Phokaioglaukos

On Friday a letter arrived from AIG (AIG Premier Insurance Co.) notifying me that upon the renewal date they will no longer cover our '05 GT3. When we first insured with this company it was Colonial Penn, then GE and now its AIG. The letter says that their program is geared toward "conservative family-type vehicles" and that high performance vehicles have a higher loss frequency and severity and represent a greater risk of auto theft.

We have clean driving records and no claims in the last 5 years or so. Any suggestions? State Farm's on-line quotation is high, Amica is lower and Progressive is the lowest, so far. I'm inclined to get a policy for the GT3 only and leave the other three cars (don't ask) with AIG, at least for the time being. Of course I need high liability limits (250/500 or 500 CSL) because my firm, if not common sense, requires it, and I have had comp and collision with $250 and $500 deductibles.

Any thoughts as to a carrier to contact for a quotation?

forklift

I think it varies from state to state (not sure), but State Farm should cover you at a DE. I have Allstate, which will not cover me, but bought track insurance separately. I might just go to State Farm when my policy is up. I have a friend in VA and in MD who were told they would be covered (one in writing) and another in NC who was recently covered for a total (all State Farm). I would do a search for State Farm and DE and see what comes up here. Of course if you don't plan on taking the car to the track then disregard this post!

Good Luck,

Jim

Ran

I avoid cherry picking of exposure by insurers. NJ auto insurance rates are extremely high. Personally, I make sure that the insurance company that "gets" my life or home policies also insures my automobile. If that is not possible, I certainly want the auto insurer to cover all autos at the very least for a variety of reasons. Besides, as with most purchases, shopping for the best bargain on a per item basis has its own pros and cons. Also, if you are relying on web quotes be sure that they take into account possible multi-line and multiple car scenarios for discounts. I have not obtained web quotes and the programs may well be savvy enough (I just do not know).

gmund 1

I went with geico. I read the policy several times and did not see a track exclusion of any kind. the rate was only $275 more than my boxster. I did have to move all of my other vehicles to them.
Gmund

Larry Herman

Chris, unless your Philly address is killing you, I suggest that you go to State Farm and call my agent Scott Morris at (215) 369-9700. Tell him I sent you. I also have AIG for the rest of my cars from my business insurer and they were worthless when it came to the GT3. My son also had a little uh-oh on the track with my car & State Farm paid and renewed...no problem. I do have on-track insurance now too, though.

ltcjmramos

Slightly OT, what "on-track insurance" is available, from whom? A few weeks ago, I did $17K od damage to my GT3. My insurance company, USAA, covered it, but wouldn't mind exploring coverage specifically for DEs.

Holger B

I had GEICO a few years ago and then when their rates became really uncompetitive I shopped around and found Nationwide. I've now got everything with them and have been very happy.

http://nwinsurance.nationwide.com/nwinsurance/

Holger B

Joe, what happened there?

Greg Fishman

I woulud suggest a higher deductible than $500, you will likely pay more than $500 a year extra compared to a $1000 deductible and as you know small claims will cause an insurer to drop you like a hot potato. BTDT.

Rolo

I am with State Farm. They cover me for DE's also with no extra charge.

Phokaioglaukos

Thanks for the many helpful thoughts, especially to Larry for the referral to his agent. I'm currently comparing the same coverages that we have, but when we settle on a new carrier I will certainly revise our coverages--deductibles are too low and we hold comp and collision on some vehicles where it's not cost effective.

Does the State Farm policy lack an exclusion that other carriers have for DEs? That would be a big selling point.

So far there are several carriers that are less expensive than State Farm for the coverages we carry (Progressive is lowest so far), BUT if I move homeowners, umbrella liability and motorcycle coverages to State Farm and assume that our teenaged daughter converts her permit into a license this summer, then State Farm is a pretty good deal.

I'm also curious about separate track insurance, or is that for racing only?

jrgordonsenior

A few years ago I joined AARP(50) and they had a flyer for auto insurance from The Hartford that turned out to be the least expensive I've found yet, and that's here in Los Angeles. With a clean record, they significantly beat 21st.Century, Geigo, Auto Club, and State Farm. The prerequisite is joining AARP, and a perfectly clean record for the past 3 years....

Oh, and when my 96 Cab was stolen and I negoiated a $48k settlement they dropped me on the next renewal!

vegasgolf98

I have Progressive and my GT3 is only marginally more expensive that my Boxster.

mds

Laurel Driver Education Management provides on-track DE policies. For $100k coverage with a 15% deductible, the price works out to be about $100 per day on the track.

ryce

My state farm policy does not contain an exclusion for use at locations normally used for speed events, as do many policies.