Specifics on Insurance

Just got my renewal premium for my '02 360 Modena. While not living in NYC I am in the Metro area (35 minutes north). I am insured through Chubb and the annual premium is $2,542. There is no mileage restriction. If you're restricted to a few thousand miles you won't have the opportunity to enjoy the car. If this seems a little high it's because I have an "agreed upon" replacement value of $190,000 rather than "replacement at prevailing rates." Hope this helps you and enjoy the new car.

 

Try Haggerty's. Their rates are reasonable as long as you have another car as a daily driver. No annual mileage restrictions. I've had good luck with them.

Send me your email address and I will give you the specifics.

 

And in addition, try Leland West. While I don't have a Ferrari (I have a Porsche), rates are very reasonable. Premiums are also based on "Agreed value", as opposed to "blue book value"- need to have other car as everyday car, but premiums on my porsche are $540 or so for a 2,500/year mile policy. They also have 5,000/year policies- in my case that would cost maybe $100-120 more per year. I am borderline, so may be going up to 5,000 miles/year as I typically drive the car 2,500-3,000 per year. By the way, my agreed value of my car is $35,000 and I live in New Jersey if this helps you. While NJ isn't NYC, our insurance rates are awful as well.

Leyland does specialty collector cars (including MB, corvette, etc), so I'm sure they would do Ferrari. This collector/weekend car insurance really makes sense, as people with cars like us have the cars garaged and are probably more anal about where our cars get driven, and where they get parked. When underwriting the greatly reduced risk vs. a daily driver, it makes sense that the premiums come out to be 50% or more less than "regular insurance", and I'm sure they still make good money on the policies.

Leyland has excellent customer service in the 2 years I have been using them- only wish I had switched sooner! (By the way, I have no affiliation with them....I have heard of Haggerty, so I'm sure they are good as well, and there must be others out there).

http://www.lelandwest.com/

Good luck-
Andrew

 

I know nothing abot insuring cars like that. Is that figure high? How low would it be if the terms stated that the value of the car was current market value?

 

Try Progressive insurance. I switched to them after GEICO wouldn't write a policy on my Testarossa (upgraded from an '82 308). I'm paying $3800 per year for my '95 Jeep and my '91 TR (agreed value on TR is $85k). No mileage restrictions and so far they've been fine to deal with.

 

Good luck Ghost- the insurance thing is always a pain, but you can save some serious dough with these programs. My insurance originally for the porsche (which is a second car, or third if you include my half-a-car VW-ha) was $1,200 through AIG, and that was standard insurance- i.e. God forbid the car were stolen or totaled, the AIG agent would up his little blue book, or whatever color it is and says, " let's see, 11 year old porsche, here's your $15,000 (for example). Doesn't matter that your car is like new & only had 16,000 miles, blah blah blah"

That would be an instant loss for me! Anyway, the Leland guys were excellent.

Andrew

 

I had a real poor experience with Leyland! Real rude and wanted more personal documentation then any other company I delt with..

Finally went with Hagerty! Excellent customer service and actually had me completed in one day! Even the prices were extremely fair. Highly recommend using this company.

 

State Farm.

 

Why not just tell them that your "primary car" is a chauffeur driven Ford (i.e. yellow taxi cab). They'll be impressed that you have a driver at your beck and call, or street hail, as the case may be! ;-)

John

 

State Farm for me....5000 miles restriction....
$3200 a year for me.

 

I don't have a Ferrari, thanks to the crazy insurance rates.

It would be a dream if insurance is only few G's like the other gents mentioned, but I know rates depends on many factores. So you can't just take other's number and assume that's the rate you will be paying.

My E46 M3 is 2900/yr, 996TT is 5500/yr. I do not even dare to call for a quote on Ferrari's.
Now for your info, I am in LI(not metro NY, which is like 40% lower already), 31 yrs old, clean records, married, no kids, no crime records, lol. I honestly do not know how others get much lower rate than me.

 

I am dead serious.

I always shopped around for insurance, the best rate used to be from Geico's actually, and guess what, it was $3500 for a '99 Lexus GS400, of course I was like 26 back then. All the usual carriers such as All-state, State Farm, Traveller's and etc were all higher.

I later used some online service and found a company called Argonant, they underwrites NY area, it was cheaper than Geico, and I switched to them in 2001. Today I do pay $8400 on M3/996TT per year, full coverage of course.

I always always hear people telling me it should be cheaper, but I just couldn't get it. I asked for quotes from most of insurance carrier's, none is cheaper. I really don't know what's wrong.