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I recently purchased a 2017 AMG GTS. It was a one-owner, always garaged Southern California car. The car is 7 years old and had 13,000 miles on it. As I drove away I called Hagerty, who has insured all my previous sports cars to add it to my policy. Someone took all my info and said because this was considered a 'supercar' it would have to get elevated. About two hours later someone called and told me they were denying me coverage. They said to call back after a year of ownership. Has this happened to anyone after purchasing this car. I have no accidents, no claims on previous cars.
That doesn't sound right, according to their own website they cover "newer exotic cars". Are you planning on daily driving the vehicle? I know they will not cover daily driver use no matter the vehicle, that is the only thing I can think of.
Insurance is pretty inflated across the board. My broker agent said she has no violations and her auto rate went up 30%. Similar to HHS550 I pay about $1300 every six months for my GT and a 2005 Lexus GX. Before I bought my GT, 2 years ago, I had my agent quote it and a 2020 Ferrari California. Only company that would cover my GT was Progressive. And they couldn't find anyone to cover the Ferrari. The GT is considered more of a "super car" but more so the price of it and the parts make it more difficult to insure. That is true with pretty much all high end vehicles. Another factor is your driving record. I don't think you mentioned that in the post. That may have been the reason they denied you.
In California, motorists can post a bond instead of carrying auto insurance, but it's not a common practice. Here's a summary of the costs and terms: *Bond Requirements:* 1. *Amount:* $35,000 bond (surety bond or cash deposit)2. *Duration:* Bond remains in effect for 3 years3. *Purpose:* Ensures financial responsibility for damages or injuries caused by the motorist *Costs:* 1. *Bond premium:* 1.5% to 3% of the bond amount annually (e.g., $525 to $1,050 per year)2. *Filing fee:* $25 (one-time payment)3. *Collateral:* May require collateral (e.g., cash, securities) to secure the bond *Terms:* 1. *Motorist must:* Maintain a clean driving record and comply with California's financial responsibility laws2. *Bond may be:* Canceled or revoked if the motorist fails to meet requirements or is involved in an accident without sufficient funds3. *Alternative:* Motorists can also deposit $35,000 in cash with the DMV instead of posting a bond.
In California, motorists can post a bond instead of carrying auto insurance, but it's not a common practice. Here's a summary of the costs and terms: *Bond Requirements:* 1. *Amount:* $35,000 bond (surety bond or cash deposit)2. *Duration:* Bond remains in effect for 3 years3. *Purpose:* Ensures financial responsibility for damages or injuries caused by the motorist *Costs:* 1. *Bond premium:* 1.5% to 3% of the bond amount annually (e.g., $525 to $1,050 per year)2. *Filing fee:* $25 (one-time payment)3. *Collateral:* May require collateral (e.g., cash, securities) to secure the bond *Terms:* 1. *Motorist must:* Maintain a clean driving record and comply with California's financial responsibility laws2. *Bond may be:* Canceled or revoked if the motorist fails to meet requirements or is involved in an accident without sufficient funds3. *Alternative:* Motorists can also deposit $35,000 in cash with the DMV instead of posting a bond.
Damn..that sounds like you need a PHD in insurance
That doesn't sound right, according to their own website they cover "newer exotic cars". Are you planning on daily driving the vehicle? I know they will not cover daily driver use no matter the vehicle, that is the only thing I can think of.
Hagerty can be picky about what cars they cover and how old they are. I stopped using them several years ago. Unless you want an agreed/guaranteed value, you may find better options with household name insurance companies.
2025 Lucid Air Grand Touring, 2022 F-150, 1926 Rolls-Royce SSG roadster
Originally Posted by HHS550
Anyone ever chose this path? Positives/Negatives?
In California, motorists can post a bond instead of carrying auto insurance, but it's not a common practice. Here's a summary of the costs and terms: *Bond Requirements:* 1. *Amount:* $35,000 bond (surety bond or cash deposit)2. *Duration:* Bond remains in effect for 3 years3. *Purpose:* Ensures financial responsibility for damages or injuries caused by the motorist *Costs:* 1. *Bond premium:* 1.5% to 3% of the bond amount annually (e.g., $525 to $1,050 per year)2. *Filing fee:* $25 (one-time payment)3. *Collateral:* May require collateral (e.g., cash, securities) to secure the bond *Terms:* 1. *Motorist must:* Maintain a clean driving record and comply with California's financial responsibility laws2. *Bond may be:* Canceled or revoked if the motorist fails to meet requirements or is involved in an accident without sufficient funds3. *Alternative:* Motorists can also deposit $35,000 in cash with the DMV instead of posting a bond.
