Any experience with Chicago Motor Cars?
05-22-2020, 02:50 PM
#151
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Thread Starter
That's surprising that they are basing it off of the original cost. They are insuring the car at what the current value is not what the original value was.
Also would surprise me since the people that own $200k cars typically have a couple, aren't driving them much, which equates to a low risk for the insurance company.
Also would surprise me since the people that own $200k cars typically have a couple, aren't driving them much, which equates to a low risk for the insurance company.
The cost you are referring to is total loss cost (theft etc). But thats not the issue. Issue is people taking these cars to track or other HPDE events and racking up fairly high claim costs ($18000 for front bumper of RS). This is exactly what I was told.
05-22-2020, 03:00 PM
#152
That makes more sense. The parts are always going to be expensive.
As far as the track or HPDE events, those are not covered by insurance anyway. So unless someone is going to commit insurance fraud that should not be an issue for the company.
Also for anyone wondering, it looks like a front bumper on an RS is closer to $7k, $5k if you bought from Sunset.
As far as the track or HPDE events, those are not covered by insurance anyway. So unless someone is going to commit insurance fraud that should not be an issue for the company.
Also for anyone wondering, it looks like a front bumper on an RS is closer to $7k, $5k if you bought from Sunset.
05-22-2020, 03:26 PM
#153
Rennlist Member
We use an insurance broker, and we have our insurance through Erie. I would contract a broker for more options.
05-22-2020, 04:25 PM
#154
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3-pedals- What state are you in? I wonder if locale has something to do with it. I’m in IL and its $1300/yr (unlimited mileage) for my ‘19 GT3, $800/yr for 5K miles/yr on ‘18 R8 V10 plus (msrp $210K)-
05-22-2020, 04:29 PM
#155
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05-22-2020, 04:38 PM
#156
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05-22-2020, 05:40 PM
#157
Burning Brakes
05-22-2020, 05:43 PM
#158
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05-22-2020, 06:56 PM
#159
RL Community Team
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Update : I was ready to proceed but then I hit another snag. And this shows you my level of inexperience with the GT cars. It turns out that my insurance agency (AllState) will not insure this car. Neither statefarm, nor Geico. The insurance agencies are telling me that everyone now has an artificial 175-180k barrier OCN (original cost new) and anything above that is a no go.
My only option is to go with a company like Haggerty or Chubbs and the cheapest quote I am looking at is $5000/year, for just the RS. I bought many cars in the 120-160 range and never had this issue before and my premium always went up/down give or take $50.
I need to process this and see if I am even OK with spending that kind of money for insurance. As a person who has had 0 claims in 20+ years of driving (in fact 0 claims anywhere including home owners), I consider insurance a cost that I should avoid as much as I can.
are there any insurance agencies that are more GT friendly?
My only option is to go with a company like Haggerty or Chubbs and the cheapest quote I am looking at is $5000/year, for just the RS. I bought many cars in the 120-160 range and never had this issue before and my premium always went up/down give or take $50.
I need to process this and see if I am even OK with spending that kind of money for insurance. As a person who has had 0 claims in 20+ years of driving (in fact 0 claims anywhere including home owners), I consider insurance a cost that I should avoid as much as I can.
are there any insurance agencies that are more GT friendly?
05-22-2020, 07:00 PM
#160
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Thread Starter
A few posts after that post I indicated I was able to find a state farm agent that was able to provide a quote, but still I consider it pretty high ($2400/year for single car). I am still shopping for quotes at the moment.
05-22-2020, 07:43 PM
#163
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Thread Starter
Thanks for your insight. To each his own, I dont believe in divorce, married to my college sweetheart, and I work on solving my problems (including marriage - been together with the same girl of my dreams for almost 20 years now).
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fijibubba (05-22-2020)
05-22-2020, 08:29 PM
#165
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Also they said Geico uses different smaller companies in each state and NJ has its own underwriter. So its quite likely someone in IL is fine.