Insuring your Mclaren

Personally, I want a stated value policy for my toys, so my 600 LT and my old Porsche are insured that way. My regular insurance company did not want to insure my exotics. Some do. Many of the regular insurance companies will insure, but oftentimes not a stated value policy. Now, specialty insurers such as Leland West and Hagerty are not real excited about insuring newer exotics. They want low risk stuff and older cars. Many of today's exotics are so good and easy to use, many folks use them as daily drivers. The specialty insurers will typically put limits such as miles and where you can take your vehicle (i.e. pleasure use only, can't take it to work, etc.). Hagerty had told me they really were not interested in insuring my 488 when I bought it.

The specialty insurers may give you a better rate, but there will likely be limits on mileage and usage. Personally, I have gone with a standard insurer with a stated value policy so I do not have any limitations. Your premium will be based on cars value, usage, and yearly mileage. As an example, I paid 2800.00 per year for my 488 with a stated value of 280,000.00. I just go the bill for my 600 LT which will be 1800.00 per year for 245,00.00 stated value.

Now, my old Porsche's market value is way more than its book value, so I have a policy with Hagerty for it.

 

My independent agent set me up with Grundy, and the yseem pretty good. They have stated value, like slm mentioned, and also unlimited flat bed so if your car breaks down in Main, they will flat bed it to you in TX

 

Steve - You are mistaking Stated Value (which you DO NOT WANT) for Agreed Value which you do want. I don't want to give you a diatribe on insurance, I was an insurance broker for 39 years so have plenty of experience to make those statements. But generally you are correct about specialty insurers not wanting newer exotics which are daily drivers. All the specialty carriers have their own peculiarities about use and what they will insure.

That said there are regular companies which cater to clients with high end toys and will provide Agreed Value. Chubb and AIG Private Client group come to mind however their rates are not economy rates as one would expect. However, they usually want to insure your entire account, home(s), boats/yachts, jewelry and cars. They will also do the personal umbrella excess. I don’t use either carrier as I live in a high fire hazard area and they don’t want that exposure. I have my Porsche 930 and my Ferrari 612 OTO with Hagerty and the rest stuff with Encompass who has insured me for many years. But Encompass will not provide Agreed Value on antiques/exotics and did not what the Ferrari.

 

You are absolutely correct.