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Who are you guys using for insurance in the US?

35K views 86 replies 43 participants last post by  Dave_Car_Guy 
#1 ·
I'm having a hell of a time finding insurance. So far only State Farm has said yes. Price was $6000/year. I'm 28 with a clear record and that seems pretty steep still. Though they allow storage insurance when not driving it so real cost is only like $2500.

I haven't been able to find a single other place that insures this car period. Before I give them any information I ask if they'll even insure it. So far no one will.

I already called: All State, Geico, Progressive, Liberty Mutual, Travelers, and Farmers. None would insure the car regardless.



 
#2 ·
I have it insured with State Farm (NJ), full coverage year round, about $1800/year. Being married and 48 with a clean record helps quite a bit though.
 
#3 · (Edited)
Whaaaaa?! $1800/year?!?

I just called them and they said I'm getting like all the discounts there are. The age discount is at 25 and 50, so we shouldn't be getting a different rate based on that. Getting multi-car discount. Low mileage discount.

I'm in Michigan, you're in NJ. What the heck is the giant difference here...

Just out of curiosity, would you mind referring me to your agent? Could send me a PM rather than posting it here. I'm not sure if it would make a difference, but damn 1800 vs 6000 is a giant difference based on what she told me. I feel like she's doing something wrong somehow.



 
#4 ·
To make a fair comparison, I use State Farm for everything: 5 cars, 4 motorcycles, two homes, and liability umbrella policy. Car policies also stipulate less than 7500 miles a year, and car not used for commuting to work. I'm also in a fairly rural part of NJ, not the wonderful images of NJ folks have come to know from the Sopranos.
 
#7 ·
Thanks for the info. Their underwriters are looking at it again. Said it might make a difference if the value is adjusted to reflect real prices. They didn't have anything in their system about it, so their underwriters just based it off my MSRP, which is actually $100K more than I paid for it. I highly doubt they'd pay me out MSRP if I totaled it, thus I might as well see what adjusting it down to actual prices does for it.



 
#10 ·
A word of caution ......
If you use a standard insurance carrier (State Farm, Allstate, etc.) you are rolling the dice and NOT getting a Stated/Agreed Value policy. In other words, IF you have a total loss you will receive 'Actual Cash Value' for your loss, which is crap; it is basically book value !
If you have an Agreed Value policy: What ever dollar amount you declared on your policy is exactly what you receive .... No dickering !! You want to fight with an insurance company over your loss ?? Good luck, I'd rather be safe than sorry ..... also, most Agreed Value policies are usually cheaper because the carrier knows these types of cars are mostly used for pleasure and/or hobby. (Some policies might have mileage limits)
Take a look at your 'bargain rate' Geico, State Farm, etc. paperwork ..... I bet it says, for a loss you'll receive Actual Cash Value (which is a highly depreciated amount) that won't come close to what you paid for your car.

Try Haggerty, Heacock, etc. they all write Agreed Value Policies.
:)
P.S. noone ..... You got a good deal; but, it's sad for McLaren Automotive that after one year their car is worth $100k less. That's pretty bad.
 
#13 ·
Hmm, I've just read that the average insurance rates in MI are the 2nd highest in the country. They were on average 60% higher than the states you guys are from.

Average annual premium in the US looks to be like $1500. MI average annual premium was $2500. Ouch.



 
#18 ·
2013 Spider MSRP $337K Costco insurance $1027.80 per year. Also comes with New car replacement/Gap Coverage

other cars on costco right now

2008 Ferrari 599 $997.80 per year

2012 Porsche Pan Turbo $761.80 per year

2012 Prius $589.80 per year
 
#20 ·
State Farm with two homes - all vehicles are valued at street value.

In other words what is was worth 1 minute before the incident / replacement cost.

Mclaren 2000.00
16M 2385.00
Range Rover 1625.00
Jeep 1921.00
Est. 2500.00 for everything else.

I want to Thank the OP for making me feel sick :)
 
#22 · (Edited)
You guys that have these plans with Costco, State Farm, etc. .... Have you actually read your policy's wording or are you going by some verbal talk from an agent, because I called State Farm (out of curiosity) and what they said did not jive with what some have posted here ??? I always go by the worst case scenario: total loss. I don't doubt what people are writing here, but it seems highly suspect that a +$300k 2013 vehicle (insured for a tad over $1k) would receive a full $300k payout for a total loss.
This is confusing because from my past experiences, regular insurance companies do not write stated value policies on exotic cars. However maybe in certain states this is allowed?? That's why I've always gone with collector car insurance.
I'm going to look into this tomorrow and see if I can clear this up. :)
 
#26 ·
Not sure if you guys have Chubb Insurance available to you but they are the bomb. I've been dealing with them for over 20 years, never had any issues what so ever on top of which they have a no questions asked approach. The total annual costs for full coverage equate to $3800.00 with a $5000.00 deductible. If I decide to only drive the car six months out of the year my cost would become $1900.00 plus $400.00 fire and thief total costs $2300.00. Yes my drivers abstract is clean, which is truly amazing fingers crossed. Cheers.....??
 
