Only one who said yes was Progressive Commercial who is pretty expensive.

To save the next guy time:
State farm: won't underwrite a Montana LLC not garaged in Montana
Safeco: won't go up do it
Geico: won't do it
Progressive Personal: 150k limit
Progressive Commercial: 2M limit, but expensive.
AIG/Chubb: minimum 3 lines of business (so car, home, and something else like umbrella or business). However, they only want to do it if its a high value home (2-3m+).
Hagerty: minimum 1 year prior McLaren ownership, no leases.

According to several insurance brokers I spoke with, Hagerty is planning on changing some of thier rules "soon" to make it easier.

On a new leased 750s for 415k, Progressive Commercial was 20/yr vs Hagerty's quote was 6.6k/yr before they said no.

 

I went through of most of those above and same experience, and went with Progressive, which was the best in my case. Very silly Hagerty

 

@Nu2Mac So did you get to cash out your SSA? I've also been with USAA for over 30years and have everything with them. So far rates are still very good but I'm tempted to test the waters. I checked on the 750 and it was around 350/mo which is higher than I expected. I know lots of variables but I've not had any claims, no tickets, excellent credit, etc

 

@Nu2Mac So did you get to cash out your SSA? I've also been with USAA for over 30years and have everything with them. So far rates are still very good but I'm tempted to test the waters. I checked on the 750 and it was around 350/mo which is higher than I expected. I know lots of variables but I've not had any claims, no tickets, excellent credit, etc

Ha ha…SSA won’t even cover gas here is CA.
I’ve been with USAA since college and used to have everything with them. USAA has gotten just too big and they’ve become all about just the Benjamins. I still like their level of customer service, however. I still bank with them and have a few cars insured with USAA. I have a clean record and good credit but they recently raised the premium on all my cars, especially for the 750S and R8, hence why I switched to Hagerty. The fires and other “natural“ disasters here in SoCal don’t help with any sort of insurance.

 

I am currently seeking insurance on a new to me 720S. I currently have eight vehicles insured with America National ,but they would not add the 720S. My agent approached Hagerty and I received a quote at $3,200 per year subject to underwriting approval. Today they requested I fill out a Prior Performane Car Resume listing all performance cars I have owned,leased,etc. Any and all performance cars I have ever driven as well as background describing my skill set as a performance driver. Fortunately I have over fifty years of experience with performance cars and some driving courses,racing/competion events,etc so we will see what they say. I never knew how difficult it would be to insure a Supercar!

 

I tried to get Hagerty twice and in the end saying no. I went with Grundy no issue. I'm not going to beg Hagerty to take my money. I'am in my 30's, but I do have prior supercar experience before 720 so I don't know what the issue is.

 

For what it's worth, I just got off the phone with Hagerty regarding coverage for just purchased 720S. Got shot down altogether because it's my 1st McLaren and thus "need to own it for a year before they will insure". "Special Situations" underwriting department there handles McLarens these days apparently. So, I had initial intake with one agent then transferred to the underwriting rep for McLarens. Also, "American Collectors" said "No" altogether, unless I was adding it to an existing collection covered by them of non-McLaren collectibles/exotics. I have a clean driving record and use a Jeep Wrangler as an everyday vehicle with no history of accidents or tickets and no kids or other drivers in the house. Also, have 30+ years of ownership experience with Lambos & Ferraris. Neither of their online quote portals bring any of this to your attention, btw. Surprisingly, it was easiest to simply add it to my existing auto policy and the coverage and rate were in line with the specialty quotes. This may be a recent shift in policy for Hagerty in that I called them about a month ago regarding this topic and didn't get a whiff of this at that juncture. Hopefully, you'll have better luck shopping! VERY psyched to get my 720 Coupe this weekend, regardless!

 

Ive had good luck with Hagerty
They also hold coverage on my 1955 Maserati scooter I recently restored -

 

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?

 

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

 

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 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?

 

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.

 

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!

 

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.

 

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.

 

make sure you check SF is actually able to actually pay out a claim that high.

Check with grundy as well. They have AGV.

 

Progressive was the best I could find, state farm prices were absurd. hagerty same as everyone else stated as first time mclaren owner. About $3600 per year with progressive.

 

How did you get progressive to cover you on a personal policy? I was told they won't go over 150k and I ended up with a super expensive commercial policy with them at the moment for 22k/year!

