Right insurance for a GT car
11-27-2018, 08:05 PM
#16
Rennlist Member
Some are tossing around, stated value and think they are protected.
Only agreed value really protects you as you know.
11-30-2018, 01:36 AM
#17
Thanks for all the replays.
I asked my insurance broker to start the process and get me the quotes.
The outcome was interesting. The usual providers (Mercury, Progressive, Nationwide, ...) are not doing agreed value and their rate for their formal coverage was too high too. the lowest wanted more than 4K just the GT3 (I am already paying them $1900 for the two other cars)
So then my broker went to Hagerty as it was only specialized provider that my broker works with. Their quote was much better at around $3400 for agreed value of $225K. BUT there is one deal breaker issue. I live in an apartment complex with underground gated parking (also has many security camera throughout the parking including one directly looking at my spot), however, Hagerty told my broker that they only insure the car if it get kept in a private and secure garage or car storage.
Does this make any sense? I know a lot of people that are living in metropolitans in complexes and high-rises and own exotic collectible cars that they keep in their shared gated parking levels (some of them even need the valet parking to park their car in the parking facility under the building). It means none of them can insure their cars properly?
Anybody here faced the same issue?
I asked my insurance broker to start the process and get me the quotes.
The outcome was interesting. The usual providers (Mercury, Progressive, Nationwide, ...) are not doing agreed value and their rate for their formal coverage was too high too. the lowest wanted more than 4K just the GT3 (I am already paying them $1900 for the two other cars)
So then my broker went to Hagerty as it was only specialized provider that my broker works with. Their quote was much better at around $3400 for agreed value of $225K. BUT there is one deal breaker issue. I live in an apartment complex with underground gated parking (also has many security camera throughout the parking including one directly looking at my spot), however, Hagerty told my broker that they only insure the car if it get kept in a private and secure garage or car storage.
Does this make any sense? I know a lot of people that are living in metropolitans in complexes and high-rises and own exotic collectible cars that they keep in their shared gated parking levels (some of them even need the valet parking to park their car in the parking facility under the building). It means none of them can insure their cars properly?
Anybody here faced the same issue?
11-30-2018, 02:07 AM
#18
Get more quotes. I pay 7500 a year for 5 cars, Mclaren 720, Ferrari 488, Tesla, Range Rover and a glk Mercedes Fornthe kids. I have two teenage drivers and the exotics mentioned above and total car premiums are 750” a year.
3500 for one car is ridiculous.
3500 for one car is ridiculous.
11-30-2018, 02:08 AM
#19
Can I ask who is your provider? Also what type of coverage you are getting on the 720S and 488?
11-30-2018, 08:56 AM
#20
Although there are a lot of variables that go into a quote $3500 for agreed value of one car at $225K seems high....I pay $4500 a year for Grundy, 8000 miles allowed between the 2, $530K agreed value.....
11-30-2018, 11:36 AM
#21
I have a private mortgage broker and they do my home, cars, etc. I believe the actual insurance is through Cincinati Insurance Group. Bundle and you get the best pricing. Also- people tend to over insure on these cars. Are you really going to call in a claim when you accidentally scrape your mirror backing out of the garage? No, you dont want the car fax hit, you dont want your premiums to go up. You are simply going to suck it up and pay cash for the repair. Get your deductible as high as possible to keep premiums low.
At $3500 a year, you will own the car 3-4 years that 14k in insurance that likely you will never use! Talk about ADM! The only thing you need protection from is for catastrophic loss and liability. For the minor stuff, self insure, ie pay out of pocket.
11-30-2018, 12:51 PM
#23
Originally Posted by Yippiekiaye
I have a private mortgage broker and they do my home, cars, etc. I believe the actual insurance is through Cincinati Insurance Group. Bundle and you get the best pricing. Also- people tend to over insure on these cars. Are you really going to call in a claim when you accidentally scrape your mirror backing out of the garage? No, you dont want the car fax hit, you dont want your premiums to go up. You are simply going to suck it up and pay cash for the repair. Get your deductible as high as possible to keep premiums low.
At $3500 a year, you will own the car 3-4 years that 14k in insurance that likely you will never use! Talk about ADM! The only thing you need protection from is for catastrophic loss and liability. For the minor stuff, self insure, ie pay out of pocket.
