Protecting $$$ Over MSRP During Lease Term

You need to discuss your needs with you agent.....all mine are on replacement/stated value coverage and obviously they accept what I paid for the car as that $$ number.

In the general sense you are throwing the $$ over MSRP out the window anyway, but you really need an underwriter to talk to this.....

Mine are not 599GTBs obvoiusly.......

 

You do not insure cars like that based on MSRP but "agreed on value".
I'm with Chubb and they insure my 599 at REAL market value and not based on original sticker.

 

There ya go, I knew that had to be the case........

 

100% True. Move to Chubb and pay the higher premium. Best company for high value possesions. Auto, homes, yachts etc.

I am an agent and would go no where else for my own insurance.

 

Only problem is that when you say 'pay the higher premium,' it is just that. I have my home thru Chubb and they nail you on the coverage. It is so expensive, now granted they cover all kinds of things that the other companies do not, but just be prepared to 'bend over' on the quote.

 

good point...there is no free lunch.......but of course insurance companies are in the business of making money,so you cant blame them either.........

 

buy GAP insurance in addition to your standard auto coverage

 

Premiums may be higher then with other companies but as you said ,Chubb covers much ,much more then anyone else.They make automatic upward adjustments for appreciation (when there is one) and generally ,if you need them when something happens ,they are the easiest to deal with.
Also, considering the entire coverage they provide,that premium becomes insignificant next to your real and perceived "peace of mind".

 

FYI, all standard auto insurance carriers are written to pay ACV at the time of the loss...it has absolutely nothing to do with what you paid or MSRP. In the event that your car is totaled or stolen ,you have a right to be paid the ACV at the time of the loss whether the car has depreciated or appreciated from what you paid or MSRP. So if you insured your Daytona a few years ago when then the ACV was ~ $100,000 and it was totaled today, your insurance would have to pay you the ACV in todays market which is close to $300,000. Since most insurance adjusters are not familiar with the exotic car market, you may have to educate them on what the current ACV of your car is at the time of the loss which you can do by showing him/her recent sales of your model and/or price digest such as the FML, ect...As far as Cubb is concerned, they are a "preferred risk" insurer and may in fact be a little easier to deal with...but all auto insurers are still obligated to pay ACV whether they are a preferred risk, standard risk or sub-standard risk insurer. Some insurers do have maximum limits under your collision and/or comprehensive coverage so it is your obligation to know what your policy covers and that does require you to actually read it rather than merely trust what your agent tells you...

 

I agree with you on Chubb, they cover things that one has to think real hard to come up with. The result is that 'piece of mind,' is very, very expensive. I knew it was going to be bad when they sent an appraisor out to look at the home before they would insure it. Then they send me a bound book of the the appraisal complete with pictures and all kinds of things. I knew right there I was going to pay for that book one way or another.