Ferrari Insurance......Do I need it? (Agressive Strategy)

[SchumiStars]

Obviously the answer is always yes - however trying to own a supercar on a budget is difficult.

Could I save money buy using the third party cover from the insurance of another car and then accepting any damages to be repaired by myself.

At the moment the current quotes for the insurance is £2k, which when you have a buget of 50k, it is a percentange of the total. I am insured as the policy holder of another small car which then allows me to drive any other car 3rd party. So throwing the question out - does anyone else run such a strategy, or as anyone thought about it?

Although I am not to worried about crashing the thing - i can accept the risk/penalties ratio, I am worried about loosing it. Do these cars get stolen alot? Can I park the car outside a shop?

[neil-f]

You would be t t not to insure the car for one thing you could not tax it and would have no fire or theft cover. If you cannot afford the insurance you cannot afford the car. Anyway it should not be as high as £2k unless your past is murky.

Edited by neil-f on Thursday 7th June 16:08

[Marki]

SchumiStars said:

I am insured as the policy holder of another small car which then allows me to drive any other car 3rd party.

I am sure the other car has to be insured for this 3rd party cover to work

[tony h]

imho DON'T skimp on any aspect of ferrari ownership. It's just not worth the risk. If you can't afford the car now , just wait till you can . Price is only going one way

[Paracetamol]

If you cannot afford £2k for insurance then a £50k car isnt for you

[Goochie]

As stated above, the 3rd party cover for other vehicles on ANY motor insurance policy requires that the vehicle is insured in its own right.

You may find some restrictions on vehicles you can drive (normally restricted by value) on this third-party cover.

I'd be amazed if you will find anyone that will insure you on anything other than a fully comp policy anyway.

Out of interest - how old are you ?

[neil-f]

I don't think the car has to be already insured for you to drive on your 3rd party insurance

[kambites]

neil-f said:

I don't think the car has to be already insured for you to drive on your 3rd party insurance

No but on every insurance policy I've ever seen, it has to be owned by someone else. You cannot, in my experience, drive your own car third party on a different policy.

[Goochie]

The car would still have to be insured in its own right in order to tax the thing.

[NEM351S]

Have you looked at the other annual costs of running a ferrari?

Do a search on here matey before you end up with a siezed engine through your budgeting.

[neil-f]

kambites said:

neil-f said:

I don't think the car has to be already insured for you to drive on your 3rd party insurance

No but on every insurance policy I've ever seen, it has to be owned by someone else. You cannot, in my experience, drive your own car third party on a different policy.

Yes I agree it is only cars owned by other people you can drive 3rd party.

[exboxster]

what if it got stolen ?

[LittleBro]

I wouldn't say it was a high risk strategy at all, its just crazy. If you're buying a £50k car and cant afford £2k for insurance, but a £48k car.

Or a £45k car if you want to occasionaly put petrol in it and service it too.

[Goochie]

LittleBro said:

I wouldn't say it was a high risk strategy at all, its just crazy. If you're buying a £50k car and cant afford £2k for insurance, but a £48k car.

Or a £45k car if you want to occasionaly put petrol in it and service it too.

The man is a genius! I'm amazed no one has suggested this earlier.

He could also buy an MR2 with a Ferrari bodykit and spend the rest on a Caterham.

[Murph7355]

Agree with the guys above - if you're wanting to skimp on insurance, do not buy the car. It will end in tears otherwise.

Presumably you're financing the 50k hence wouldn't be able to buy a cheaper one and still run it...

These are amazing cars, but the shine will wear off very rapidly once a big service bill hits your door mat. And if you think you can avoid these, be prepared for your 50k car to be worth bugger all quicker than your 3rd party cover runs out

[s99ane]

Stick to Renault Clios or a Toyota Yaris. More in your league.

[F355GTS]

SchumiStars said:

I am insured as the policy holder of another small car which then allows me to drive any other car 3rd party. So throwing the question out - does anyone else run such a strategy, or as anyone thought about it?

As others have said your insurance will not be valid unless the vehicle is insured in it's own right

Take Murph's advice seriously, it may not fit with your ideas but he's old enough to be your Grandad (or looks it anyway) and knows loads

Edited by F355GTS on Thursday 7th June 13:38

[Murph7355]

F355GTS said:

...Take Murph's advice seriously, it may not fit with your ideas but he's old enough to be your Grandad (or looks it anyway) and knows loads ...

Sweet Jesus. Coming from someone who's nearly old enough to be my dad I'm not sure how to take that

[rubystone]

F355GTS said:

...Take Murph's advice seriously, it may not fit with your ideas but he's old enough to be your Grandad (or looks it anyway) and knows loads ...

A tad unfair I feel, given that Murph has now shed the beard...but I can kind of see where you're coming from...

[greysquirrel]

and any prang is gonna cost more than 2k to repair!