Insurance quandry
Discussion
Really want a Scuderia. However, no "specialist" insurer (RKH, Locktons, Pace Ward, etc) will cover me currently due to a few claims in the last 3 years that arent quite far enough back yet, so I can only get high street insurance. I'll have to pay a much higher premium (which I accept), but the quandry is over the fact this wont have "agreed value" so worst case scenario, if I prang it and its not a write off I'd be tied to a non Ferrari approved repairer (Bob down the road with a body shop) and if its a write off wouldnt have an agreed value (although ironically this is less of a concern as these are edging up slightly in value so "market value" should be close to whatever I pay).
Quandry is, its a lot of money when its not on specialist agreed value insurance, so its gotten me looking at cars 1/2 the price like a good Gallardo Spyder, which I've had before and is a great car (certainly better than nothing for a year!!) and is within more of a comfort zone given this insurance, but its not nearly as special as a Scud. It may be false comfort given the value though and may even be safer with the Ferrari given values are increasing vs Gallardo's being flat.
Has anyone else found themselves in a similar position before? Should I not be concerned as (other than different levels of customer service and fact I'm paying a much higher premium for a year) insurance is insurance..?
Quandry is, its a lot of money when its not on specialist agreed value insurance, so its gotten me looking at cars 1/2 the price like a good Gallardo Spyder, which I've had before and is a great car (certainly better than nothing for a year!!) and is within more of a comfort zone given this insurance, but its not nearly as special as a Scud. It may be false comfort given the value though and may even be safer with the Ferrari given values are increasing vs Gallardo's being flat.
Has anyone else found themselves in a similar position before? Should I not be concerned as (other than different levels of customer service and fact I'm paying a much higher premium for a year) insurance is insurance..?
suigeneris said:
Really want a Scuderia. However, no "specialist" insurer (RKH, Locktons, Pace Ward, etc) will cover me currently due to a few claims in the last 3 years that arent quite far enough back yet, so I can only get high street insurance. I'll have to pay a much higher premium (which I accept), but the quandry is over the fact this wont have "agreed value" so worst case scenario, if I prang it and its not a write off I'd be tied to a non Ferrari approved repairer (Bob down the road with a body shop) and if its a write off wouldnt have an agreed value (although ironically this is less of a concern as these are edging up slightly in value so "market value" should be close to whatever I pay).
Quandry is, its a lot of money when its not on specialist agreed value insurance, so its gotten me looking at cars 1/2 the price like a good Gallardo Spyder, which I've had before and is a great car (certainly better than nothing for a year!!) and is within more of a comfort zone given this insurance, but its not nearly as special as a Scud. It may be false comfort given the value though and may even be safer with the Ferrari given values are increasing vs Gallardo's being flat.
Has anyone else found themselves in a similar position before? Should I not be concerned as (other than different levels of customer service and fact I'm paying a much higher premium for a year) insurance is insurance..?
Seems odd thinking about scenarios that might arise if you prang it or write it off!!! Surely you don't intend to do either so just get it bought and he sensible/careful how you drive!!Quandry is, its a lot of money when its not on specialist agreed value insurance, so its gotten me looking at cars 1/2 the price like a good Gallardo Spyder, which I've had before and is a great car (certainly better than nothing for a year!!) and is within more of a comfort zone given this insurance, but its not nearly as special as a Scud. It may be false comfort given the value though and may even be safer with the Ferrari given values are increasing vs Gallardo's being flat.
Has anyone else found themselves in a similar position before? Should I not be concerned as (other than different levels of customer service and fact I'm paying a much higher premium for a year) insurance is insurance..?
Yes I'd be wary of basing potential worst-case scenario's on each cars future value! I agree the Scud is certainly the stronger investment long term but impossible to guess what's going to happen in the shorter term.
Again I don't believe cars like the Scud will drop off but you never know, if you can afford to do it then go for it and be as sensible as you can!
On the worst-case scenario front, your insurer cannot force you to have the car repaired at their 'approved' shop, you have the legal right to have it repaired anywhere you choose so an approved Ferrari shop would be fine.
