355 355 Insurance check

That explains why I was paying $1100/year before. Still need my quote number? Sounds like you already know the answer.

 

Well, just for ****s and giggles I got a quote for my 95 spider at $100k agreed from Gurndy online. With $0k deductible on comp and collision the quote was $1235. I went through this before and if car was in PA instead of CT it would be about 1/2 as much. Was told it was because CT requires some kind of nonsense. Simply put, rates differ significantly because of state laws.

 

Here is one of the reason I don;t believe in agreed value for these cars. This is a car similar to mine right down to miles, listed a couple of years back on IAAI, but it's a 97. Totaled. Not the ACV as determined by Liberty. Why would I pay 3x the premium for a $100, 000 agreed value?

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$887/year $150k agreed value with Grundy. So about $250/year for extra $50k protection.

 

Oh. And no Fchat discount .

 

If you crash?


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If I crash and total the car I'll get what it's worth based on current market value. I don't plan to crash so why insure the car for some inflated value? Look at it this way. I paid about the same for my 2014 Cayman S in 2017 as I paid for my 355 in 2013. If I total the Porsche I'll get less than I paid for it. If I total the 355 I'll get considerably more than I paid for it. If I get a stated value policy for the 355, if the value is realistic, it's not going to be much different. If the market value goes down, then, yes, I cover my cost, provided the insurance Co. allows me to keep the same stated value. But if the market goes up I could lose out unless I keep increasing the stated value, and paying a higher premium. It's not like I have a 200 miles, showroom condition, multi platinum winner sitting in my garage. It's just a car.

 

Problem is the insurance company will argue down “current market value.” What if they tell you your car is worth $60k based on Hagerty??

 

I’d want enough money to be able to purchase a comparable car (within a month or two) if car is totaled. I’m not confident $100k will get me a comparable 355 with the way the market is heading.

 

So what will you do if you have stated value ins? Keep calling the ins company and raising the limit and pay higher premiums?

 

No, you will get basically what it would cost to replace. At least in CT. Because CT has laws which define how companies must value car so the ins co's done end up fighting about evaluations and suing each other over how much damage some one does to some one else's car. And if you disagree with their evaluation you can have you car appraised and go to arbitration. Understand, it doesn't matter if it's your fault or someone else's fault. If you have comp and collision your insurance company pays you for the loss except for your deductible. Then, if it's the other parties fault, they subrogate the claim to recover their payout and your deductible. Once that process is complete you get your deductible. The payout is ACV + tax on ACV + registration costs, plus a rebated of the insurance premium from the date of the loss throw the end of the policy period. At least that was my experience when someone totaled one of my cars. Ended up getting about 140% of NADA book value due to mileage and condition of the car. They even asked if I had done any major repairs on the car lately which would have been considered in the evaluation. Gave me a very different view of insurance.

 

I’m not sure what the rules are with different insurance companies. I’ve never totaled a car. I assume if agreed value with Grundy is $100k, that’s all they’re paying me. Even if the car is $355k. I don’t mind paying $900/year for $150k protection. I was paying $1100/year for $100k protection before.

https://www.hemmings.com/classifieds/cars-for-sale/ferrari/f355/2442738.html

That’s what it’s gonna cost to replace my car and it’s not even a 95 .

 

And it will cost $125,000 to replace mine.

https://www.hemmings.com/classifieds/dealer/ferrari/f355/2460294.html

And also not a 95.

 

I recently got an online quote from American Collectors. When they followed up, I asked to see the policy. They refused. I asked them, how am I supposed to know what I’m buying without seeing the product? They were sympathetic but unyielding. Very odd.

 

Generally I agree with this, it’s how I insure jewelry etc. Assuming the insurance company is honest about current market value & replacement cost and you don’t have a 0 mile 1 of 1 truly irreplaceable car. I don’t understand why you would want to pay more money to overinsure, risk adjusted its needless expense. That said I’ve never filed a collector car or non daily claim and I’m a pretty trusting person... curious if the are horror stories where this strategy has backfired.

 

This is a timely post Rob. I have State Farm for my cars and they do have a "collector" type policy. The rub is that it has to be on classic plates and my F355 being a '95, is. I need to get in touch with them to see what their rates are like. I didn't know that you'll get a break on rates with these companies if the car is of a certain age.

You guys are going to laugh at me but I only drive my car maybe once a year. No, that isn't a typo.