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Discussion Starter #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.



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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.
 

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Discussion Starter #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.



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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.
 

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Discussion Starter #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.



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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.
That's still bogus though. I'm 32 and I am paying $3500 for full coverage at MSRP value (288K sticker). I use Fireman's Fund here in LA.
 

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I'm also at around $1,800 with State Farm, but they insure everything that I have.
 

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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.
 

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$3,200 per year State Farm in Orange County, California.
 

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Discussion Starter #14
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.
Thanks for the info. I was looking into that as well, though I think it's kind of unlikely I total it. On the bright side, my book value still exceeds what I paid. :D



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Thanks for the info. I was looking into that as well, though I think it's kind of unlikely I total it. On the bright side, my book value still exceeds what I paid. :D
noone,
You didn't buy a Powerball ticket.... did you ?? Cause "it's kind of unlikely that you'd win". :D
That's why they call it insurance ! ;)
 

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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.
When I insured my car originally with State Farm 15 months ago, they had no idea what a McLaren was. (I've actually received insurance cards from them that have said, "McLauren", and "Maclaren".) The VIN# would not come in their computer. The insured amount is a fixed dollar value.
 

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When I insured my car originally with State Farm 15 months ago, they had no idea what a McLaren was. (I've actually received insurance cards from them that have said, "McLauren", and "Maclaren".) The VIN# would not come in their computer. The insured amount is a fixed dollar value.
Things haven't changed much I insured mine with State Farm 2 months ago they told me the car wasn't rated and they insured it for my msrp not my purchase price which was a lot lower I complained and got nowhere with my agent they have my home, earthquake, umbrella, 4 cars and I am the only driver and my Mclaren is just to high about 500 more than my Lambo I was pissed enough to consider making a change after 36 years with the same office. It is insured for full list price. $2700 a year for that car with a clean record and all the so called discounts and I can only drive 1 car at a time is way to high, I told them the day I got it maybe I will burn it tonight and pick up the big profit from list to cost they didn't think it was as funny as I did.
 

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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
 

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Wow Costco would not insure my 16M, even though I have my house and 4 other cars with them? Had to go with American Collector insurance a affiliate of USAA, about 2600. You can get the same premium cost from Heacock insurance.
Tim
 

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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 :)
 
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