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Collector insurance VS “regular” insurance

Discussion in 'Ferrari Discussion (not model specific)' started by Daddy, Jun 22, 2021.

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  1. Daddy

    Daddy Rookie

    Jun 4, 2018
    12
    #1 Daddy, Jun 22, 2021
    I’m shopping coverage for insurance, what do you guys think is better? I’m considering between a collectors insurance like American Collectors and something more traditional like Amica.

    They both have their pros and cons, AC is agreed value insurance and is a bit cheaper but has a yearly mileage limit. While Amica is not agreed value but has no limits on mileage or useage what so ever.

    Anybody have any experience with collectors insurance? What did you choose and why?
     
  2. PMiranda

    PMiranda Formula Junior

    Jul 23, 2004
    628
    Austin, TX
    #2 PMiranda, Jun 22, 2021
    For any exotic or classic, Agreed value all the way. I had a BMW M5 involuntarily totaled by the other guy's insurance because the book said it was only worth a fraction of what nice ones were actually going for.. talk about insult on top of injury.
     
  3. plastique999

    plastique999 F1 Veteran
    Owner Silver Subscribed

    Nov 9, 2008
    8,808
    SoCal
    Full Name:
    Edward
    #3 plastique999, Jun 23, 2021
    Currently with State Farm with special subcategory for F40 with agreed value. I’ve tried getting quotes 3 separate times from AIG and other collectors for my collectibles and they’ve always quoted me 2-3x more than my current rates with State Farm. I do have home, umbrellas, all autos with them.


    Sent from my iPhone using Tapatalk
     
  4. ginoBBi512

    ginoBBi512 F1 Rookie
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    Oct 9, 2016
    3,535
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    GINO RUGGIERO
    #4 ginoBBi512, Jun 23, 2021
    I use American Modern, they are easy to deal with, reasonable, and they replaced my 328 s windscreen with no questions asked. Agreed Value is the way to go, other wise your at risk of being burned. I would give them a call and see what they can do for you.

    Thank you
     
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  5. Daddy

    Daddy Rookie

    Jun 4, 2018
    12
    #5 Daddy, Jun 23, 2021
    The only problem I’ve noticed is most agreed value insurance programs are considered “collectors” cars and they put a ton of usage restrictions on the car.

    A few of them told me I can’t park it outside of the garage, and also cannot go on vacation with it. I like the added freedom of a regular policy, no need to feel “guilty” when using the car.
    Let me see if I can get a special “agreed value” deal like mentioned above.
     
  6. USMMA90

    USMMA90 Karting

    Mar 29, 2021
    51
    Full Name:
    Bill
    #6 USMMA90, Jun 24, 2021
    This and be careful around their language of “occasional pleasure use” on top of the mileage restrictions
     
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  7. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,744
    Weston, MA
    Full Name:
    Paul
    #7 Nospinzone, Jun 24, 2021
    I looked at the "collector" or agreed value car insurance.

    What? I can't drive the car more than 10 miles from home?

    What? I have to keep it in the garage?

    What? I can't park it on a public street?

    What? I can't let kids sit in it?

    What? I can't attend a FCA event?

    Thanks, but NO thanks.
     
  8. jc1

    jc1 Formula Junior

    Feb 9, 2021
    281
    Greenville, SC
    Full Name:
    Joey (2012 458 Spider)
    #8 jc1, Jun 25, 2021
    State Farm told me the car had to be 20 yrs old to qualify for the “antique car” policy (agreed value).
     
  9. JimEakin

    JimEakin Formula Junior
    Silver Subscribed

    Jun 13, 2015
    989
    Mountain Living
    Full Name:
    Jim
    #9 JimEakin, Jun 25, 2021
    I have a policy with Grundy. But try Leland West. Agreed value is a must. If you drive your exotic more than 6,000 miles a year, you likely are commuting.
     

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