Insuring Supercars/Sportscars for hire business

[dsgv6]

Guys,

Planning to start renting Ferrari/Porsche as new business venture. Question is how do i cover the cars for each client?

Would this be one-off policy per client or annual policy covering all drivers over 25 or 30 (for the Ferrari?) with usual large excess?

Any ideas or suggested brokers/insurers would be most welcome.

cheers,
DSG

[maxf]

It is possible but you need trading records to get a decent price. Insurers also will not cover you for theft on a hire policy without strong trading records and a perfect tract record.

I looked into this as a line of business (still might go down that road) and there are some seriously major pitfalls to look out for - and thats with someone who has been in the motor trade for 30 years onboard!

[dsgv6]

Thanks, good feedback.

Didn't expect this to be easy but there rae a few companies offering this service out there. Maybe explains why some rental fees are so expensive.

DSG

[maxf]

dsgv6 said:

Thanks, good feedback. Didn't expect this to be easy but there rae a few companies offering this service out there. Maybe explains why some rental fees are so expensive. DSG

You'll get cover alright at a suprisingly good price (although I think there us only one company who provide cover) - considering the cost of personal policies.

What put me off was the fact that the business model needs to be able to cover the cost of the car if it goes walkies, and the danger of the insurers not reinsuring you after a big claim (and nowhere else to go). Obviously the longer you have a good record for the less chance of this happening, but there is a definite 'danger' period IMO, of a couple of years, where is can all go very wrong, very quickly.

Good luck if you decide to do it - I'll take a 360 spider for a long weekend in return for my cynical advice

[dsgv6]

maxf,

Any idea who the company is who does offer cover?

cheers,
DSG

ps. No Spider by thw way, just 360 and a Cayman S to start with!

[maxf]

Tradex I think - I have a big file on this at home, but I'm at work now so just guessing.

Max

[dsgv6]

Thanks maxf, i've got an outstanding call to Tradex as it happens. Should know more tomorrow.

DSG

[john_p]

maxf said:

It is possible but you need trading records to get a decent price. Insurers also will not cover you for theft on a hire policy without strong trading records and a perfect tract record.

But how does a car hire business get a track record without insurance?

[maxf]

john_p said:

maxf said: It is possible but you need trading records to get a decent price. Insurers also will not cover you for theft on a hire policy without strong trading records and a perfect tract record. But how does a car hire business get a track record without insurance?

You can still get insurance - but at a high price and you will also not be covered for theft.

[insurance_jon]

the way to get it cheaper (tradex are the onlyones to do new starts) is to run a normal fleet for a couple of years, then hit em with fleet upgrades.

[insurance_jon]

Oh, as your in Ireland try quinn direct (commercial division) they will insure anything if you have the cash.

[dsgv6]

insurance_jon said:

Oh, as your in Ireland try quinn direct (commercial division) they will insure anything if you have the cash.

What made you think i was in Ireland? I'm actually based in Wiltshire.

DSG

[insurance_jon]

I was drunk in charge of a pc, I appologise, I had 2 windows open and one was discussing a similar point about car hire in dublin.