Liability Coverage
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I use Hagerty and have done so for 20 years. Had one claim many years ago and they paid promptly. I have agreed value in all my cars with no accident record. Prices seem ok. I am always tempted to change do to the lure of cheaper insurance but never do because I have been with them so long and know what to expect.
State Farm also, did get a quote from Hagerty based on issue explained below, but their rate didn't compare well for me..........
I had State Farm (homeowner / auto bundle) for several years now. Last year a Covid induced 'accidental' lapse caused me to put cars elsewhere and ended up w/ USAA..... added Lambo in January (just bought it) on 'Storage' coverage, went to take it out last week adding comp and collision. Coverage went up as expected...BUT, then I find out on summary page it's STILL in storage. I have to go back and find Another button to take it out - Who puts Comp AND Collision on a vehicle in Storage!?? That immediately DOUBLED the rate that was covering 4 cars! I thought that was absolutely Insane so I crossed my fingers and called my State Farm agent (who I still had homeowners through/ he actually suggested I use somebody else for 6 months after the lapse and then come back) and gave them the VIN# for the Lambo and said see what you can do now I'm coming back. SO, keeping all the coverages the same, tort, coverage limits, deductibles and all he came back with a rate that was just $20 a month More DRIVING all the cars than USAA had with the Lambo still not covered/driveable in Storage, it was almost Half for the SAME coverage.......of course experiences vary but ABSOLUTELY SHOP AROUND
I had State Farm (homeowner / auto bundle) for several years now. Last year a Covid induced 'accidental' lapse caused me to put cars elsewhere and ended up w/ USAA..... added Lambo in January (just bought it) on 'Storage' coverage, went to take it out last week adding comp and collision. Coverage went up as expected...BUT, then I find out on summary page it's STILL in storage. I have to go back and find Another button to take it out - Who puts Comp AND Collision on a vehicle in Storage!?? That immediately DOUBLED the rate that was covering 4 cars! I thought that was absolutely Insane so I crossed my fingers and called my State Farm agent (who I still had homeowners through/ he actually suggested I use somebody else for 6 months after the lapse and then come back) and gave them the VIN# for the Lambo and said see what you can do now I'm coming back. SO, keeping all the coverages the same, tort, coverage limits, deductibles and all he came back with a rate that was just $20 a month More DRIVING all the cars than USAA had with the Lambo still not covered/driveable in Storage, it was almost Half for the SAME coverage.......of course experiences vary but ABSOLUTELY SHOP AROUND
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570 Posts
Thanks for all of the posts. Ill likely go with Hagerty or Grundy this time around. They are significantly less for the lambo. I've have my 911 daily driver through a combo of Geico/Progressive/State Farm (shop annually) but they are all roughly double the rate on the Gallardo.
I went to American Modern for my Lamborghinis and those rates were less than half of Hagerty. I also have USAA for my other cars which rates I have found really can’t be beat. The reason I have two policies is because I have two teenage drivers and a third driving age teen on the way!
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124 Posts
With Safe Driver and Multicar discounts I'm at $106 with Statefarm but it is NOT stated value. I feel comfortable for now having negotiated a pretty good deal on my Huracan but I'll definitely be looking for stated value down the road. It would be a significant bump in premiums wouldn't it?
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9 Posts
I use Hagerty for my collector cars and State Farm for my daily drivers. I shopped around and Hagerty had the best rates for the best policy. AGREED value vs. stated value is a big deal. You want agreed value or the company can pay out whatever they determine the value to be regardless of what you "state" the value to be. I also opted for Hagerty's "Cherished Salvage" feature which allows you to keep your vehicle in the event of a total loss payout without having to pay them to buy it back at salvage value. This is important with a Lamborghini because of their high salvage value and if you might want to rebuild it and keep it. Also look into an umbrella policy if you don't already have one. I have $250k/$500k policies with a multi-million dollar umbrella. Choose what works best for you, but the more assets you have the larger umbrella you should carry. People who get hit by a Lamborghini get sue happy really quickly. $4M - $5M is good for most, but consult your attorney or financial planner.
LP640 Murci, preLP Murci, Performante, 997.1 GT3, Ariel Atom, Lotus Elise, Audi TTRS, Mustangs
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67 Posts
I had my exotics with Hagerty for years as did/do friends. I'm under the impression that they're the largest exotic car insurer in the US and quite easy to deal with but I never made a claim.
When I bought my LP640 Hagerty refused to insure it: "You do not meet our age profile for a Murcielago owner."
I'm still salty about that....
I ended up at Condon Skelly. They're obscenely cheap and not just covered my conventional exotics but the weird stuff like my Ariel Atom. They even quoted a surplus military transport I was interested in. I can't speak to the claims process but they'll seemingly insure anything (other than a daily driver) and their rates bring me joy. I have a Lotus Elise on there with full coverage @ 35k Agreed Value --> $413/yr, and that's up, it started around $300/yr. I currently pay them less per Lambo than I pay for my F150 daily driver.
When I bought my LP640 Hagerty refused to insure it: "You do not meet our age profile for a Murcielago owner."
I'm still salty about that....
I ended up at Condon Skelly. They're obscenely cheap and not just covered my conventional exotics but the weird stuff like my Ariel Atom. They even quoted a surplus military transport I was interested in. I can't speak to the claims process but they'll seemingly insure anything (other than a daily driver) and their rates bring me joy. I have a Lotus Elise on there with full coverage @ 35k Agreed Value --> $413/yr, and that's up, it started around $300/yr. I currently pay them less per Lambo than I pay for my F150 daily driver.
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1,460 Posts
Are you familiar with collector car insurance? The reason Hagerty rates are low are that the policy comes with driving restrictions. Limited miles per year, pleasure driving only, and not the best liability coverage. It is intended for collectors. I have Hagery and really like it because it suits my needs.
(Just realized this could be taken as me being rude. Just meant to ask if you were familiar, so I don't go on explaining something you are familiar with....)
(Just realized this could be taken as me being rude. Just meant to ask if you were familiar, so I don't go on explaining something you are familiar with....)
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570 Posts
No offense taken-I am familiar. My concern really is with the liability coverage. Going on my past experience with Motorcycles Ill do between 3-4k miles per year, all pleasure driving. My DD is an 06 Carrera 4 - that's my "beater", its up to 142k now. I really just want to make sure that if I did ever have a claim I would not regret having gone with Hagerty.
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