehicle. Total damage won't be covered if the car is totaled though. At least it's a temporary fix to get the car home while you shop around for a company that will cover you.
     
  4. Chrisna35

    Chrisna35 Rookie
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    May 2, 2018
    30
    Boston
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    Christopher Jon Nadeau
  5. noone1

    noone1 F1 Rookie

    Jan 21, 2008
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    Mike
    Change their address to your parents house or something. Problem solved.
     
    boobernackle likes this.
  6. Gum12345

    Gum12345 Karting

    Jul 8, 2017
    166
    Long Island, NY
    Can't you just get liability only for now so you can bring the baby home and then figure out coverage?
     
  7. ridege55

    ridege55 Formula Junior
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    May 9, 2017
    467
    Manhattan Beach, CA
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    John
    Depends if it was financed or not. Lien holder would want coverage on the vehicle.
     
  8. noone1

    noone1 F1 Rookie

    Jan 21, 2008
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    As long as it's not bring driven they'll often allow liability only. People often do this in winter.
     
  9. Andial

    Andial Karting

    Jun 19, 2016
    205
    Own the car under MT LLC.
     
  10. MANDALAY

    MANDALAY Formula Junior
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    May 23, 2013
    617
    AUSTRALIA
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    ANGELO
    How strange, cant get insurance because of your sons and their not even on the policy. Doesn't happen here. Maybe they aught to look for new residence.
     
  11. Chrisna35

    Chrisna35 Rookie
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    May 2, 2018
    30
    Boston
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    Christopher Jon Nadeau
    Thanks all. This is a great group. Been a strange and stressful process. An agent finally got a quote from the Mass pool, $4,700. Ironically it covers the boys. When we went to bind it, price dropped to $2,600, full coverage $500 ded. Covers the boys ( who won’t be driving it) with Commerce. Pick it up tomorrow!


    Sent from my iPhone using FerrariChat.com mobile app
     
  12. bagelboy

    bagelboy Karting

    Apr 18, 2016
    135
    New Jersey
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    Henry D.
    Good news... best of luck!
     
  13. spyder625

    spyder625 Formula Junior
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    Jun 16, 2017
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    Mike
    So commerce is the insurance company? seems like a great deal. PM me their info please and your agent. i could be convinced to switch at that rate.
     
  14. Chrisna35

    Chrisna35 Rookie
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    May 2, 2018
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    Boston
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    Christopher Jon Nadeau
    Just PMd you


    Sent from my iPhone using FerrariChat.com mobile app
     
    spyder625 likes this.
  15. spyder625

    spyder625 Formula Junior
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    Jun 16, 2017
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    got it and sent email to joe, thanks
     
    Chrisna35 likes this.
  16. QueueCumber

    QueueCumber Formula Junior
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    Jul 9, 2015
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    They'll be satisfied as long as it covers the amount of financing. If you financed half the vehicle, then they'll be satisfied with coverage for half the value of the vehicle.
     
  17. randkin

    randkin Formula Junior

    Aug 2, 2015
    779
    Somis, CA
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    Randy
    Not sure what lenders you deal with but Banks want physical damage on the car to protect their loan. Often times the bank does not care about liability but usually will not lend unless physical damage is in place on the car.
     
  18. randkin

    randkin Formula Junior

    Aug 2, 2015
    779
    Somis, CA
    Full Name:
    Randy
    For future refference if all else fails Progressive Insurance will cover just about anything the company they use for difficult risks, at least in CA is called Drive insurance. I once had a client who had lost his drivers license for a DUI and Progressive insured him. Of coarse the price was very high but the client said he had to drive to run his business and could afford the insurance but not a chauffer to drive him as he had jobs all over the state.
     
  19. legendd

    legendd Karting
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    Jun 25, 2011
    130
    Los Angeles
    Can I have the Info of the insurance as well please ?
    Im paying almost 10k a year in insurace !!!
     
  20. randkin

    randkin Formula Junior

    Aug 2, 2015
    779
    Somis, CA
    Full Name:
    Randy
    Are you paying 10k for 3 cars in LA, I assume you have some tickets. Keep in mind metro LA is one of the highest insurance areas, both the Liability and Physical Damage are very expensive. That combined with newer expensive cars and a few tickets could easily run the premiums close to ten grand. Suggest that when you get tickets go to traffic school every eighteen months to keep your premiums down.
     
  21. legendd

    legendd Karting
    Silver Subscribed

    Jun 25, 2011
    130
    Los Angeles
    Yes,
    Unfortunately my wife and son are horrible drivers.
    I myself never got into an accident, and got one ticket in the last ten years.
    So I excluded my son which is 17 out of my policy but it's still very high.
    I paid the first month just do I can get my car out but will start shopping and see what my options are


    Sent from my iPhone using FerrariChat.com mobile app
     
  22. dubby

    dubby Rookie

    Aug 15, 2013
    36
    Awesome news and congrats!
     
  23. randkin

    randkin Formula Junior

    Aug 2, 2015
    779
    Somis, CA
    Full Name:
    Randy
    Try insuring the Fcar separately for just yourself with a specially classic company if your own record is good. That way you can get agreed value, if you have an independent broker he can shop that market for you. Just a wild guess but I would think in your area you maybe to find reasonable coverage in the $2,500 range for just yourself? LA is just a difficult market for exotics.
     
  24. Chadly

    Chadly Karting

    Mar 21, 2010
    200
    Bothell, WA
    Full Name:
    Chad
    I just upgraded from my 360 to a 458 and I'm not feeling so bad about the hike in insurance. I was paying $165 a month for my 360 and now $265 for the 458. All my other vehicles are on my Corp's insurance. I'm with Allstate and have nothing in the last 5 years but did total my first Ferrari which Allstate still has a few years to go to get their money back out of me :)
     

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