Insurance

I use American collectors Insurance company for my collector cars. Recommended to me by USAA. I cant recall the details about the 355, but I am sure it varies state to state. Might be worth a call. Of course, you never know how good a company is until you file a claim!

 

Get another broker. You shouldn’t pay a damn thing.

 

I tried all the collector agreed on value policies on my cars and bike collections over the years. All of them.

For me, at 61, unmarried, and retired with a clean driving record in Las Vegas, Nevada. State Farm has been the best deal overall. I have had my vehicles, both standard full coverage on some vehicles and agreed value policy on others, my homeowners and umbrella coverage with them for 10 years now. The rates have stayed much steadier than ANY of the typical collector car insurance firms. I had a local insurance broker run all my policies last year, and he said he couldn't touch what State Farm was doing for me. I had one Ferrari claim when I scraped the underside of the nose on a steep curb that was handled flawlessly.

 

$65000 CDN

 

Also cannot take it to a bank

 

As a reference, my '90 348tb is insured at Hagerty for $780 / year with an agreed value of $90,000 US, with a $1000 deductible. $500k coverage for both liability and uninsured motorist.

 

Strong valuation from a company that claims a good 355 can be had for $51k.

 

I was with Hagerty for a 88 Mondial 3.2 Coupe (agreed value - $30k) and a 90 348ts (agreed value $50k) and every year they increased the premium significantly. So I switched to Grundy for the 92 348tb.

Hope you experience is better.

 

So far. I've been with them since 1998. As a comparisons, a couple of my other cars with with Hagerty: my Mondial T Coupe agreed value $45k is $567 / year, and my '57 190sl agreed value $150k is $737 / year w/ no deductible.

 

I am looking at renewing my 348 & 400i so I looked into Condon Skelly and when quote was sent they said:

"only be used for car shows, hobby activities and club functions... and the occasional sunny day drive"

I asked if can the cars under this policy be use to go to dinner, go to the golf club, take a vacation road trip, drive to mechanic 100 miles away? (My mechanic is in Los Angeles and we are in Palm Springs)

His reply was "No these activities are not allowed in our program. We only allow for car shows usage."

Anyone have a different experience with this company? I am moving to California and I currently am cover with a agreed value policy with Farm Bureau but they are not in California.

 

Thanks for adding...

I'm interested in hearing other's experiences with Condon Skelly as well. Sounds great for vintage show cars, but sounds too restrictive for "drivers".

 

298 every 6 mo. from USAA.

 

It is traditional, on a 91 348TS, however, I can put it in storage, then the premium drops dramatically. I guess they would pay whatever the book value is minus 1k deductible. They've never let me down! I've been with them for 34 years. Love this company, they send me a subscribers saving check every year for a couple hundred bucks, so that even makes it less!

 

It would be interesting to hear what they consider "book value" for a 91 348, or any 348 for that matter.

Too many variables, and consider the experience level of the post-accident adjuster as well.

 

Having gone through this on a 20 year old car (not an exotic) I can speak to it a little. First of all, there is no such thing as book value. The insurance adjusted will examine the car in terms of condition, options, mileage, etc. At that point they will do a market survey to determine the current value of cars of similar condition. They will also typically ask you if you have done any significant repairs to the car, in my case, within the last 6 months. At that point they will go away and the insurance company will come back with an offer which you can accept or refuse. In my case the offer I received was about 30% higher than NADA average retail value. The deductible was subtracted from the amount, but then recovered from the other person's insurance since they were at fault. In addition, I received the sales tax on that amount and registration fee. In summary the settlement was an amount that was supposed to allow me to go out and purchase a replacement of the same model, condition and mileage at no cost to me. When I spoke to the adjusted about the process I asked about my Ferraris. He said the same process applied and that most likely, if the insurance company did not have an adjuster familiar with the car they would hire an independent adjust with such knowledge. Hopefully I will never find out.

One thing I want to add to all those who question how an insurance co would value an older exotic. When you call one of these collector car insurance co's how do you think they know what is a reasonable upper limit on your car? Try to insure a 355 for $200,000 and they are going to say, "I don't think so." People seem to forget that it is their business to know what these things are worth, regular or collector. If they insure it, if they have rates for it, they know the value and odds of a loss.

 

When I said book, I meant an average value. USAA has always treated me well when it came to paying out (not that I've had to use them many times). They tend to take care of there customers..

 

They sent me to progressive for my sailboat!

 

Not helping you guys, but
believe it or not, in Norway the 348 is actually cheaper to insure than a Prius. I pay under $300 USD fully insured without any restrictions. (That's with 75% bonus for not having any accidents. You earn 10% every year without accidents and 75% at the most)
The reason for the low price is because there is few registrations of accidents with Ferrari 348 in Norway. (Very few cars here helps with that)

Sent fra min SM-G935F via Tapatalk

 

First post after long time lurking. Just bought my first Fcar, 95 355 Berlinetta, and have been busy talking to insurers the last few days. Long time USAA member ( 40+ yrs) and had a long conversation with representative and USAA claims rep. If you want agreed value coverage, USAA refers you to American Collector. Even the USAA claims rep used American Collector to cover his classic car since a standard policy would not adequately cover him for the value of the car. Looks like I’m going with Grundy since they seem to be the least restrictive on use of the car and quoted a reasonable premium.

 

Most aren't listing your deductible, which affects things a great deal. What are most paying?

 

I think you mean collision and liability are removed but comprehensive remains. No? That's how my ins works.

FYI I have $1000 deductible, full glass.

 

Usaa, 35yr old, 5 cars on policy, no mileage restrictions, $480/6mo