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help - Lamborghini insurance

Discussion in 'Lamborghini Discussion (not model specific)' started by 348SStb, Jan 16, 2017.

  1. 348SStb

    348SStb Rookie
    Giallo Subscribed

    Apr 9, 2004
    24
    Long Island, NY
    Full Name:
    Dave
    Hello all,

    I've owned various F-cars for 13 years. I have insured with Amica and with Geico. I live on Long Island in the NY Metro area. My driving record is flawless with zero points and zero accidents.

    Currently, I insure 2 Porsches and several Ferraris with Geico. Their rates are absolutely **insanely* low for me. The cost to insure these cars with $500K/$500K coverage is so low for me people never even believe it. I have a very large umbrella policy as well, and not with Geico. Yes there are disadvantages to insuring with Geico such as claims handling, no agreed value, etc. I get all that but those are not issues for me. I decide which risks I want to take.

    Geico says they **will not** insure a Lamborghini. Any Lamborghini.

    **********
    **********

    Here's my problem:

    I am finding it difficult to obtain a quote on a Lamborghini such as a Huracan or a Gallardo that is reasonable. Frankly, the thing should be under $2,000 per year and definitely under $3,000 per year. I have gotten insane quotes from all the usual exotics insurers.

    1) I don't want to move any of my other cars away from Geico. I would move one if necessary to get a multi-car discount, but not more than one.
    2) I am finding that most, if not all, of these insurance companies won't insure the Lamborghini unless they can insure the home also. This is not possible. I need to stay with my current homeowner's insurance, and they don't insure Lamborghini.
    3) I need to find an insurer who will offer a standalone Lamborghini policy or at worst will accept only 2 cars on the policy.

    *********
    *********

    Would folks kindly advise on the particular situation and/or share a similar experience?


    Thanks,
    David
     
  2. sburke

    sburke Rookie

    Dec 21, 2010
    0
    Lake Norman, NC
    Just call local agents, and explain the situation.

    I had a similar experience a few years back, with a brand being black listed with my insurance company at the time.
     
  3. Bigwave

    Bigwave Rookie

    Feb 9, 2012
    26
    I have a Lamborghini and Geico originally told me the same thing when I went to insure it with them. I asked for their supervisor, told them I had been a long time customer without any claims and they approved me over the phone. You'r right, great rates if you have a stellar record. They will make an exception, you just have to speak to someone with authority.
     
  4. kmb58

    kmb58 Karting

    Jan 17, 2016
    55
    I love reading s*** like this.

    You MUST have insurance... but oh wait, the insurance company can deny you coverage or blatantly steal from you if they do cover you.
     
  5. white out

    white out Formula Junior

    Mar 3, 2010
    372
    SoCal
    Full Name:
    Nick
    Allstate and State Farm cover Lambos and I think Progressive handles anything under $100k, but you have to call for all of them. I have my Lambo on a single policy because the multi-vehicle deduction doesn't offset a better price on my other vehicles with a different carrier.
     
  6. slownrusty

    slownrusty Karting

    Oct 1, 2014
    127
    Houston
    Full Name:
    Slow Rusty
    I use Grundy for my Diablo and their rates are very fair.
     
  7. Lotaz

    Lotaz Rookie

    Nov 18, 2016
    3
    Las Vegas
    Full Name:
    Scott
    I couldn't even insure my Lotus through Progressive for under 3k a year. State Farm and Allstate both wanted over 6k, I had been with Progressive for many years with no accidents, clean record. Geico took care of me. I would go into their local office and talk to them and see what they can do for you.
     
  8. white out

    white out Formula Junior

    Mar 3, 2010
    372
    SoCal
    Full Name:
    Nick
    My girlfriend had the same with her Lotus. That car is in an entirely different ballpark when it comes to insurance (they make Lambos look cheap.)
     
  9. 348SStb

    348SStb Rookie
    Giallo Subscribed

    Apr 9, 2004
    24
    Long Island, NY
    Full Name:
    Dave
    How can a person go into a local Geico office? Is there such a thing?
     
  10. sburke

    sburke Rookie

    Dec 21, 2010
    0
    Lake Norman, NC
    My Esprit and Elise, were both under like $65 a month full coverage with State Farm. I was 24-25 at the time, with a goodish record.

    I know rates vary from state to state though.
     
  11. Peter K.

    Peter K. F1 Rookie

    Jan 9, 2004
    3,962
    Connecticut
    Full Name:
    Peter K.
    Heacock, Grundy, Hagerty etc. Do a search on this form, there is an insurance thread with some really good info.
     
  12. 348SStb

    348SStb Rookie
    Giallo Subscribed

    Apr 9, 2004
    24
    Long Island, NY
    Full Name:
    Dave
    Thank you for that. I've read just about all those threads over the years. I think my case is unique and so I posted a new thread.

