[Pete04222]

For the last 2 years the insurance on my Ferrari has been $450 a year for full coverage. I thought that was a pretty good deal. This year I got my insurance bill and my rates had dropped to $207 a year!

Can you believe that? $207 for a year of full coverage on a Ferrari! The insurance on my old '69 Commando plow truck is $227 and that is just for liability!

The insurance company is American Collectors Insurance. The restrictions are that the car can't be your primary transportation, it must be stored in a locked garage and you can't put more than 2,500 miles per year on the car. None of those is a problem for me.

The insurance is "Agreed value" not blue book value so you tell them how much you want it insure it for and they charge per thousand. I have my car insured for $25k. I know I couldn't replace it for that but that is my break even point.

I tried to get my Commando on the same policy but they wouldn't touch it because I store it outside. Go figure, I only want to insure that for $2,000. I wouldn't insure the Commando at all except for the fact that Maine requires liability insurance on all cars used on the road.

So here is the link to an awesome insurance company, sorry that it is only available in the continental U.S. http://www.americancollectorsins.com/index.htm

 

[Dj Dirk]

wow, that's nothing
really cheap, i wish i had that on my car

 

[Stradale]

OMG, that's peanuts. You're so lucky Pete.

 

[Pete04222]

Yeah, we have had a few posts in the past from people wondering how much it costs to insure a Ferrari. I can't wait to tell these people I pay $200 a year for full coverage!

I love American Collectors Insurance! They have restrictions, but they realize that the collector is more careful with his auto than the average person so their risk is lowered and they can offer lower rates. They know that I am not going to let anything happen to my car so they give me a deal on the insurance premium.

An update on my insurance situation - I called my agent and dropped the insurance on my Jeep (because it is not quite assembled yet). He said there would not be a charge to reinstate it when it is ready for the road. I dropped the liability on the Commando and switched it to just comprehensive. He said that because of the age there might be a charge to re-activate the insurance on the Commando so I would be better off keeping a minimal coverage on it just to keep it active. I will probably switch it back to liability in October or November when I am getting it ready for winter.

 

[F355 Challenge]

Pete,

This year brought a slight reduction in my premium as well. It's a similar policy as yours but with J.C. Taylor. It went from $267 to $252.

Barry

 

[Rosso]

Wow! That's pretty impressive. Not a bad rate at all!