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Insurance premiums have risen.


VibrantShin

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Greetings. I have been using State Farm for insurance for my house and daily driven vehicles, so I also insured my R8 with them. I want to compare collector insurance prices, since it is the preferable choice in case of a serious incident (agreed value).
My first invoices from State Farm for 2024 show that my premium almost increased, even though I have a clean record. In 2023, the only change was getting married, which I believed would be beneficial (my wife also has a spotless driving record).
My State Farm representative informed me that the premium hike was due to significant losses in 2024. I was informed that conventional insurance companies are generally not interested in providing insurance coverage for exotic automobiles or supercars.
Agents from Hagerty and Grundy provided quotes marginally lower than State Farm's yearly premium of $2,751.
If you are experiencing a similar issue of increased insurance prices, it may be beneficial to inquire with specialised insurance firms to explore potential cost-saving options.
If there is an agent representing a collector carrier here, please message me privately.

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Last year, when I updated to MY23, I considered collector vehicle insurance but decided to go for mainstream insurance due to the additional limits that made me anxious. I don't remember all the specifics, but I recall that they sought guarantees that the automobile would not be used for regular activities such as grocery shopping, weekend getaways, or infrequent business commutes. Primarily attending auto shows and such events. After owning my 2014 R8 from them for an extended period, this occurred.

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No conventional insurance provider would provide coverage on my 2023 R8 Quattro valued at $230,000. I chose Hagerty for a collectible vehicle coverage with an agreed value.
The premium is $4000 annually. 3500 miles yearly allotment. Needed must have a previous record of owning high-performance cars.
Impeccable record. I have not received any tickets in around 20 years. No incidents. No kids. Only claims ever made have been windshield cracks (my state has zero deductible glass by law).

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Many insurance companies will significantly raise their premiums this year after receiving approval for rate revisions. The price rise is being driven by a combination of inflation, increasing losses in 2023, and higher parts/labor rates. It is advisable to compare prices from different providers, but be prepared for the new standard of increased insurance costs.

You may also want to determine the kind of insurance coverage you possess. I recommend obtaining high liability coverage, such as 250k/500k/500k, and then adding an umbrella insurance for further liability protection. Increasing collision deductibles for auto insurance might reduce the premium cost. Inform your insurance agent if your automobile is used seldom and just for recreational purposes to ensure the rate is adjusted properly.

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What is the year of your automobile and what is the desired stated value? I too have State Farm insurance and my premium is far lower than the price you received. Please private message me so we can have a conversation.

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I am eager to see the impact AAA will have on me. I have insurance for three vehicles and my home at a decent cost. However, my price increased significantly when the insurance company unexpectedly changed the annual mileage for my R8 from 3,500 to 12,000 miles. Those days of bewilderment were enjoyable.

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My insurance premium in California with Connect (Costco) rose after they stopped accepting new clients in California. They attributed the rise on Covid and "shortages," despite the absence of any claims.The California Insurance Commissioner yielded to the pressure from insurance firms threatening to leave the state due to rate restrictions and granted them permission to increase prices, thereby disadvantaging consumers.

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