I did a search but nothing recent. I just purchased a 2018 488 and I just received my insurance quote from Hegarty. Is $3500 a year ridiculous? Agreed Value at $270k 500K policy limit I am 48 years old No accidents no tickets in at least 10 years. Policy attached Image Unavailable, Please Login Image Unavailable, Please Login .
Insurance is specific to the individual. There are so many variables. What one person is quoted has nothing to do with the other person. Even ZIP Codes can make a big difference in premiums. Best thing to do is contact ann agent and have them shop around and that will tell you if it is reasonable or not.
Yes, and actually zip code is one of the biggest factors in rate… and 3500 doesn’t sound that bad at all for stated value ins Sent from my iPhone using FerrariChat
Some other variables along with zip code: kids in household, will car be in a garage, security in home, gated community, claim history, driving history, other cars in household, miles driven, prior cars owned, household income, etc. Again, insurance premiums are very specific to the individual. Someone in Des Moines with no kids will have a very different rate to someone in Miami with 2 kids in the household (regardless of driving age).
Thank you. I just traded out a Mclaren 570 which only cost me about $2k a year similar policy limits but with an agreed value of $150K Single male No Kids But I live In Chicago Car is garaged in my building Building is secure
This is correct Zip code is crucial I recently moved from 30188 to 37363 and my insurance premiums were cut IN HALF Auto, classic car, life, home, umbrella, everything State Farm in both zip codes Crazy
I would guess Chicago is boosting it. I’m in NC. I find Hagerty generally reasonable but I also classify each car as a collector car with relatively low miles (1000-2500 per year spending on which Ferrari), have enough cars on the policy for discount, etc. My recently sold F8 Spider and 812 GTS with high agreed value based on market were like close to 2500 each if I remember correctly.
So you were insuring something valued at 150k and paid 2k a year. You are now insuring something worth 270k and your new premium is 3500. It appears based on simple math that is 100% correct. Based on nothing else changing you were being charged .013 per dollar you are insuring. 150k x .013 = $1950. 270k x .013 = $3510. Not sure what is ridiculous about the new premium.
I think this quote is definitely in the "ball park". I did my own research and found Hagerty to be the highest (I live in Silicon Valley) but only about 25% higher. Hagerty has a very good reputation on claims handling which is another important factor.
Out of curiosity, how are insurance rates down under? I know taxation is high but no clue on insurance rates.
I look at it as a percentage of the value of the car. If you can get a year’s insurance for under 1% of the value of the car that’s an ok deal. Cars cost more down here though. To put numbers to that, say a well spec’d 488 is A490k (USD323k) getting insurance under A4.9k (USD3.2k) would be ok And yes our taxes are higher 49% thanks for reminding me .. oh and our salaries are lower too.. now you’ve made me sad
But you do have some of the nicest people on earth, beautiful landscape, great beer and beautiful woman. One of the top places I’ve visited.
5 years ago that is way high. Now that is about what I pay for my 488 when out of storage. But I only pay 100% coverage for - fraction of the year. In Denver I have nothing on my record and no claims in over 20 years. Insurance (auto and home) have gone up a lot over the last 3 years.
State Farm insurance currently is the world's largest private car insurance company and owns about 17% of Hagerty as an "investment". I considered insurance with Hagerty transfer on a 458 and had a previous record with them on my 430 which I thought was reasonable but when I obtained a bid for the 458 it was almost tripled the 430. I contacted my local State Farm insurance agent and asked for their estimate and it was even more reasonable than the 430 was with Hagerty. They had no problem with an agreed upon value. and also loss of value agreement if damaged but repairable. It pays to shop around. It is totally ZIP Code dependent among all the other variables mentioned above and State Farm may not insure in all states. Shop around, it is your best bet.
Down here it also varies month to month and quarter to quarter. There might be a quarter where insurer x needs to make a number. A poorly priced policy just means they don’t want your business at that time.
2013 458 Italia, $200k agreed value, $0 deductibles, secure (alarmed) metal building garage, Chubb $1700/yr Monterey CA
2017 488 Spider $330,000 agreed value $260 / month American Modern Collector Car Insurance No restrictions
lol Yeah. Everything is finally squared away and I'm able to drive the car without any issues. I still need to have someone come out and do a bunch of landscaping to fix the mess that was created.
I too have American Modern as my carrier through Heacock Agency. Premium is .63% of declared value amount and a $10,000 deductible. I self insure a good portion of it. I have not had any claims and have been with them for many years now. I forget how many. I was glad that they kept my premiums the same as last year given whats going on in the insurance market.
Insurance is so variable even between carriers, you have to shop around every year at minimum Safeco (renewal) Auto $3,815 Home $3,033 Umb $208 TTL $7,056 Hanover Auto $3,008 Home $5,227 Umb $183 TTL $8,418 Chubb Auto $4,496 Home $9,361 Umb $353 TTL $14,210 After running the pdfs through some llm Claude GPT
Do you have to quote all your mods? They make a big difference down here, your car would probably be uninsurable
Lol no. It's collector car insurance. They already assume the cars the insure are modified and have a built in buffer to cover cost of modifications. I had them when I totalled my f355. They paid out for all my medications plus agreed value.