    As far as my own experience is concerned, Hagerty and Grundy offer the worst rates I've ever seen. Different people get different quotes I guess. I know a good many people who swear by Hagerty and Grundy. For whatever reason, I cannot use them.
     
  13. EarlyCat

    EarlyCat Moderator
    Moderator Owner

    You might want to check with State Farm. I have my 930 with them at a cheaper rate with better coverage & without a mileage restriction than the other companies you listed. They have also insured a friends Diablo with a reduced price in the winter if he doesn't drive it. I have that as a stand alone policy, with my other collector cars at Heacock.
     
  14. MurcieMurcie

    MurcieMurcie Formula 3

    Jan 31, 2004
    1,279
    State Farm was $500 a month for me the first year of ownership and now Geico is $270 a month on 2013 Gallardo. Have been with Geico 19 years, never a claim and perfect driving record. When I bought my CL63 in 2012 they said they couldn't insure so I went with State Farm at $325 a month for first year then at renewal Geico took the CL for $215 a month. Same thing with Gallardo, said no then after a year took it. No one was able to explain why it was like this but that's how my experience has been, maybe tell them you have for over a year and see if that works. Not sure if me being in TX makes much of difference.
     
  15. MurcieMurcie

    MurcieMurcie Formula 3

    Jan 31, 2004
    1,279

    Yes my local Geico office is 15 minutes away but the customer service line has always taken care of me fine.
     
  16. DadsFerrari

    DadsFerrari Karting

    May 31, 2004
    210
    New England
    Full Name:
    Mister M
    I hear Amica is great, especially on the R8...

    Also look up Ralleye Insurance, they broker exotic car coverages in Chicago...
     
  17. Andrew R.

    Andrew R. Formula Junior
    Giallo Subscribed

    Jun 27, 2005
    500
    Michigan
    Full Name:
    Andrew
    Modern exotics can be expensive to insure depending on where you live, driving record, claims, etc. Just a few years ago the rates were not that much different than vintage exotics, but that has changed with the number of idiots wrecking their new exotic cars. (Here in Michigan a local professional athlete couldn't even make it home from the dealer before wrecking his brand new Murcielago! Wow, this was 8 years ago.. time flies!)

    On the vintage Lambos, if you are around or less than $0.32 per $100 insured (yearly rate) I think that you are in good shape. But there are always variables..

    You might get a quote from TDC, they represent most of the big insurance companies and can help you figure out which company and policy is best for you.

    Nathan Sheets,Risk Management Adviser
    TDC Risk Management
    419-794-7866 Direct
    nsheets@tdcriskmanagement.com
    TDC Risk Management - Commercial Insurance, Affluent Personal Insurance
     
  18. rushdriven

    rushdriven Formula Junior

    Jul 1, 2004
    489
    Seattle, WA
    Full Name:
    John R. Eltringham
    American Modern is also a great choice - they do stated value policies.
     
  19. Adrenalista

    Adrenalista Rookie

    Mar 19, 2017
    3
    Chicagoland
    Try State Farm... you can get rates UNDER your comfort threshold in your original post and you don't need any other cars or home insured with them to get that kind of pricing. No restrictions on mileage or number of days driven. I've run most of my modern exotics through them. Great rates, easy no hassle. No joke, it costs more to insure my daily driver than what they charged for the Huracan.
     
  20. FPFaeth

    FPFaeth Rookie

    Dec 3, 2009
    1
    NY and RI
    Full Name:
    Frank Faeth
    Have had good luck insuring my Ferraris, AMG GTS and new Z06 with Liberty Mutual. All cost between $1500 and $1900 annually.
     
  21. JoeTSI

    JoeTSI Rookie

    Dec 16, 2015
    4
    Huntsville, AL
    Full Name:
    Joe K.
    Try USAA. My Viper and Raptor run me $135/mo full coverage. My Esprit was actually cheaper than the Viper, think my monthly on it was $58/mo full coverage $1000 deductible. Good luck!
     
  22. netman

    netman Karting
    Giallo Subscribed

    Jun 17, 2008
    109
    OC SoCal
    We have a Diablo and a 360 spider amongst our six vehicles. All with Geico.
     
  23. Townshend

    Townshend Karting
    Giallo Subscribed

    Jul 20, 2005
    105
    Chicago
    Full Name:
    Walter
    Took 4 agents for them to add my Ferrari with GEICO. Just keep calling and asking.
     
  24. Dohangs

    Dohangs Rookie

    Oct 31, 2008
    16
    Florida
    I used Statefarm in the past but now use Progressive. The only issue is the max they will insure is $150,000 of coverage on a single car.
     
  25. 348SStb

    348SStb Rookie
    Giallo Subscribed

    Apr 9, 2004
    24
    Long Island, NY
    Full Name:
    Dave
    lol what's your daily driver?
     

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