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Specifics on Insurance

Discussion in 'New York Tri-State' started by ghost, Jan 31, 2004.

  1. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,844
    Singapore
    Want to preface the thread with an apology for asking so many questions, but as you can tell, I am seriously contemplating buying an F-Car, and wanted to therefore make sure I do the appropriate research before committing, given the vagueries of owning in NYC.

    Could you guys please let me know which companies you would recommend for insurance. I assume for an F-Car it has to be the larger companies. I didn't have a lot of time today, so I could only make one call to Nationwide, but they indicated they don't cover F-Cars. I did a search on the archives, but couldn't find specifics.

    Any companies, as well as indicative rates would be greatly appreciated. If it helps, I am looking to get a '95 355 Berlinetta.

    Oh, one more thing: if any of you have "special" insurance policies, ie., where you pay less insurance if you drive the car less than X number of miles, etc., please let me know.

    Thanks again.

    (I think I've got the parking angle covered. I just need to figure out Insurance and which Ferrari Dealer to work with).
     
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  3. Athrill

    Athrill Rookie

    Jan 20, 2004
    22
    Metro New York
    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.
     
  4. papaleo1

    papaleo1 Karting

    Jun 9, 2002
    55
    Papaleo
    Full Name:
    Louis
    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.
     
  5. ghost

    ghost F1 Veteran
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    Dec 10, 2003
    9,844
    Singapore
    This is very helpful. Thank you. Additional information from other owners would also be much appreciated.

    Regards.
     
  6. andrew911

    andrew911 F1 Rookie
    Silver Subscribed

    Sep 8, 2003
    2,868
    Northern NJ
    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
     
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  8. ghost

    ghost F1 Veteran
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    Dec 10, 2003
    9,844
    Singapore
    This is exactly the point that I was trying to make in my earlier post -- you just did it much more articulately. Thanks for the great info Andrew (and others). I will look into these options and let you guys know how things are shaking out.

    Regards.
     
  9. TimN88

    TimN88 F1 Veteran

    Jun 12, 2001
    5,032
    Northeast
    Full Name:
    Tim
    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?
     
  10. ghost

    ghost F1 Veteran
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    Dec 10, 2003
    9,844
    Singapore
    Just wanted to say that I had a quick gander at Leland West's website and these guys look incredibly professional. It's not that their website is overly-slick; it's just that they have done a great job of anticipating the most oft asked questions, and answering them well. Thanks again for the lead Andrew. Will try to connect with these guys tomorrow.

    Vik.
     
  11. HUTCH91TR

    HUTCH91TR F1 Rookie

    Nov 7, 2003
    2,888
    Charlotte, NC
    Full Name:
    Hutch
    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.
     
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  13. andrew911

    andrew911 F1 Rookie
    Silver Subscribed

    Sep 8, 2003
    2,868
    Northern NJ
    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
     
  14. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,844
    Singapore
    Tried Leland and Hagerty, and while both were very amenable to insuring a Ferrari, they couldn't look past their stated policies for "second car ownership" to adjust for the fact that I live in Manhattan, and don't need a second car "daily driver." Believe that some of the others, Farmers, Progressive, State Farm, and much more flexible on this, and I will be checking in with them soon.

    Ahhh, the joys of owning an exotic in NYC.
     
  15. ghost

    ghost F1 Veteran
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    Dec 10, 2003
    9,844
    Singapore
    Update: Insured with GEICO, and am paying ~$3,100. Not exactly insurer of first choice, but will need to live with this for a while until I have a couple of months of insurance and (crossing fingers) no issues. That being said, the GEICO sales person was incredibly helpful and patient, given my initial scepticism of having a mass insurer insure my car.

    Note to self: never give up car insurance...because it's a b*tch to get it if you decide to pick it up again after a lapse.
     
  16. Rick328GTS

    Rick328GTS Rookie

    Jan 26, 2004
    45
    New Jersey
    Full Name:
    Rick
    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.
     
  17. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    73,804
    Houston, Texas
    Full Name:
    Bubba
    State Farm.
     
  18. Ashman

    Ashman Two Time F1 World Champ
    Silver Subscribed Owner

    Sep 5, 2002
    28,483
    MA
    Full Name:
    John
    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
     
  19. Hubert888

    Hubert888 F1 Veteran
    BANNED

    May 14, 2003
    5,376
    Manhattan & LA
    Full Name:
    Hubert
    State Farm for me....5000 miles restriction....
    $3200 a year for me.
     
  20. ghost

    ghost F1 Veteran
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    Dec 10, 2003
    9,844
    Singapore
    Getting a good rate Alan??


    Thanks Hubert. Seems that most of us living in New York City that keep our cars here have to deal with the pleasure of high premiums. That's just the way it is I suppose. You kinda justify it to yourself given the context, but then quickly realize you are paying 10x as much as some of our breathren who (i) are married, (ii) life in the suburbs, (iii) have a second/third/fourth car, (iv) use the same company of homeowners, yadda, yadda, yadda!! :eek:
     
  21. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
    Full Name:
    Chris
    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.
     
  22. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,844
    Singapore
    I'm sorry, are you saying that between your M3 and your 996TT you are paying $8,400 ( :eek: ) a year in insurance. That can't be right!! Especially not with your profile. Please tell me I am missing the obvious here. On the off chance that this is true, you should certainly start shopping around, because with your profile, insurance should not cost you more than a couple of G's in aggregate.
     
  23. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
    Full Name:
    Chris
    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.


     

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