#31 ·
Chubb for everything and umbrella. Great service and agreed value. Try USAA but it may be too high a value for them.
 
#36 ·
I've been told age factors in at 25 and 50, at least with State Farm.

I did get a quote back from Barret Jackson/Chartis/whoever they use to underwrite. They quoted me $3400/year with $250,000 agreed value and 3000 miles a year.

I still think I'll end up going with State Farm though since when I put the car in storage 9 months or so out of the year, the monthly rate is like $75. More flexible given my random usage.
 
#37 ·
I insure the MP4 with Classic Auto Insurance. I have insurance on a couple other cars and my agent also set me up on a couple properties, so my rate is probably different than what you'd get, but it's WAY less than $6k, and I'm in Michigan, 32 years old. I would think even in the worst case scenario you wouldn't be half that price.

Try Drew Yagodnik drew@classicins.com 800.397.0765 x230
 
#39 ·
I think besides stating how much premium they are paying for their Mclaren, people should also state what their deductibles is, so that it will make a better comparison for all of us. Let me start with mine: $3500 per year with $1000 deductible, locked in value at $288,000 with 3000 miles annual useage. Fireman's Fund with 4 cars, 2 house on the same policy. I'm 32 years old
 
#42 ·
I have a $500 deductible/premium of $3100 a year.
The reason I like agreed value is: If the car is a total loss ....no matter what, you get back your full purchase price !!! Why be penny wise and pound foolish; would anyone take the cheapest health plan thinking that no illnesses are going to befall them over the years??
Also ...... I wonder if the standard type insurance (State Farm, Allstate,etc.) allows you to choose the shop of YOUR choice for repairs as do these specialty collector car insurance firms. I would not want to be forced by my insurance company to take my car to the place they want me to use !:mad:
 
#40 · (Edited)
Ok, think I'm squared away. Figured I'd share this info in case others are interested.

State Farm assigns cars numbers. I think a lot or all companies use these number scale. A Ford pickup is like a 15, a Corvette like a 30. When the underwriters originally wrote it up based on a $300K MSRP, the number was a 72. They said that if using a more realistic market value more in line with what I paid, it came down to a 61.

This lowered the premium from roughly $6000 to $4800. Still very high IMO, but I think that illustrates the difference of using a $300K value vs a $200K value. However, I don't really know what the overall effect on your payout would be if you totaled it.

An agreed upon value policy is probably a better way to go if you paid a lot more than I did since you'd actually recoup some of the depreciation or if the prices were in fact holding/appreciating. Is having a bit higher of a premium worth getting paid out a higher than market value should you total it? Entirely up to the person I suppose.

I personally am only interested in covering the real value of the car. I never expect to total a car and I expect it to depreciate in the first place, so paying a higher premium for a higher agreed upon value isn't something I'd normally consider. If I was to do an agreed upon value, I'd probably want to update the policy each year to reflect market prices.

At least for me, in MI, I got much better quotes from specialized insurance dealers, like classic/exotic companies. I just got a good quote, relatively speaking from the place DBK recommended -- classicins.com. They said $2800 annual for 3K miles per year, or $3100 for 6K miles per year. $1000 deductibles, typical 100K/300K liability. Not bad compared to what the few others that even agreed to insure it in the first place had quoted me.

I think however that I'm going to go with State Farm given the amount of time I'm around to use the car and the weather in MI. Their flexibility in storage rates make up for the high premiums. $4800 is steep, but a good chunk of the year it is not in use and the premium for storage is only $700 annual. If I drive 5 months/year, that's only $2000 for driving months + $420 for storage months.

If you live someplace where the car is in storage all winter, I think State Farm is the way to go, especially if you get decent rates in the first place. The fact that they let you switch between usage/storage on a monthly basis can really lower your overall insurance cost.

Yeah, I know -- what's an extra $1000 in the scope of things? Sounds like you a lot of you guys have pretty good rates in general and might be a hassle to switch a bunch of stuff just to save $1000. Normally I wouldn't care, but if it's easy and makes sense, then might as well. Ill spend the savings on some CF paddle extensions and a decent detail :D

Thanks to everyone for sharing their rates and other info. Much appreciated.



 
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