Insurance can be tricky for most of us to navigate, but when you start insuring supercars it really becomes problematic. In this video we start our discussion on insurance and go through Dan’s personal USAA insurance policy with a fine tooth comb. Do I have enough coverage for my cars? Should I change anything? Because Adam is a licensed Insurance Adjuster, he’s got a lot of experience in the insurance space so let’s get his thoughts on my insurance.
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#Insurance #USAA #Supercar
Likes: 238
Views: 2961
Just curious here but is there such a thing as a limited use policy? You know for the Ferrari or Bugatti that rarely gets driven. Just a little history but in the past Texas didn’t require insurance. They required proof of financial responsibility. Lots of rich people didn’t see paying a company for something they could easily pay themselves.
I think learning more about a declared value policies would be interesting. My dad has one through the national Corvette museum and I've been weighing the pros and cons of getting one vs a traditional policy for a supercar that would likely see low milage anyway. Would also be interested in learning the finer points of insuring a car that's owned by an out of state LLC.
Well now I know I’ve been paying out the @$$ the last decade 😑
To Meg's question about "How is Dan going to be the guy who hits a light pole…", it could happen. He could have a tire or other failure on a car that causes him to lose control. He could hit a rare patch of Texas ice and slide. He could swerve to avoid a kid that runs out into the street in front of him. Shit just happens.
And Adam, thank god you said "Full coverage doesn't exist". You would not believe how many people will say "I've got such-and-such car if you're and it's only $40/month for full coverage, you're being screwed because you're paying $80/month!" Every policy is different, and rates will vary depending on the driver, the state, the location where the car is garaged, the anticipated annual mileage (is it your warm weather cruiser or DD), the limits you select, multi-policy and other discounts, and probably credit score as well. There's just so many variables that make it impossible to simply compare two policies with the words "full coverage".
Thanks.
Good bit of info.👍🏼
This was great! Thanks guys!
I own a Ferrari 458 and I found that if I insured it through Hagerty, the premium was half compared to insuring it through my 'regular' insurance. That is something you may wish to explore.
People should also take into account how much data insurance companies use in their actuarial math to determine rates… Not just age, driving record, and type of car. It's also usage, declared drivers, marital status, zip code, credit score, etc… I'm sure it'd be wild to see all the criterions and weighted values.
I saw a lot of ads for Heacock Classic. It sounded like it might work since I just drive Ferrari 1000 miles a year and no commute. It turns out that they are very unfriendly and only interested in insuring cars that travel exclusively from garage to sanctioned club events, and then straight back to the garage. Most worthless insurance ever – likely you will not even be insured to take it out to dinner.
Megan is irritating! Please keep her off the channel