At $3500 a year, you will own the car 3-4 years that 14k in insurance that likely you will never use! Talk about ADM! The only thing you need protection from is for catastrophic loss and liability. For the minor stuff, self insure, ie pay out of pocket.
I assume liability portion of policy is covered under a several million $ umbrella policy
EDIT
Cincinnati wants all my insurance, refuses write only the RS. I'm happy with my homeowners, umbrella and DD cars
National-wide will NOT write any GT cars in NV, no exceptions
I'm a Amazed at the number of insurance companies refusing to write GT cars
Last edited by 0to60; 11-30-2018 at 01:39 PM.
11-30-2018, 01:40 PM
#24
11-30-2018, 01:41 PM
#25
What deductibles are you running ?
I assume liability portion of policy is covered under a several million $ umbrella policy
EDIT
Cincinnati wants all my insurance, refuses write only the RS. I'm happy with my homeowners, umbrella and DD cars
National-wide will NOT write any GT cars in NV, no exceptions
I'm a Amazed at the number of insurance companies refusing to write GT cars
I assume liability portion of policy is covered under a several million $ umbrella policy
EDIT
Cincinnati wants all my insurance, refuses write only the RS. I'm happy with my homeowners, umbrella and DD cars
National-wide will NOT write any GT cars in NV, no exceptions
I'm a Amazed at the number of insurance companies refusing to write GT cars
yes you will get the best rates if you do all your insurance through one contact. We switched everything and saved about 4 grand a year.
12-01-2018, 08:34 AM
#26
How has the service been with filing any claims with your guys providers ?
12-05-2018, 07:39 PM
#27
Thanks for all the replays.
I asked my insurance broker to start the process and get me the quotes.
The outcome was interesting. The usual providers (Mercury, Progressive, Nationwide, ...) are not doing agreed value and their rate for their formal coverage was too high too. the lowest wanted more than 4K just the GT3 (I am already paying them $1900 for the two other cars)
So then my broker went to Hagerty as it was only specialized provider that my broker works with. Their quote was much better at around $3400 for agreed value of $225K. BUT there is one deal breaker issue. I live in an apartment complex with underground gated parking (also has many security camera throughout the parking including one directly looking at my spot), however, Hagerty told my broker that they only insure the car if it get kept in a private and secure garage or car storage.
Does this make any sense? I know a lot of people that are living in metropolitans in complexes and high-rises and own exotic collectible cars that they keep in their shared gated parking levels (some of them even need the valet parking to park their car in the parking facility under the building). It means none of them can insure their cars properly?
Anybody here faced the same issue?
I asked my insurance broker to start the process and get me the quotes.
The outcome was interesting. The usual providers (Mercury, Progressive, Nationwide, ...) are not doing agreed value and their rate for their formal coverage was too high too. the lowest wanted more than 4K just the GT3 (I am already paying them $1900 for the two other cars)
So then my broker went to Hagerty as it was only specialized provider that my broker works with. Their quote was much better at around $3400 for agreed value of $225K. BUT there is one deal breaker issue. I live in an apartment complex with underground gated parking (also has many security camera throughout the parking including one directly looking at my spot), however, Hagerty told my broker that they only insure the car if it get kept in a private and secure garage or car storage.
Does this make any sense? I know a lot of people that are living in metropolitans in complexes and high-rises and own exotic collectible cars that they keep in their shared gated parking levels (some of them even need the valet parking to park their car in the parking facility under the building). It means none of them can insure their cars properly?
Anybody here faced the same issue?
12-05-2018, 10:58 PM
#28
Does this make any sense? I know a lot of people that are living in metropolitans in complexes and high-rises and own exotic collectible cars that they keep in their shared gated parking levels (some of them even need the valet parking to park their car in the parking facility under the building). It means none of them can insure their cars properly?
12-06-2018, 08:42 AM
#29
Race Director
For my 2018 GT3....Hagerty quoted me $4163 .....uh no friggin way I'll stick with State Farm
12-06-2018, 09:46 AM
#30
CANADA ONLY - What company do us Canuks use? I use Belairdirect and have a full replacement value with guaranteed value of what I paid for first few years. Cost about $50 more. I pay about $1500 with $5000 deductible (not gong to make a claim for less than that anyhow)