The only negative is if you have an accident. Then you could be bankrupted. Other than that I see nothing wrong with this strategy.
2025 Lucid Air Grand Touring, 2022 F-150, 1926 Rolls-Royce SSG roadster
Originally Posted by HHS550
Yup, that's the first thought that came to my mind. Would my personal umbrella policy kick in? Will putting all my vehicles in an LLC shelter me?
No and no (as to the latter question, if you are the operator; some states limit the liability of the owner). An umbrella policy will require certain minimum limits for primary coverage. And a bond will not be sufficient. The most uncertain cost involved in an accident is legal fees if a lawsuit is filed.
In California, motorists can post a bond instead of carrying auto insurance, but it's not a common practice. Here's a summary of the costs and terms: *Bond Requirements:* 1. *Amount:* $35,000 bond (surety bond or cash deposit)2. *Duration:* Bond remains in effect for 3 years3. *Purpose:* Ensures financial responsibility for damages or injuries caused by the motorist *Costs:* 1. *Bond premium:* 1.5% to 3% of the bond amount annually (e.g., $525 to $1,050 per year)2. *Filing fee:* $25 (one-time payment)3. *Collateral:* May require collateral (e.g., cash, securities) to secure the bond *Terms:* 1. *Motorist must:* Maintain a clean driving record and comply with California's financial responsibility laws2. *Bond may be:* Canceled or revoked if the motorist fails to meet requirements or is involved in an accident without sufficient funds3. *Alternative:* Motorists can also deposit $35,000 in cash with the DMV instead of posting a bond.
This is the kind of result you end up with when you live in a state with really bad policies …..
There's California and there's South OC. Best weather, healthcare, car culture, restaurants, entertainment, beaches, hiking, bicycle trails, incredible private schools etc. I understand it is not for everyone but if you ignore the politics and have the means it is hard to beat. Only other place I would personally consider is Maui but healthcare is crap and as we get older it starts to rank high. BTW, Doctors make house calls here. If you're in SoCal, beer is on me.
2016 AMG GTS, 2018 Volvo V90, 1956 Ford F500, BMW R1150R
New user here - I saw this thread and felt it was time to join! I have a 2016 GTS. I bought it in May from a dealership in Tennessee. I've been using Hagerty for my BMW motorcycle and my 1956 Ford F500 pickup truck for several years. When i needed to get insurance for my GTS I called Hagerty and got the same info. It's a "supercar" and it was escalated to underwriting. The underwriters asked me specifically about my experience operating vehicles of this magnitude. I explained that I have experience, what that experience is, and that I am comfortable behind the wheel. We engaged in some further conversation about that. That interview process is what allows the underwriters to say yay or nay to the policy. Did you have that conversation and if so, what were your responses? I pay $1,100 for all three vehicles for the year. Which isn't bad considering I pay $112 per month for my Volvo V90.
New user here - I saw this thread and felt it was time to join! I have a 2016 GTS. I bought it in May from a dealership in Tennessee. I've been using Hagerty for my BMW motorcycle and my 1956 Ford F500 pickup truck for several years. When i needed to get insurance for my GTS I called Hagerty and got the same info. It's a "supercar" and it was escalated to underwriting. The underwriters asked me specifically about my experience operating vehicles of this magnitude. I explained that I have experience, what that experience is, and that I am comfortable behind the wheel. We engaged in some further conversation about that. That interview process is what allows the underwriters to say yay or nay to the policy. Did you have that conversation and if so, what were your responses? I pay $1,100 for all three vehicles for the year. Which isn't bad considering I pay $112 per month for my Volvo V90.
Hey "newbie" Someone else had posted about issues with Hagerty (if I recall correctly). Basically saying they won't insure our type of cars anymore. My broker could only get Progressive to insure my 2020 GTC. My rate is about $1200 every six months. I would be very surprised if you found any company to insure your GTS for anywhere close to 1100 for all 3 vehicles. Its been well known how most insurers have raised rates 20,30,40 percent or higher. Progressive didn't ask me anything about my skills of driving. Which I think is ridiculous for them to ask since you could just lie I would try Progressive and see what they quote you for a multi-vehicle rate. I have my older Lexus, GTC and home bundled.
2016 AMG GTS, 2018 Volvo V90, 1956 Ford F500, BMW R1150R
You got me thinking so I took a look. And you're right. $1,100 was what I paid to add the car when I bought it. The total is $1700 for the year for all three. Still not bad. Hagerty has treated me very well and they're specialists for classics so I'll be staying put. But I'll try Progressive should I ever need to shop around!
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