tonymission

Did some searches on the topic and couldn't find a clear answer. Hoping some of you guys can help me with your own experiences.

My current insurance company, Amica, was previously insuring around $360k in vehicles (Q7, RS7, Golf R, GT3) for $5200 a year. When I called to remove the GT3 and add the RS, they bumped it up to $10,200 a year. Almost 100% increase for $100k more in risk. They would not give me a clear answer on what the total loss value would be ("we consider a number of factors") and then told me they don't even have a product for this type of car (then what are you selling me?). NONE of this made any sense to me.

I have my HO, life, excess/umbrella with them...

Called the broker who handles my business policies and he came back with a couple options for me:

#1 - Auto Owners. VERY competitive rate but would not carry any DV coverage on the car nor would they do an agreed value. Said they would pay ACV only which doesn't consider how much it would cost me to replace the car obviously. Basically I'd be self insuring a large amount of the car which I'm not sure I'm comfortable at this point in my life (35 years old with 3 kids and a stay at home wife).

#2 - Chubb. I'm familiar with Chubb as the gold standard in insurance. They quoted a price that would ultimately be about $4000 less than the Amica price for all my policies, but still a few thousand more than Auto Owners. The RS7 was not included in this price as it's currently being sold. They would insure the GT3 RS for an agreed upon value (including DV coverage), which I could adjust at any time if the market were to change.

No brainer, Chubb... right??

Only reason I'm posting is to see what other people are doing; if they're self insuring ACV difference, if they're actually getting full coverage with a standard carrier. Is there anything at all that I'm missing or should be considering here? I didn't think this car would be so hard to insure, but I've never paid over sticker on anything before nor have I truly owned a "supercar" before.

Thanks for your thoughts!

GrantG

If you can live with 2,500 miles per year, Classic Car coverage is a good option (stated value). I use Berkley Classics: http://www.berkleyclassics.com/ Premium on my GT4 was a small fraction of what my other insurer wanted.

This requires that you also have one or more non-classic cars insured with another carrier.

There is no mileage restriction on cars older than 25 years (have my 73 911 on there too).

Banango

We have regrettably come to the conclusion that Chubb is great so long as you don't make a claim.

They are our primary insurer and have been for decades, less due to cars than to art and home itself. They remain our insurer principally because we haven't found a better one, but I cannot say we are fans. They are becoming increasingly costly despite enormous reduction in actual risk even in respect of increased values. This year we mooted a very modest claim, our first, in part as a test to see how they and our agent performed. We are seeking a new agent and likely a new insurer. Caveat Emptor. As with automotive brands: don't rely entirely on the marketing.

SamFromTX

Had a similar problem and eventually moved all our insurance to Nationwide Private Client. Great to work with and very reasonable rates. Handled a claim on another car very well.

signes

No increase for me from GT3 to RS, but not agreed value either. This is with farmers where we have home, cars, umbrella, etc.

LexVan

As a side note, don't forget to suspend your insurance when you winter hibernate your car.

GiuseppeM

What do you mean?

STG

The rate is much cheaper when you're storing it and not driving it. You can tell the insurance company it's being stored (say for 3 months or whatever), and your rate will be much much lower for that time.

LexVan

Correct. Because you drop the collision coverage, mainly. Ask your agent.

JDHertz11

I'm with Hagerty for my non daily drivers. They quoted me at $1,600/ year for a $200K agreed value on a 2016 GT3RS. I have 8 other cars with them insured for around $500K agreed value so that may affect the rates. They do not have a limit on miles but you must have a "normal" policy and daily driver.

SC62

I have mine with PURE. Came in less expensive than Chubb and insured the car for replacement value at MSRP and expel. Rates are lower than your Chubb quote.

tonymission

Good info! Looks like my broker got pricing with low deductibles and I would do at least 5k on the RS. Price wouldn't be too far from even something like that Hagerty pricing.

Does anyone else have experience with Chubb? Looking at one less-than-glowing endorsement so far.

tonymission

Hmm did some research on Pure.. same sort of policies. I'll try to get a quote tomorrow

TRAKCAR

I don't have agreed value but no increase from any other car on my policy.
Weird.

0-60 freak

MVP program at Grundys, 250k agreed value, $1k deductable $1800 a yr