Struggling with Supercar insurance
Discussion
Total PITA. Between the banks and insurance companies, it is all but impossible to viably buy and run an older (and I am talking something as recent as a 2013 Ferrari 458) or classic car in this region now.
Most (not all) insurance companies will not provide comp cover for performance cars and cars over 7 years. Further, they will not provide main dealer repair on cars over 4 years. Try taking your aluminium and carbon fibre space frame car to their approved repair shop in Mussafah (!).
Only good thing is that the new law states that if the repair is over 50pc or any of the chassis or pillars need to be cut to effect a repair then the car is a write off..However, their botch merchants will try to repair it anyway to make money I am sure.
All of this will effectively kill off used cars sales of performance cars in the UAE..perhaps that's what the insurance authorities want..
Most (not all) insurance companies will not provide comp cover for performance cars and cars over 7 years. Further, they will not provide main dealer repair on cars over 4 years. Try taking your aluminium and carbon fibre space frame car to their approved repair shop in Mussafah (!).
Only good thing is that the new law states that if the repair is over 50pc or any of the chassis or pillars need to be cut to effect a repair then the car is a write off..However, their botch merchants will try to repair it anyway to make money I am sure.
All of this will effectively kill off used cars sales of performance cars in the UAE..perhaps that's what the insurance authorities want..
El Capitano said:
His name has already been mentioned, speak to Bob. He's just setup GulfClassics for precisely this reason. He is an enthusiast looking to help out and solve this insurance problem.
www.gulfclassics.com
I called him a couple of times but no answer...www.gulfclassics.com
Thanks chaps and lady..
Nearly sorted but not an easy task. Another thing to watch for ia that the insurance authorities have put in a new rule relating to excess.
For sports cars they alllow up to an extra 15 pc of the claim value to be an additional excess. The wording is vague and states that the insurance company MAY charge this amount.
So be careful out there with your expensive cars as thats a hell of a lot of cash to self insure.
OK Thanks
For your reference please find the Decision of 2016 from the Insurance Authority.
http://www.ia.gov.ae/en/Documents/Insurance%20Auth...
Chapter 3 Section 10
Nearly sorted but not an easy task. Another thing to watch for ia that the insurance authorities have put in a new rule relating to excess.
For sports cars they alllow up to an extra 15 pc of the claim value to be an additional excess. The wording is vague and states that the insurance company MAY charge this amount.
So be careful out there with your expensive cars as thats a hell of a lot of cash to self insure.
OK Thanks
For your reference please find the Decision of 2016 from the Insurance Authority.
http://www.ia.gov.ae/en/Documents/Insurance%20Auth...
Chapter 3 Section 10
Edited by Paracetamol on Friday 23 June 13:16
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