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Hello,
Its possible in the near future I might purchase an LP640 from a private seller. I have basically everything in order except for insurance which brings up my question.

In the past Ive owned a few cars where I had to get specialty car insurance where I had stated value incase the car was a total loss. these were mostly older cars where i was able to sell them for 80-100k each but book values or "insurance values" were much much lower.

Just to see I used KBB.com and looked up the value of the LP640 and the website couldnt find enough information to put a value.
So basically, what do insurance companies value a 2008 E gear LP640 at??
Should I go with a Specialty car insurance and get stated value like Ive done in the past or should i call up Allstate who insures mine and my wife's daily drivers and not worry about it?

Thanks in advance,
Anthony
 

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I have seen several of these discussions and dealt with some of this myself.

First thought is that you will be forced to get specialty insurance no matter what. Most insurance companies will not insure an exotic or collector vehicle. State Farm is the only standard company that does it that I am aware of. There may be others, but it is not common. I was going to switch to State Farm so everything was under one company. They wanted photos and required a market value evaluation. I never made the time to jump through their hoops. Not a big deal, but I already had a good policy.

I use Hagerty. One of the perks is that you can set the agreed upon value. They have always been very relaxed about the process. As long as the value is within reason, they haven't asked a lot of questions.

If you were able to get standard insurance, I think you will get screwed on value. The replacement value of my used Bentley is way below what I paid. Cheap rate, but that is the catch.
 

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I've had periods of time where I was able to have my Lambos on my normal AIG policy with acceptable valuations, but those have come and gone over the 12-15 years I've had them and right now is not one of those windows, so I have them with Hagerty. Hagerty will let you set whatever number you want within reason and then they charge you an amount commensurate with that number. I recently had to bump my Murci's coverage up when I realized what the six speeds are going for these days, so that was not pleasant.
 

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Been with hagerty for 20 years
Had a claim once and they were flawless in response
I stay with them
Though I could get cheaper, the risk would be some loophole the insuramce
Company would exploit to not put or diminish payment
 

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Hagerty is the standard, however I will say that for the younger crowd, they are overtly expensive. I quoted Grundy recently and their pricing was nearly 1/3 of what Hagerty was for the same coverage. Grundy is another collector car insurance company with a great reputation, so no concerns
 

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In Canada Hagerty quoted me $20k for a Murcielago. I found a specialty insurer (which required a $250 appraisal) which ended up charging me $2k annually.
 

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I use American Modern insurance group which is a subsidiary of USAA. USAA has all of my other insurance cars home life etc. but AMIG has my exotics. They were extremely reasonable and they are agreed value. You do not want actual cash value for rare exotics particularly because there are so few comparables that they can compare value to. For instance, they were only six Diablos on the market when I bought mine, one of which had a salvage title. You want to name your value and if it is within a reasonable range you should get reasonable insurance.
 

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Sledge, you had a recent insurance issue. Are you at liberty to share your story yet (or willing)?
 

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I have used Chubb for years and their customer service is superb. I have everything insured through them (homes, automobiles, aircraft, boat, art work, etc) at agreed upon value as well as a $10M umbrella policy. They are definitely more expensive but I know a claim will be paid promptly without any drama.
 
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