Ferrari Insurance
Discussion
For what its worth I am an insurance broker in this market and this has been interesting reading and something I come across time and time again.
Having read through most of the policy wordings in the market I wouldn't recommend anything other than a "High Net Worth" policy for any supercars and amongst the best (in no particular order) are:
Hiscox
Chubb
Zurich Private Clients (ZPC)
AIG
Aviva "Distinct"
All these policies are designed for high value cars and as such offer most clients a slick and efficient claims service, and I have only ever had a great service from all these companies.
The main issues I come across with clients who have had claims with standard insurers are:
Issues using their choice of repairer (being forced to use insurers "approved" repairer)
Suitable courtesy car / no car at all
Validation issues (insurers are now checking licences, log books, electoral roll, claims database for ways to repudiate claims)
Low total loss offers
Poor customer service
Insurers retaining private plates (some insurers wording states they have the right to retain a private plate in the event of a total loss/theft)
Wear and tear contributions (ie tyre/wheel needing replacement, insurers will ask for contribution and wont replace matching pair)
As a comparison I had a recent claim where a clients Mercedes GL was hit by another car (non fault) HNW insurer got the car recovered to the main Mercedes Dealer bodyshop, hired him an Range Rover for 12 weeks while the dealer awaited parts from Germany, as one tyre was damaged they replaced all 4 (car had covered over 15k) with no contribution and waivered the excess.
Hope this helps in your decision making.
Having read through most of the policy wordings in the market I wouldn't recommend anything other than a "High Net Worth" policy for any supercars and amongst the best (in no particular order) are:
Hiscox
Chubb
Zurich Private Clients (ZPC)
AIG
Aviva "Distinct"
All these policies are designed for high value cars and as such offer most clients a slick and efficient claims service, and I have only ever had a great service from all these companies.
The main issues I come across with clients who have had claims with standard insurers are:
Issues using their choice of repairer (being forced to use insurers "approved" repairer)
Suitable courtesy car / no car at all
Validation issues (insurers are now checking licences, log books, electoral roll, claims database for ways to repudiate claims)
Low total loss offers
Poor customer service
Insurers retaining private plates (some insurers wording states they have the right to retain a private plate in the event of a total loss/theft)
Wear and tear contributions (ie tyre/wheel needing replacement, insurers will ask for contribution and wont replace matching pair)
As a comparison I had a recent claim where a clients Mercedes GL was hit by another car (non fault) HNW insurer got the car recovered to the main Mercedes Dealer bodyshop, hired him an Range Rover for 12 weeks while the dealer awaited parts from Germany, as one tyre was damaged they replaced all 4 (car had covered over 15k) with no contribution and waivered the excess.
Hope this helps in your decision making.
neil-f said:
I am just amazed at how cheap Admiral seem to be for high value vehicles!
From the policy T&C's they are not for me.
+1From the policy T&C's they are not for me.
Admiral were less than half the quote I got from AIB (Hiscox underwritten), but when considering the cover it was a no-brainer to go with them.
They even covered my supercharged Civic Type-R under the same policy (can't see myself ever needing agreed value on that though!)
Elephant for me on my last 458 and now Lambo. Admiral previously but be warned the small print says they count driver awareness courses as a conviction. I arranged cover with them online, read the confirmation and in the small print it mentions DA's. I called them to discuss and policy went up 30%.
I appreciate Elephant are linked to Admiral but they don't consider DA 's an issue.
Steve
I appreciate Elephant are linked to Admiral but they don't consider DA 's an issue.
Steve
Just a quick question. My wife's been on an awareness course but to be honest, we have no idea when it was (other than trying to narrow it down to a year). As these things aren't recorded on your license, does anyone know of a simple way we can find out so we can ensure our insurance is watertight?!!
Interesting topic as my 360 should finally be registered for me next week so I shall need to insure it... I had planned to add it to my Admiral multi-car policy but various people above mention Admiral may not be so good...
Is this anecdotal or does anyone have hard evidence to make me go elsewhere?
Is this anecdotal or does anyone have hard evidence to make me go elsewhere?
K50 DEL said:
johnnyreggae said:
K50 DEL said:
hard evidence
Does not the advice from an insurance professional (about six posts up) count as valid ?For me the "generic" higher probability of better cover, service and peace of mind is worth a great deal more than the extra £ xxx
Knowing I'm insured for any car I may have to/want to drive,
or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
However each to his own.
Edited by Boshly on Sunday 12th July 10:22
Boshly said:
Knowing I'm insured for any car I may have to/want to drive,
or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Sounds a great policy, who are you with?or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Russell996 said:
Boshly said:
Knowing I'm insured for any car I may have to/want to drive,
or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Sounds a great policy, who are you with?or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Some of us have simpler needs.
Russell996 said:
Boshly said:
Knowing I'm insured for any car I may have to/want to drive,
or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Sounds a great policy, who are you with?or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
red_duke said:
Russell996 said:
Boshly said:
Knowing I'm insured for any car I may have to/want to drive,
or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Sounds a great policy, who are you with?or that anyone who may have to/want to drive my cars is insured,
or getting a car covered on a Sunday morning when I forgot to notify my insurer of a vehicle change,
or knowing that all my cars (including the mundane ones) are on a simple agreed value policy (thus saving on ridiculous Gap insurance!)
or being able to convince the insurer by speaking directly to the underwriter that Morgans don't get stolen and as such shouldn't automatically have Trackers installed even though their value is over the £50k trigger;
.... is what matters to me more than saving a few quid.
Some of us have simpler needs.
This year is a bit more pro rata.
I don't think it's a lot, but will happily pay more for the peace of mind I referred earlier.
red_duke said:
I bet that level,of cover costs a fortune. So many unquantifiable risks like "anyone who wants to drive my car"?
Some of us have simpler needs.
Oh and I meant to add, you may not want to lend your car to anyone, but what about that car valeter or valet parking or service agent? Of course we assume they're insured and some of you may even check their cover, but it's nice to know they are covered on my own policy should the worst happen. Some of us have simpler needs.
Or the time you go and test drive a car, or have to move someone's car at work because they can't, gain, just nice to have some peace of mind.
Sorry if this has been covered and I've missed it. Currently with admiral on a multi car policy - have a 360 which I'm told I should agree a value around 75k for. I don't have a tracker at the moment. I was under the impression that they would - if the worst happened- pay out with reference to the market I.e a similar car (obviously not many to compare I understand that), versus a set agreed figure. Is there a significant difference - does anyone have any real experience? Obviously set value insurance is c 4x so want to make sure it reflects the reduced risk
Thanks
Thanks
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