Any insurance recommendations?

[jcwconsult]

I think (hope-hope-hope) that I may have found a good 365 GT 2+2 to buy. It is privately held and not currently advertised.

AIG does my regular car insurance, but does NOT do Ferraris. They recommended American Collectors. Does anybody have comments on them? Who else might I try for a quote that anybody has had decent experiences with? Any companies to avoid?

[tyang]

Hi Jim,

I use American Collectors, but I guess the true test is when you make a claim, and hopefully, I won't have to.

Tom

[fest]

I have Farmer's...

I will let you know how quickly and fairly the settlement is made
if and when this happens

friend of mine uses Haggerty
he lost a lot of cars in a Barn Fire
and said they settled up as quickly and as failrly as could be expected

wise words on insurance

1) Agreed Value NOT Stated Value
2) Depreciation from damage(s) also covered

[lukek]

I have Hagerty. All they do is collector cars, so you will not have to argue with some shmuck adjustor about what it costs to repaint a queen mom vs. a corolla. They have agreed value coverage, and some policies have no mileage limits, but an understanding of limited use (no everyday commuting or pizza delivery). Premiums are in the silly money category compared to regular insurers.
I recently had to file a claim and was very satisfied with the service (they spike their water coolers, because all the agents were overly courteous).

thx
luke

[donv]

I have never used a collector car insurance policy (I use State Farm for all my cars), but I have heard that many (most?) have usage restrictions.

I don't use my F-Cars to drive to work regularly, but it is nice to have that flexibility. And, I do often use them to run errands and go out to dinner (or pick up dinner!), which may or may not fall under the usage restrictions. So, I would be careful about the fine print.

State Farm has mileage limitations (I have a 3,000 miles or less annual limit on each of my collector cars), but that is it.

[330GT]

I recently switched from State Farm to Hagerty for my 330 and 308 cars.

The premium is about the same only State Farm's was a 6 month policy while Hagerty is for a year, so 1/2 price. I also have agreed values about double what the stated values were with State Farm. So there is considerable savings.

Hagerty does not have a mileage limitation nor usage restriction except that they require proof of insurance on your daily drivers. In my case, my daily driver is a '72 240Z. They called about that wanting to make sure that it also wasn't a 'collector' car and that I didn't use it and an F car interchangeably.

I had looked into another collector car insurance company about a year ago. They limited the use to only club events, concours, etc. That restriction wasn't going to work with me since we do drive the cars for pleasure that's not club related. I talked to the Hagerty people at their booth in Monterey and found that they are more reasonable in their limitations.

Obviously I have no claim experience with Hagerty (and hope to keep it that way), but a couple of club members here in Seattle have had no problems with their claims.

[jsa330]

I've been with Hagerty for the nearly 2 years I've owned my 330. Very happy with them so far. My yearly premium is less than $500.00 for $60k agreed value and top liability limits. They settled a minor (is any claim on a vintage Ferrari "minor"?) quickly, courteously, and very fairly.

[jcwconsult]

I tried Hagerty and when they learned I wanted to drive the car 5,000 to 6,000 miles per year including a trip or two to see family in Virginai -- they refused to quote at any price.

I may need to switch all my insurance to a mainstream company.

I like State Farm for homeowners, but their normal procedure in Michigan is to surcharge 15% for 3 years for ONE ticket in the family. They want a 45% total gouge if any driver in the family gets one "5 over" speeding ticket. I call that wallet rape, and I won't play that game.

Does anyone have experience with any other mainstream company where they insure X and Y as daily drivers -- plus a Ferrari as the occasional car?

[Matt F]

I tried Hagerty and when they learned I wanted to drive the car 5,000 to 6,000 miles per year including a trip or two to see family in Virginai -- they refused to quote at any price.

I may need to switch all my insurance to a mainstream company.

I like State Farm for homeowners, but their normal procedure in Michigan is to surcharge 15% for 3 years for ONE ticket in the family. They want a 45% total gouge if any driver in the family gets one "5 over" speeding ticket. I call that wallet rape, and I won't play that game.

Does anyone have experience with any other mainstream company where they insure X and Y as daily drivers -- plus a Ferrari as the occasional car?

You may need to stop get tickets in your family!

My parents insure two daily drivers plus a 308 with State Farm, and have for nearly twenty years.

I, however, chose Hagerty, when it came time to insure my 330. It's inexpensive, and by all accounts they are easy to work with on any claim. (My daily drivers are with Progressive.)

If Hagerty declined to insure you, it's probably a prudent choice. I can do the same milage in my 330, but neither my wife nor I have had a ticket in years. (Knock on wood!)

[jsa330]

I talked to State Farm about insuring the 330 along with our two other cars -- Toyota SUV and Mercury 4 door. They were entirely willing to insure it as a driver at standard rates but no agreed value--just like a regular car. Adding agreed value would have raised the premium for the 330 from $900.00/yr to nearly $3,000.00/yr. My State Farm agent said that the major carriers have all gone to large premium hikes for agreed value coverage.

I'm on the basic 2,500 mile plan with Hagerty, and that's been more than adequate. I drive my car as much as I can but can't see ever exceeding 5,000 miles in a year.