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I'm being killed with auto insurance through Safeco and need to find something more reasonable. Currently I'm spending $9K a year on auto insurance alone.
We have six cars with 4 in one location and 2 in another state. One is a 1970 classic Mustang insured through AIG and is very reasonably priced. The others range in value from the 997 GT3 down to a $20K pickup. There are only 2 drivers and collectively we probably only drive 15-20K miles a year. Both of us have excellent driving records and credit. The GT3 listed as low miles per year (less than 2000).
What are folks doing in this situation? Or doesn't the premium sound reasonable?
I also have similar every 3 years or so I swap the policy to someone cheaper, they almost always beat the price if I provide my current bill, at progressive at the moment.
The Porsches are at Hagerty, RS is at $215k with a $10k buy back ryder. So I’m gambling a bit but I assume if I crack it up I get to keep it and could part out the difference or turn it into a track car or something.
It starts to add up quick if you do full market price so I just do whatever I feel like I can live with. I think either my PCA or SCCA gives me a bit of a discount.
Unless you’re talking about a different insurance product, yes they do:
I’m sure most of us use these cars now for what we’d consider “pleasure driving,” though I’m happy to avoid a potential fight over it if they wanted to dig their heels in to avoid paying on a claim.
I switched to Hagerty this past year. My old policy with a standard carrier had no agreed value and more importantly no OEM parts replacement. It's not what I would consider inexpensive, but the peace of mind I have now when driving is actually higher. For instance, while agreed value is great, I think the likelihood of needing a repair (vs a full totaled out car) is higher, so I'd rather have that peace of mind knowing that I'm going to get a brand new genuine Porsche front bumper, which isn't cheap at $7k.
Yes, Hagerty does have some restrictions. They told me that they're not super strict on mileage but they have me around 2000 (or maybe 2500) miles/yr. They said if I start going a bunch over that to let them know.
I spent an absurd amount of time researching this subject. I was in the process of signing up with Porsche Auto Insurance and then decided to go with Hagerty for a multitude of reasons even though Porsche Auto Insurance was cheaper than Hagerty and just a bit more than what I was paying with my old carrier. But I considered Grundy, Leland West and a few other specialty insurers.
If you're willing to bundle everything with a single carrier (home and auto), I'd be looking into Cincinnati or Chubb.
I won't comment on premiums and what is reasonable since it depends on so many factors, but am happy to share what I used to pay and what I pay now with Hagerty.
2016 Tesla Model X 12k miles year
2014 Prius 4k miles
2010 GT3 3500 miles
2016 911 GTS 3k miles
I have highest limits on all cars which you need to work with your umbrella policy which many of us should have if you don't. They are cheap.
The total in Los Angeles County which is expensive is $2997 a year. That's with Progressive. My umbrella is with some other company.
I think the OP is being screwed. My policy is basically $749 per car, so with six cars like the OP it should be $4495 a year at the highest. They know you can't be driving all six cars. It should be a lot cheaper.
Last edited by Upscale Audio; 11-21-2023 at 02:32 PM.
2016 Tesla Model X 12k miles year
2014 Prius 4k miles
2010 GT3 3500 miles
2016 911 GTS 3k miles
I have highest limits on all cars which you need to work with your umbrella policy which many of us should have if you don't. They are cheap.
The total in Los Angeles County which is expensive is $2997 a year. That's with Progressive. My umbrella is with some other company.
I think the OP is being screwed. My policy is basically $749 per car, so with six cars like the OP it should be $4495 a year at the highest. They know you can't be driving all six cars. It should be a lot cheaper.
thats super cheap but much of it is State and deductible dependent.
With that said, I may need to shop my auto insurance. What deductibles do you have? Comp and collision on all cars? I pay just under $6k/yr with $1k deductibles except for my one car which has a lower deductible. I’m in the midwest so that is likely a factor.
edit: just ran a quote through progressive and it’s 40% lower than what i’m currently paying through USAA. The only issue is their BI/PD liability limits only go to $500k and i like to buy a bit higher. I’ll probably switch at the end of the month. USAA was also not competitive for homeowners and I switched that to progressive 2 yrs ago.
Wow, good info re USAA. One of my do-list items in hand with acquiring the the gt3 is obtaining specialty agreed value insurance from someone. Been following this post closely. I've had USAA for everything imaginable for years, maybe only 1-2 modest claims in over 20+ years, pristine DMV record, and last I checked (years ago) they were very competitive. Always had assumed their restrictive clientele base allowed them to have lower rates than 'general public' insurers, but maybe not.
Wow, good info re USAA. One of my do-list items in hand with acquiring the the gt3 is obtaining specialty agreed value insurance from someone. Been following this post closely. I've had USAA for everything imaginable for years, maybe only 1-2 modest claims in over 20+ years, pristine DMV record, and last I checked (years ago) they were very competitive. Always had assumed their restrictive clientele base allowed them to have lower rates than 'general public' insurers, but maybe not.
For your GT3, I'd definitely consider a specialty carrier. Again, I've spent way too much time digging into this topic because I was very hesitant to switch after so many years with the same carrier. The competitive rates I was receiving with my prior carrier was a factor too.
Now, we can make the argument that finding a quality fitting OEM GT3 front bumper is going to be challenging. Yes, I know aftermarket GT3 front bumpers exists, but since an insurance companies job is to get you back to pre-loss condition, it should fit very close to OEM. Or finding someone else that makes aluminum doors for the 997 GT3 is going to be challenging, so you may get lucky and have OEM parts anyway. We also could say that if you took your car to a Porsche approved shop, they'd only use Porsche parts and would tell the insurance carrier that it is what will be used. But, I really don't want to find these scenarios out.
OEM parts replacement is the most important to me because I'd guess most impacts will be lower speed and will be sub $50k, meaning the car won't be totaled out. But, agreed value is also super nice to have.
The scary thing is that so many people are driving around with the state minimum coverage amounts and thus you can run into a situation where you'd be using your carrier for damage done by another party.
There are a handful of carriers that are all listed in this thread that have some form of classic-car or collector car policy. If it’s not a daily and you have a primary car not on the collector policy, usually you can find premiums around 1% of value +\- and the more you insure the cheaper that gets. I’m with Hagerty now because they have been better about adding/subtracting (back when I was in/out of cars a lot), flexible about changing values when markets move and because no mileage limits (I pile on a decent amount of miles now). I was with Leland before. They all get to a similar price when pushed to do it. Hagerty has had better and more flexible service than most.
11-17-2023, 12:59 PM
