[CharlieG]

I am working with a Broker now to insure a car with Hagerty that will be incoming shortly. They are asking for my previous experience with high performance/exotic cars and have also questioned my Agreed Value that I want on the car. I'm basically asking for what I paid on the car and we are about 30k apart from what they say it is worth. I have sent them the Window Sticker and my sales contract to verify my suggested value. I originally put in an application online, but did not follow through with it. I think it is better to initially go through a broker so they can talk to their adjusters. It's not a done deal yet, but I expect to have the insurance in place this week.

 

[invisiblewave]

I'm curious with the Hagerty doesn't insure first time/year Mclaren owners. But a first time Ferrari owner they would cover? what's the deal with Mc

I'm going to go with USAA at least for now and then maybe check Hagerty in a year, should have car in 2 weeks

Carbon tub.

 

[buzzyng]

They are very fast, expensive to repair and in the hands of a inexperienced driver, is a risk they are unwilling to take. There are certain insurance companies that have underwriting guidelines that do not make sense but their risk analyst have decided that is something they want in place, so they exclude certain things.

I understand that but so are Ferrari, Porsche, Lambo, ... I know more people that have crashed their lambos than any other brand but those aren't blocked first year? just seems odd IMO

 

[mkraft3003]

I understand that but so are Ferrari, Porsche, Lambo, ... I know more people that have crashed their lambos than any other brand but those aren't blocked first year? just seems odd IMO

It has to do with underwriting guidelines and what they deem as an unreasonable risk. There is data that they are privy to that indicates that for a new owner of a brand the cost of repair is not worth their risk. A crashed Lamborghini or Ferrari is cheaper to repair than a McLaren. Partly due to the carbon tub but also due the scracity of parts and dealer network.

A lambo shares most parts with Audi and parts are readily available and cheaper. With Ferrari they produce 8x the amount as McLaren and parts are cheaper and repair facilities are more common.

This isn't done without a very scientific approach. The same way rates can vary from county to county or state to state. Insurance companies have a lot of data to support their decisions.

 

[FauxShowMc]

I understand that but so are Ferrari, Porsche, Lambo, ... I know more people that have crashed their lambos than any other brand but those aren't blocked first year? just seems odd IMO

I would also add that Ferrari and Lambo have a bit better reputation for having a vetted client list. A lot of owners are repeat owners and on waitlists...

McLaren is a bit more accessible in the sense of walking into the showroom, seeing what you want, selling your bitcoin on the spot, and leaving with the car...

Of course this is a generalization, but so is a lot of insurance underwriting!

That said, are people ACTUALLLY getting denied because of prior experience? It didnt seem to strict other than it must be stated

 

[FauxShowMc]

I am working with a Broker now to insure a car with Hagerty that will be incoming shortly. They are asking for my previous experience with high performance/exotic cars and have also questioned my Agreed Value that I want on the car. I'm basically asking for what I paid on the car and we are about 30k apart from what they say it is worth. I have sent them the Window Sticker and my sales contract to verify my suggested value. I originally put in an application online, but did not follow through with it. I think it is better to initially go through a broker so they can talk to their adjusters. It's not a done deal yet, but I expect to have the insurance in place this week.

This is odd...its an AGV policy...you basically pay on a sliding scale? This value only kicks in for a total loss anyway

I had an appreciating classic that was "over insured" to account for this growth and there was no real restriction, they just made it cost more. I could see them not letting you insure a 300k car for 600k to deter insurance fraud but 30k is relatively small

Are you sure its an AGV policy?

 

[invisiblewave]

This is odd...its an AGV policy...you basically pay on a sliding scale? This value only kicks in for a total loss anyway

I had an appreciating classic that was "over insured" to account for this growth and there was no real restriction, they just made it cost more. I could see them not letting you insure a 300k car for 600k to deter insurance fraud but 30k is relatively small

Are you sure its an AGV policy?

It's because he's buying a car for which they can easily determine a fair market value. It's not an appreciating classic.

 

[Trevor90]

I'm curious with the Hagerty doesn't insure first time/year Mclaren owners. But a first time Ferrari owner they would cover? what's the deal with Mc

I'm going to go with USAA at least for now and then maybe check Hagerty in a year, should have car in 2 weeks

Hagerty wants you to have 5+ years of "exotic experience" I'm not sure if there is an age where this doesn't matter, but that's what they keep telling me.

 

[Bob_D]

First time/year owner here, age 65. They wouldn't touch me. Chubb only did cos of house + 2 other cars already with them. And they bent me over pretty good.

 

[invisiblewave]

Hagerty wants you to have 5+ years of "exotic experience" I'm not sure if there is an age where this doesn't matter, but that's what they keep telling me.

They make up a different excuse every year.