I found a state farm rep who quoted me 3200/6m which I'm about to pull the trigger on.

The progressive Commercial policy is insane because (1) it doesn't cover you for any other vehicle so I have to keep a personal policy (2) unlike a personal policy which follows the vehicle, if you let someone else drive your car, they and the car are not covered.

 

Comparing prices only works if the policies are identical & you live in the same area.

 

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!

Interesting,

How did you get progressive to cover you on a personal policy? I was told they won't go over 150k and I ended up with a super expensive commercial policy with them at the moment for 22k/year!

I found a state farm rep who quoted me 3200/6m which I'm about to pull the trigger on.

The progressive Commercial policy is insane because (1) it doesn't cover you for any other vehicle so I have to keep a personal policy (2) unlike a personal policy which follows the vehicle, if you let someone else drive your car, they and the car are not covered.

Could be because my 650 was just below the 150K mark and they were insuring on actual value not original cost, unlike statefarm. Not sure exactly but its a personal policy yes

 

Follow up on state farm:

Successfully got it insured for 541/month (with 1mil limits) on state farm. Note: they don't offer GAP, but since mine is a lease, it has GAP.

Here's my broker's info, he's done a few other McLarens around here:

David Elie
3013885435
David@adventmutual.com

Good luck!

 

Do they offer agreed upon value?

 

My Mclaren is with Grundy but it's the second one I've owned. I had a Conti GT Speed with Hagerty but it was like pulling teeth becaause the car had over 650HP and I had to explain I've had more powerful cars before. The premium was 3X the premum of the Mclaren with Grundy.

I think Hagerty is probably better with a collection and not a single car. Mclaren has to be high risk becasue of the realtively low price makes it attainable for people that are buying their first exotic. People also put miles on Mclarens unlike Ferrari's that most of them sit and only hit the pavement once in a while for car shows. Yes I stereotyped but it doesn't mean I'm wrong.

 

As one insurance broker out of the 10 I called put it: too many rappers crashed them into their private jets.

The main issue is:

People also put miles on Mclarens unlike Ferrari's that most of them sit and only hit the pavement once in a while for car shows.

McLarens depreciate much harder than Ferrari and Porsche. So the mileage penalty for resale isn't as high (as a percentage). In my experience, they also tend to have younger owners (I'm 35, every other owner I've met in the DMV is sub 40). We tend to actually drive them in a spirited manner. Younger owners tend also not to have a large collection yet, so the 1 Mclaren gets a significant amount of road time.

Insurance, like any business, is in it to make a profit. They see the loss ratios statistics and many decide to not even play the game, they just can't get enough out of the premiums to justify the risk.

 

As one insurance broker out of the 10 I called put it: too many rappers crashed them into their private jets.

The main issue is:


McLarens depreciate much harder than Ferrari and Porsche. So the mileage penalty for resale isn't as high (as a percentage). In my experience, they also tend to have younger owners (I'm 35, every other owner I've met in the DMV is sub 40). We tend to actually drive them in a spirited manner. Younger owners tend also not to have a large collection yet, so the 1 Mclaren gets a significant amount of road time.

Insurance, like any business, is in it to make a profit. They see the loss ratios statistics and many decide to not even play the game, they just can't get enough out of the premiums to justify the risk.

I’m sub 60 but the cop who pulled me over probably thought that I drove like a sub 40!😆 It’s great that some of y’all younger crowd can afford a $400k+ car. I’m just a working schmuck and in my 30s-40s, my entire paycheck went to feed the wife and kids.
No one is in the business to lose money, no doubt, and the house always wins. We just don’t see major auto insurance companies go tits up. With every change in regulations, natural disasters, operating cost increases, etc., the cost is passed onto to the consumer without fail.

 

Progressive Commercial does.... for 22k/yr

 

now that's funny

 

I have Grundy on my 750 & GT3 RS at a stated value. Annual premium for both of those is ~4,800
I had to pull those 2 away from our other cars because we have 3 teenage drivers and 7 cars on the regular policy.

 

Hagerty saved me about 40% off the number from my existing State Farm policy. Three cars, none of ‘em a daily driver. Agreed values are very realistic, representing what it would truly cost to replace my cars.

I wonder (assume) whether totaling a McLaren can happen pretty easily if the tub is damaged…

 

It can happen pretty easily without tub damage depending on your spec. Once you need anything MSO, the costs and wait times are substantial.