F355 Insurance for 21/22yo. Recomendations & advice please?

[Pistuphead]

My childhood ambition is getting close to fruition! I will be looking for a 355 come the end of this year or start of next year. Undecided what model yet, depends on what is around within my (limited) budget at the time!

Just need some advice and this seemed to be the easiest place for help! I know it isn't going to be cheap but can anyone recommend any insurers for someone my age?

Does anyone have any experience of trying to get insured at this age as well? I'd be interested to know how you went on.

Cheers

[JamieBeeston]

Pistuphead said:

My childhood ambition is getting close to fruition! I will be looking for a 355 come the end of this year or start of next year. Undecided what model yet, depends on what is around within my (limited) budget at the time!

Just need some advice and this seemed to be the easiest place for help! I know it isn't going to be cheap but can anyone recommend any insurers for someone my age?

Does anyone have any experience of trying to get insured at this age as well? I'd be interested to know how you went on.

Cheers

Easy.. if you have the cash, anyone will insure you on anything non-super exotic.. expect to pay £3-5k dep on history.

J

[okgo]

Jonty355 was only young (posted in the under 25 car thread) he has one, might be worth a pm

[Mattymouse33]

Pistuphead said:

My childhood ambition is getting close to fruition! I will be looking for a 355 come the end of this year or start of next year. Undecided what model yet, depends on what is around within my (limited) budget at the time!

Just need some advice and this seemed to be the easiest place for help! I know it isn't going to be cheap but can anyone recommend any insurers for someone my age?

Does anyone have any experience of trying to get insured at this age as well? I'd be interested to know how you went on.

Cheers

Insure through a family member, preferably parent without history and be a named driver. It works a treat.

[JamieBeeston]

Mattymouse33 said:

Insure through a family member, preferably parent without history and be a named driver. It works a treat.

Great, until you crash, then end up bankrupt in jail for insurance fraud.

[Try5t]

Mattymouse33 said:

Insure through a family member, preferably parent without history and be a named driver. It works a treat.

No DON'T DO THAT - that's called fronting and technically insurance fraud - the insurer will decline cover (and yes they will investigate it if the young driver crashes the car - fault or no fault) and decline cover - they may sue you to recover any losses they have to pay out for - have a client who is getting sued by Norwich Union at the moment ... you have been warned.

Edited by Try5t on Monday 13th April 12:33

[Kickstart]

I am not sure that the old get my mum listed as the main driver works too well these days if you are only 21 - as the policies I have got all specify that named drivers must be over 25

It is worth building up your NCB until you get the car and thinking about a limited mileage policy

[Silent1]

Limited Budget and F355 don't mix.

What about servicing/repairs etc?

[Foundy]

When I was younger had the same issue. I bought an old cheap car, a Sierra 1.6GL with spoilers for my main policy (did have about 3 yrs no claims) and then had a Porsche on a classic car policy with limited mileage. Could run both cars cheaper than the insurance for the Porsche as my main policy. They just insist that the car can only be used for pleasure and not for the work commute.

[South tdf]

Silent1 said:

Limited Budget and F355 don't mix.

What about servicing/repairs etc?

+1. Look at as many cars as you can and buy the best you can afford. A couple of grand extra now can save your double that in future repair costs.

[Pistuphead]

Thanks for the replies, I want to insure it all in my own name to save any complications if the worst should happen, looked on the under 25 thread and Jonty355 said he paid just £860 Bargain! Sent an e-mail to the broker he used

South tdf said:

Silent1 said:

Limited Budget and F355 don't mix.

What about servicing/repairs etc?

+1. Look at as many cars as you can and buy the best you can afford. A couple of grand extra now can save your double that in future repair costs.

When I said limited I meant i'll be looking around the 35-40grand mark rather than the 55-60grand the best examples fetch. Servicing and repairs etc I have bargained for already! You only live once though!

Edited by Pistuphead on Monday 13th April 19:28

[JBOONY]

Well two years ago I bought a 986 and paid £1500 fully comp. Went to part ex on a 360 and the insurance was just £2000.

I wouldn't imagine insurance being your biggest problem TBH, more running costs

[monkeymechanic]

If you wanna go for it, then do it, but just be careful, especially at the moment.

I nearly let the porker go last year with a view of getting a new motor, and literally on the day I was going around the garages I was made redundant. I spent my car fund paying the bills and mortagage, if I had already bought the car, I'd have been screwed.

I'd kill for something new now, but I'm only 4 months into my new job, and wouldn't be wise to get a new motor at the mo.

