Ferrari Insurance Question

First, where are you? US? UK? Australia? or somewhere else?

Your answers will vary a lot depending on that information. Different locations have different rules applying to insurance policies.

Next, are you looking at a new Ferrari or used one? Which model? That is going to have a LOT to do with your rates as well. Where are you buying from? Dealer or individual?

You simply need to provide more information in order to get more applicable answers.


PDG

 

Agree with GrayTA. Insurance has lots to do with the state you live in, your age, your driving record, etc..... When you speak about the event of a total loss, you are best financially covered to have an Agreed Value policy, not and ACV (actual cash value) policy which most are. If you were to total your car, with an agreed value policy they would pay you what you both agreed the car was worth when you got the insurance. With a ACV policy, they will pay you replacement cost minus depreciation, which is not a comforting thing. I work for one of the larger national specialty insurance companies that does agreed value policies for collector, antique, and exotic cars. Feel free to PM me anytime to discuss. Asking someone else what they pay isnt really fair either. Example. In NY state it may cost a person $1200 a year to insure their Ferrari, in Indiana same person, same car, can cost $500 a year. Also, whoever told you that at your current carrier is right and wrong at the same time. Read the above statement about an ACV policy, which i assume he was talking about. Again, ACV is replacement cost minus depreciation. They would not use the original sticker price on a 10 year old car. I have found that it is best to always have an agreed value or replacement cost policy on collector or exotic cars. Its just peace of mind. it is best to get lots of quotes and make an informed decision.

RJ

 

Additionally, welcome to the site. I just noticed that was your first post. I would recommend that you go here:

http://www.ferrarichat.com/forum/forumdisplay.php?f=203


and introduce yourself. Tell a bit more about where you are, what you do, why Ferrari, that sort of thing. It will go a long way toward making you feel more at home here. You will find that this is a tremendous source of information and the community is fantastic here once you get past that initial introduction.

Good luck!!


PDG

 

I am in Canada, and I was told almost the opposite by my insurance company. I have an excellent rate ($1,836 for 1-year on a 1993 348), and my agent told me that cars are rated, regardless of the make and model, and the Ferrari name has an excellent rating (hardly stolen, very little claims, generally very well taken care of by its owner, etc).

 

I pay about 325. for the 430 and 150. for the 328 for 6 months. This understates the cost a little because I have a blanket policy for extra liability. This is with State Farm. I know CA will be a lot higher and I'm much older than you. 1400. might be the best. Keep shopping.

Dave

 

Hagerty
$350/6 months for 92 Mondial T in NY.
Great rate.

 

I started a thread on this a while back. There is some really useful information there. Just look under threads that I started.

Happy Hunting.

 

I use State Farm for a 400i and a Mondial8. Rates were one third what Haggarty quoted me. But, I have been with State Farm for over 20 years and they keep saying they like me so your mileage may vary.

State Farm let me put a stated value on both cars with no hesitation. While I was talking with the Agent it apprears that they have several customers with exotic cars.

The Ferraris also get the multi-car discount.

-scousineau

 

I'm in NC and have Haggarty and i pay $400yr on my 308.I'm in my 50's and no points.Erie who insures my 4 other vehicles at a great price really wasn't interested in insuring the Ferrari but quoted $800yr but no stated value.
B.

 

I went with State Farm in CA - my 87 328 cost less to insure than my 08 Miata, and about the same as my 99 Miata - Roughly $350 for 6 months.

As noted above, loyalty discounts and multi car / multi line discounts play into that.

 

My 348 SS was 1430 per year on Ontario
The 348 is with Dominion, State Farm was too high.
I keep them fully insured even during storage.

The 512BB is 563 per year with Silver Wheels.

 

For agreed value policies I would get quotes from the following:

Classic Auto Insurance
www.classicins.com

Hagerty
www.hagerty.com

Heacock Classic
www.heacockclassic.com

 

Hagarty all the way ! FL resident 60s, clean license;3k/yr for Daytona, C4, 308 and 5 motorcycles.

 

State Farm $1300/year 2008 F430. Been with them forever, never a problem.

 

I have the 308 in with our other cars at State farm, think it's about $900/yr for full, top-limits daily-driver coverage. They wrote it without hesitation, would do the same thing for a 550.

The 330 2+2 was insured with Hagerty. It was wrecked in May '07 (totaling a vintage Ferrari requiress surprisingly little damage). After three months of trying to get it fixed within their repair-expenditure limit under agreed value coverage, they declared it a total and sent me a check for the full amount.

I realize that State Farm would pay maybe 50% of the 308's market value should it be totaled, but I like the go anywhere and do anything freedom to use my car.

The 330 accident was a wakeup call. Losing $20K on a total loss of the 308 is absorbable. Having a classic-specialty insurer possibly back out of covering a bad accident and attendant lawsuits on the grounds that use limitations at the time of the accident were violated would be a financial disaster.

 

I just use Progressive, $437/6 month for my 355. I'm in Indiana. They use a stated value system for something like a Ferrari and will pay out the lesser of stated value or the current market value if totaled.

 

I've found many carriers will do stated value or have an in house option. Allstate agents were selling Hagerty I think and Liberty Mutual had an option as well. Sounds like State Farm is willing to do it. Try calling your current agent and see if they have an option and let us know.

 

I have Stated Value on the 308 with my State Farm policy.

 

State Farm $81 / 6 months with full coverage on 82 Mondial 8 agreed value.

 

So i'm looking at buying a vintage ferrari and you have a very unique experience having had to deal with a claim on one. Why is it that you think you would be paid 50% of market on your car if you have a stated value on the state farm policy? Is it just because the policy will pay only the lesser of the FMV or agreed value? Would you use state farm for a vintage car at all, or just pay up and use one of the speciality guys? I have all my other cars - mostly daily drivers and modern exotics at state farm and their quotes for vintage cars seem very attractive. Thanks

 

I have a number of vintage cars with State Farm and they dealt with a rock in the windshield claim on a 66 Chrysler Newport Convertible with no problems the same as any other windshield claim although it did take a little longer on the replacement as the guy had to source the clips and gasket (I dropped it off at his shop for a week vs same day in the yard or at work service for newer Dodge or Volvo). The glass guy was also a Mopar nut he had a Barracuda.

 

I just received a State Farm renewal on my '88 Mondial and it went up an additional $222. per year (no accident or citations, not a young guy). I called and they claim that the rates for all Floridians have gone up. Total now is $810 per year.

My daily (2005 Crossfire SRT6) went up as well by another $155 per year (total $924 per yr).

 

I have a 76 308 GTB - Concorso Silver level - agreed Value $40k, 5000 mile limit for the year - a collector policy with American Collectors, Cherry Hill NJ. I have a good driving record

Requirements:
-Must have a registered vehicle for every licensed driver in the household
- Must be stored in a locked garage
- Can not be left unattended = don't leave it in a mall parking lot for 6 hours, out to dinner is fine

Total cost for the year was approx $325