 

[Tumbleweed]

McLaren's are one of the number one car insurance companies don't want to insure. Highest loss ratio in the USA? I think it's tied with the Ford Mustang!

 

[ChipDiamond]

I am working with a Broker now to insure a car with Hagerty that will be incoming shortly. They are asking for my previous experience with high performance/exotic cars and have also questioned my Agreed Value that I want on the car. I'm basically asking for what I paid on the car and we are about 30k apart from what they say it is worth. I have sent them the Window Sticker and my sales contract to verify my suggested value. I originally put in an application online, but did not follow through with it. I think it is better to initially go through a broker so they can talk to their adjusters. It's not a done deal yet, but I expect to have the insurance in place this week.

Did they ask for verification of prior exotics? How would they know if you werent fibbing?

 

[ChipDiamond]

Progressive had no problem insuring me. One call, ask maybe 5 questions, they check my driving record and write the policy. Decent price too. I have a boat and a plane with them already. Haven't had a claim in > 20 years. Never had a car claim except one rental car damaged that they covered no problem.

If you are in TX, call McCorkle insurance. See what they can do. Don't try the 'online quote' with a McLaren.

i have progressive....do they do agreed upon value? If so whats your 6 month cost and what type of mclaren/year?

 

[FauxShowMc]

Did they ask for verification of prior exotics? How would they know if you werent fibbing?

I was not "verified" from what I know...BUT this is the great tactic from insurance. If you have a total loss, they can ask you to verify, or potential deny coverage for falsifying your application...i wouldnt want that battle, or any battle with insurance.

 

[FauxShowMc]

It's because he's buying a car for which they can easily determine a fair market value. It's not an appreciating classic.

Another post regarding AGV from someone who doesn't have any AGV policies, says AGV policies are pretty pointless, and doesn't understand AGV policies...so what value are you contributing to this discussion?

The point of an AGV policy is so you don't have to determine a fair market value, you agree to it beforehand.

Something isnt adding up with CharlieG's situation. A car can be purchased at MSRP or even over, and immediately be worth more than that for a variety of reasons, and that's a good place for an AGV policy. An underwriter pushing back on a new purchase within 30k of sticker price makes me think there's a misunderstanding in the type of policy being underwritten

 

[CharlieG]

Another post regarding AGV from someone who doesn't have any AGV policies, says AGV policies are pretty pointless, and doesn't understand AGV policies...so what value are you contributing to this discussion?

The point of an AGV policy is so you don't have to determine a fair market value, you agree to it beforehand.

Something isnt adding up with CharlieG's situation. A car can be purchased at MSRP or even over, and immediately be worth more than that for a variety of reasons, and that's a good place for an AGV policy. An underwriter pushing back on a new purchase within 30k of sticker price makes me think there's a misunderstanding in the type of policy being underwritten

They just accepted and gave me the binder yesterday. There was one caveat; they took my 300k valuation after presenting them with the Sticker and Sales Contract, but wanted the Deductible on collision to be 5k, which I agreed. That's nothing on these cars. It is an AGV policy for 300k. They also wanted my Glass at 5k and my Broker got them to waive that, so I do not have a deductible on glass, which is great. I know on my "normal" cars in NJ, usually Deductible also applies to glass, so I am happy with the final outcome, all for around 3k yearly.

 

[invisiblewave]

They just accepted and gave me the binder yesterday. There was one caveat; they took my 300k valuation after presenting them with the Sticker and Sales Contract, but wanted the Deductible on collision to be 5k, which I agreed. That's nothing on these cars. It is an AGV policy for 300k. They also wanted my Glass at 5k and my Broker got them to waive that, so I do not have a deductible on glass, which is great. I know on my "normal" cars in NJ, usually Deductible also applies to glass, so I am happy with the final outcome, all for around 3k yearly.

That's lower than I'm paying with State Farm. Good deal.

 

[CharlieG]

I thought it was very fair. I also have a clean driving record and no incidents, on the street anyway.

American Modern numbers were in the high 4's and Chubb was off the charts at around 15k. I believe Cincinatti wanted all three lines, my house, cars and Umbrella, which I did not do. I also spoke to Geico yesterday, who is my carrier for everything and they said their Umbrella Policy would cover the new Mac, as long as I carried the same limits, which I am.

 

[mkraft3003]

I was not "verified" from what I know...BUT this is the great tactic from insurance. If you have a total loss, they can ask you to verify, or potential deny coverage for falsifying your application...i wouldnt want that battle, or any battle with insurance.

Very true. Not only is it a felony in most states but a material misrep on an application is a great way to lose coverage.

 

[MidMclaren750]

Hagerty quoted me $9600 every 12 mos on my new 24 750’s. Dealer rep told me to check out State Farm, $1400 every 6 mos. Gotta shop around.