They may attempt bully you into using their own choice by withholding courtesy cars or some policy extra's or putting different inspection/authorisation & payment terms to your chosen shop just to make it potentially a longer, more stressful process and of course that's the last thing most people want.
Again I don't believe cars like the Scud will drop off but you never know, if you can afford to do it then go for it and be as sensible as you can!
On the worst-case scenario front, your insurer cannot force you to have the car repaired at their 'approved' shop, you have the legal right to have it repaired anywhere you choose so an approved Ferrari shop would be fine.
They may attempt bully you into using their own choice by withholding courtesy cars or some policy extra's or putting different inspection/authorisation & payment terms to your chosen shop just to make it potentially a longer, more stressful process and of course that's the last thing most people want.
DarrenKMC said:
On the worst-case scenario front, your insurer cannot force you to have the car repaired at their 'approved' shop, you have the legal right to have it repaired anywhere you choose so an approved Ferrari shop would be fine.
Thats simply wrong.The relationship between you and your insurer is governed by your terms of contract and if they say you must use the insurers repairer, then thats what you have to do. Most will let you use whoever you want provided that you pay the difference if any between their insurer and the one you have chosen.If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
bordseye said:
Thats simply wrong.The relationship between you and your insurer is governed by your terms of contract and if they say you must use the insurers repairer, then thats what you have to do. Most will let you use whoever you want provided that you pay the difference if any between their insurer and the one you have chosen.
If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
Someone in the industry needs to input to this......If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
I've had three claims over the years inc one at fault where I've gone against the insurance companies scheme and used my choice of repairer.
They have pushed back and made sure I've done some legwork but still let me proceed. I'm pretty sure they cannot force you to use their (usually owned) repairer but you are right it may be in the T&C's now....otherwise why would they tolerate it?.
Ideally they want to mange your claim for you with an AM company they own or have a partnership with. They seem to do a good job of bumping up the costs themselves without you needing to. They appear now to make money on both ends.....
mike01606 said:
bordseye said:
Thats simply wrong.The relationship between you and your insurer is governed by your terms of contract and if they say you must use the insurers repairer, then thats what you have to do. Most will let you use whoever you want provided that you pay the difference if any between their insurer and the one you have chosen.
If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
Someone in the industry needs to input to this......If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
I've had three claims over the years inc one at fault where I've gone against the insurance companies scheme and used my choice of repairer.
They have pushed back and made sure I've done some legwork but still let me proceed. I'm pretty sure they cannot force you to use their (usually owned) repairer but you are right it may be in the T&C's now....otherwise why would they tolerate it?.
Ideally they want to mange your claim for you with an AM company they own or have a partnership with. They seem to do a good job of bumping up the costs themselves without you needing to. They appear now to make money on both ends.....
If your chosen repairer is quoting unreasonable costs then the insurer will simply pay you a sum of money that is reasonable and you would need to seek your own repairs.
As Ferrari's, Lamborghini's, McLaren's etc become more mainstream and affordable insurers have added authorised manufacturer repairers to their list, so if you do have an accident ask them to check first if they have one on their books.
It maybe some distance away but the insurer would likely prefer to pay for transport costs over a non approved repairers quotes.
bordseye said:
DarrenKMC said:
On the worst-case scenario front, your insurer cannot force you to have the car repaired at their 'approved' shop, you have the legal right to have it repaired anywhere you choose so an approved Ferrari shop would be fine.
Thats simply wrong.The relationship between you and your insurer is governed by your terms of contract and if they say you must use the insurers repairer, then thats what you have to do. Most will let you use whoever you want provided that you pay the difference if any between their insurer and the one you have chosen.If the damage is someone elses fault and its his insurance paying, then thats a different matter though even then you have a legal obligation to keep the costs reasonable. You cannot simply go to town because someone else is paying
I didn't say it was always easy or straightforward, indeed insurers will often make it the opposite, but you do have a legal right to choose. As mentioned the costs need to be fair and the method of estimating in keeping with industry standards but I've not yet come across a case where the insurer reverted to a cash settlement rather than negotiate a repair.
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