I'm sure a 355 would be a great thrill, but make sure you have a contingency fund, whatever you expect to spend per month, add another 15% just in case.... especially when you first get it! As much as we all try and keep the mileage down, when you get it you will be in it all the time because it feels so good!

Dont let that put you off, just plan to have a few extra pennies in your contingency.

[Silent1]

Pistuphead said:

Thanks for the replies, I want to insure it all in my own name to save any complications if the worst should happen, looked on the under 25 thread and Jonty355 said he paid just £860 Bargain! Sent an e-mail to the broker he used

South tdf said:

Silent1 said:

Limited Budget and F355 don't mix.

What about servicing/repairs etc?

+1. Look at as many cars as you can and buy the best you can afford. A couple of grand extra now can save your double that in future repair costs.

When I said limited I meant i'll be looking around the 35-40grand mark rather than the 55-60grand the best examples fetch. Servicing and repairs etc I have bargained for already! You only live once though!

Edited by Pistuphead on Monday 13th April 19:28

Ah, ok, good luck to ya, i was thinking you were talking about the 'budget' end of the spectrum!

[lambo_xx]

Pistuphead said:

My childhood ambition is getting close to fruition! I will be looking for a 355 come the end of this year or start of next year. Undecided what model yet, depends on what is around within my (limited) budget at the time!

Just need some advice and this seemed to be the easiest place for help! I know it isn't going to be cheap but can anyone recommend any insurers for someone my age?

Does anyone have any experience of trying to get insured at this age as well? I'd be interested to know how you went on.

Cheers

I've been very lucky in that i have been able to own/drive exotic cars at quite a young age and what I would say is that you can get insurance on ANYTHING at ANY age, but you are gonna pay for it! At 21 i would be guessing a minumum of 5k on your own policy. As a named driver it will be cheaper, but as already said it's risky if you crash. Your best bet is to get a limited mileage policy, but that is still going to be high.

I'm in a similar position to you and I'm too looking at buying a F355 , looked at a few other things but my heart just goes for the 355. Anyway from what I have gathered the words cheap and Ferrari never ever ever go together. Although you can now buy them cheap, you really wouldn't want to buy anything bellow 35k (unless it is in a obscure colour) because it is very likely to be a dog. Also, even if you can afford to buy it, servicing is still expensive. A main dealer is i think about 800 for a annual service and a lot more for a cam belt service, probbaly about 2k. From what I've gathered 355s tend to be quite reliable, but, you should always budget for something going wrong because it could cost you. I'm not saying don't buy one, but if you can only just afford it I really would think very hard about it.

I hope that helps.

Oh and by the way, your best bet for insurance would be to go through a broker as traditional companies tend to be difficult to get a quote from at such a young age.

[Wanta996Gotta]

Slightly off topic but found this F355 - http://www.morrisonmotors.co.uk/used-cars/view/146...

As for insurance, limited mileage policy though i think a 355 may be fall into Classic car policy status which is also cheaper. I would reckon £2k if your doing limited mileage which you will be if running the car on a budget.

Also would advise you to take in on long drive as it may not really be what you were expecting. Saw many people scratch the Ferrari/Lambo itch but go back to there Porsches or BMW's as the cars are not what they were expecting.

Edited by Wanta996Gotta on Tuesday 14th April 17:12

[sparks_E39]

I had a quote for £2000 on an Aston Martin DB7 when I was 21 and £3000 on a 355 too, I was only messing around but the polices were fully comp with no mileage or special limitations and with Churchill or Elephant. The only thing is if you had a prang would these companies be willing to use Aston or Ferrari body shops?

And I have heard of 355' costing £5k a year to run, some are much less, some are more. I have heard of one that needed more than £15k of work in 2 years.

Edited by sparks_E39 on Tuesday 14th April 23:04

[Mattymouse33]

JamieBeeston said:

Mattymouse33 said:

Insure through a family member, preferably parent without history and be a named driver. It works a treat.

Great, until you crash, then end up bankrupt in jail for insurance fraud.

I was just kidding. I thought it was obvious.

Edited by Mattymouse33 on Wednesday 15th April 00:33

[willcrookz]

Possibly your employer could insure it on there company fleet for you?

I'm young and don't pay much to insure my cars this way.

[Goochie]

Put yourself as the main driver and add your Mum and dad as named drivers. This knocked £120 of the insurance on a 350Z at 25 so should work in a similar way for you.

It went down by £40 when I got married too !