FL ins for a GT OMG


State Farm insuranse on Ford GT

Kingman said:
Interesting. All I've heard are good things about State Farm (my carrier). I'm going to check into this now.

I had State Farm when I first purchased my FGT. They were unwilling to "agreed upon value" and would only give me x (unspecified) amount if I totaled it. They are not in the exotic car business. Go elsewhere.
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I had Farmers Ins when I wrecked my first GT, it stated actual cash value. The wreck was in late 2007 and a mildly used GT could sell for at or above its original sticker price. Farmers Ins offered me $128,000... 1 lawyer, 2 professional appraisals and 4 months later... Farmers tendered $194,000. Moral of the story is, if the car is actually worth X, you can probably force your insurance carrier to pony up. I would challenge any carry to give me a replacement cost policy.
 
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Sorry but State Farm insures quite a number of exotics. One of the largest insurers out there. Pay more elsewhere if it makes you sleep better.
 
jcthorne said:
Sorry but State Farm insures quite a number of exotics. One of the largest insurers out there. Pay more elsewhere if it makes you sleep better.
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i have 10cars with statefarm . and my GT and my 993TT i had to leave my agent clearly told me they have appreciated to fast and state farm wouldn't do my stated value which wasn't anything crazy. Now my lambo or mp4 are correct. i just went through this and didn't want to find out the hard way lol.
 
wheelb said:
i have 10cars with statefarm . and my GT and my 993TT i had to leave my agent clearly told me they have appreciated to fast and state farm wouldn't do my stated value which wasn't anything crazy. Now my lambo or mp4 are correct. i just went through this and didn't want to find out the hard way lol.
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Really do not understand your logic. Just because the values are appreciating rather than depreciating is not reason for stated value or not. Actually, an appreciating value works to the policy holders advantage for the duration of the policy as the premium is determined based on value at start of period. A stated value policy can actually work against you. In addition to costing you more, it can leave you underinsured should the value rise above the value set. An ACV policy does not have this limitation. The ACV is determined at the time of loss based on then current market condition.
 
jcthorne said:
Really do not understand your logic. Just because the values are appreciating rather than depreciating is not reason for stated value or not. Actually, an appreciating value works to the policy holders advantage for the duration of the policy as the premium is determined based on value at start of period. A stated value policy can actually work against you. In addition to costing you more, it can leave you underinsured should the value rise above the value set. An ACV policy does not have this limitation. The ACV is determined at the time of loss based on then current market condition.
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Insurance companies like insuring depreciating assets. Does the premium on your daily driver go down 25% per year and then level out? Not in my experience - the premium stays pretty level over the term of ownership while the actual possible outlay by the insurance company continues to decrease. That said, they see the trend of increasing values on the GT and know that they will likely pay out more on a loss later in the term of the premium than on the day they wrote the policy.

I'd suggest contacting Drew. His group didn't work out in Colorado but in Nevada it was definitely the best available. (This is mostly since our previous company doesn't write policies in NV, so we had to revert to the usual suspects for everything except the GT.)
 
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