Ferrari 488 Insurance

[FA57EST]

Hi all.

I have used Admiral for many years without any hiccups on my Supercars, but this year at renewal their premium has shot up from £900 pa to £1600 pa on this car without anything changes my end. Big jump!

Do any of you use Brokers/ Insurance companies that are more competetive, or have a multi car policy for 3-4 cars that allows you to chop & change cars? If so, please kindly share as I need to sort this by Friday.

Thanking you in advance!

Michael

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Chris Stott said:

Brother-in-law insures his cars through NFU. He's paying under £1k total for a Tesla P90D, 991GT3 and a Cayenne S Diesel.

Thanks guys.

I can make a few more calls. Yes a couple more brokers quoted me £2,200 to £3,500 for the 488 today.

Chris that seems very cheap. Googling NFU it comes up as NFU mutual. Is that correct? Thanks in advance for clarifying.

[FA57EST]

Thanks guys. I've got a few more calls to make tomorrow from your recommendations. Thanks

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Tasnks guys. Yes I have a fight with Admiral every year & they normally topple quickly but this time they've only dropped from £1850 to £1650 instead of sub £1k.

So far:-
Elephant want £1850 (same company)
Aviva won't cover me due to car value
Brokers are coming in at £2400 to £3500

Looks like as this is a brand new model (only just coming into U.K. as rhd models) they're pushing up the premiums

Will try a few more lol

[FA57EST]

Thanks guys.

I've gone with Admiral for many years & saved 70% vs brokers. Never had any problems but with this 488 Spider, with it being worth a lot over list price & having spoken to 7 different companies/ brokers including ones recommended above, I've decided to go with a broker this time round.

Just comparing quotes before deciding Monday.

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I'm ready to be shot down in flames......
I phoned Admiral to cancel & they dropped my premium to under half of the cost any broker could get to with the same saving on the excess.

I totally agree if I had a classic or a 3+ year old car, I'd either get a valuation carried out for Admiral to agree, or if they refused cancel the policy & go to a broker. That's for sure.

My 488 Spider is brand new & I know it's worth currently 40k over list. Admiral confirmed on the phone they will pay me the market value above list price as long as I have proof. I do + my Ferrari dealer would assist anyway.

I was told when my Lamborghini Huracan windscreen cracked that Admiral wouldn't fit a genuine manufacturer windscreen by other Supercar owners, but they did in fact fit a proper Lamborghini windscreen.

I want to give a shout out to Adrian at AIB insurance, as he was by far the most on the ball broker from the 5+ companies I talked to. Competitive too.

It's not just about the premium, it's about what you get on the policy. Having checked, I have no benefit from brokers policies vs Admiral bar AIB saying I can have a replacement Supercar whilst my car was in for repair, if God forbid I damaged it, however there is a cost limit which equates to I'd say ariund 3 days max hire. I could live without my Ferrari for that long as it's my toy/ play car.

Admiral have also confirmed when my 4th car turns up in 2ish months- the new Merc AMG GTR, they will give me the same NCD for that too so will offer a big saving there too.

If they've misled me then it's all recorded, but having been with them for 5+ years, I have no reason to doubt them to date.

Thank you all for sharing your experiences as it helps out one another.

[FA57EST]

AndyGarton said:

A better deal certainly, because you avoid their commission/charges completely. But less than half?!?

Yep def less than half on both premium & excess.

FYI many luxury car brands use "approved paint shops" that will paint 5-7 luxury/ supercar brand of cars. I.E. it's not just for Ferrari, or just Lamborghini etc. My Porsche 991 911 Turbo Cab had paint by a "Porsche approved" paint shop (also approved for other makes of car) through Admiral. No problem.

I agree each to their own. Admiral Group is one of the largest car insurance providers in the UK. I'd rather save the £1400+ per year thanks. I don't need to, but I choose to. Agreed Brokers get a kick back from the insurer & have a commission themselves often built in.

If I need an agreed value on a 20 year old classic Supercar like some of my friends, I'd get the valuation & if Admiral refused to cover (I think they would cover) I'd obviously go to a broker. This 488 & the 3-4 more in the pipeline will be new so I'm happy to stick with Admiral for now personally.

Edited by FA57EST on Tuesday 4th April 15:48

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Yipper said:

The problem with Admiral is, their "market value" is "book value" (not "agreed value"), so in the event of a writeoff or theft they will ultimately pay what is in Glass's Guide (or whatever trade book they use). And the mainstream price-guides are not geared up to pricing niche supercars, so they always err on the side of caution and price on the lower end of the scale. In short, you are almost certainly not going to get anywhere near the payout expected if the car is written off.

I was dealing with a manager who confirmed its market value & agreed this car is currently very rare. She also confirmed I can supply evidence like a letter from the Ferrari dealer on value, comparable cars for sale etc & that they would pay out over market value if the evidence backs this up. I also stated the value as over market value too for the quote, so premium is calculated on 30k over list. I'm happy with that. I respect the fact that people are divided between those like me using compsnies like Admiral & many of you using brokers. Nice to have choice.