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insurance suggestion

Discussion in 'United Kingdom' started by 550syd, Nov 1, 2003.

  1. 550syd

    550syd Karting

    Nov 1, 2003
    76
    Australia
    Hi UK chatters,
    Can you recommend a good insurance agent/broker for me? I'm looking at bringing my 550 from Australia for a 6 week driving holiday in UK and Europe. I need some leads for helpful insurers who can assist in obtaining comprehensive insurance while I'm here.

    Thanks,
    Syd
     
  2. matkat

    matkat Formula 3

    Mar 18, 2003
    1,839
    Scotland/Holland
    Full Name:
    Dave McGuire
    Syd try heritage,phone +44 121 246 6060.
    best regards
    Dave McGuire
     
  3. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J
    If its any help, My Broker uses Norwich Union , who are one of the Biggest Insurers for ferrari cars, Not the cheapest buy if anything sould happen, you have the reassurance that your claim will be paid and to the agreed amount.

    Call Daniel Norris
    Coversure
    0208 303 1115

    Tell Danny that Joe recommened them, he will give you the best deal available.

    Good luck :)

    Joe
     
  4. 550syd

    550syd Karting

    Nov 1, 2003
    76
    Australia
    Hi Joe and Dave,
    Thanks for your info - any chance these guys are on email?
    I can fire off some info to them to see if my situation is something they can handle.
     
  5. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J
  6. matkat

    matkat Formula 3

    Mar 18, 2003
    1,839
    Scotland/Holland
    Full Name:
    Dave McGuire
  7. andrewg

    andrewg F1 Rookie
    BANNED

    Sep 10, 2002
    4,667
    Chester, England
    Full Name:
    AndrewG
    Have used AON for a few years cover seems good and no problems when i had to make a claim last year, and you get a nice discount if your an FOC member
     
  8. tonyh

    tonyh F1 World Champ
    Owner Lifetime Rossa

    Dec 23, 2002
    14,372
    S W London
    Full Name:
    Tony H
    syd,
    none of my business, but will it be cheaper to hire a ferrari in europe than ship from australia ?
    tony
     
  9. 550syd

    550syd Karting

    Nov 1, 2003
    76
    Australia
    Good question - I'm doing the costings now. From my research, it seems that 7 days of Ferrari hire in Europe is about US$10,000 with extra $ for excess kilometres. The shipping costs I have to date is about £4-5,000 return in a container. Marine insurance will be extra. So depending on the cost of local insurance, and how many weeks I want to have the car... you can work it out.

    Is my $ on Ferrari hire for UK/Europe in the ball park?
     
  10. tonyh

    tonyh F1 World Champ
    Owner Lifetime Rossa

    Dec 23, 2002
    14,372
    S W London
    Full Name:
    Tony H
    syd,
    i think that price is about right, but for 6weeks not 7 days.....made a few enquires about hire and reckon on about £300 a day to hire a 360 coupe for 6 weeks .around £8.5k in total.
    tony
     
  11. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J
    Syd

    Have 360 spyder you can hire from me insurance included???
     
  12. 550syd

    550syd Karting

    Nov 1, 2003
    76
    Australia
    Tony, here are the US$ rates from <http://www.europeanferrarirental.com/rentalrates.htm>
    550: 3days-$2,860 | 3weekenddays-$3,120 | 1wk:$6,460
    The 1 week rate has 1,400km included.

    Can you tell me where to look or contact for the rates you were quoted? Sounds excellent if the car is good.
     
  13. 550syd

    550syd Karting

    Nov 1, 2003
    76
    Australia
    I'd hate to bend a Ferrari from someone on this board!
     
  14. tonyh

    tonyh F1 World Champ
    Owner Lifetime Rossa

    Dec 23, 2002
    14,372
    S W London
    Full Name:
    Tony H
    syd,
    the quote came from the company below and i asked for a 360 coupe for 6 weeks. good luck. there are a few more companies to check out too,just google them up."u.k. ferrari hire"


    [www.luxury-carservices.co.uk/luxury_car_hire/
     
  15. Malfark

    Malfark F1 Veteran

    Oct 31, 2002
    5,307
    Mud Island, Europe
    Full Name:
    Markem
    Hi Syd,

    Privilege Insurance gave me the best deal I could find in the UK. My +8 year no-claim record cut the cost significantly.

    Good luck,

    MARK
    St. Albans
     
  16. paulnwgb

    paulnwgb Karting

    Sep 3, 2003
    177
    Dunmow, Essex
    Full Name:
    Paul Gardner
    When I got my car, I thought I was going to get one hell of an insurance bill, but it was actually very reasonable compared to some others I tried - what do you guys think of this:

    £4,100 for a 1 yo 360 spider, 31 year old driver in CM19 with 4 years NCB, no accidents, points etc.

    How does that compare to what you guys pay? Are there cheaper places out there?
     
  17. paulnwgb

    paulnwgb Karting

    Sep 3, 2003
    177
    Dunmow, Essex
    Full Name:
    Paul Gardner

    That's NCB protected too, it was £3,500 without protection.
     
  18. hedge

    hedge Formula 3
    Silver Subscribed

    Jun 11, 2003
    2,318
    England
    Full Name:
    Marc
    I insure with Privelege, who are very helpful. There is a UK based hire company I know who have Ferrari's for hire and may be cheaper than you quoted above.

    Try

    www.carmania.co.uk

    I know they have a 360. Mention that you were recommended by me, as I am known to them and you may be able to get a better rate!
     
  19. 456mgt

    456mgt Formula Junior

    Mar 24, 2002
    622
    Cambridge UK
    Full Name:
    Kevin
    Wow! You can never tell with insurance, but that sounds spectacularly high. I've had a 456M for over 3 years and had a 360 Modena as well last year, and at no time have they ever cost me >£1K each to insure. Current premium is £830 organised by Ajay at Scuderia Systems as part of their 'Sportscar Management' thing. 43 year old, SG7 with 5+ years NCB, no points, no accidents.
     
  20. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J

    Kevin,

    Thats a fantastic quotation, insurance is a very tricky subject and i approch this with an element of caution.

    I pay 5,100 full comp for 02 Spider agreed value of 118k with loan car , and cash settlement if replacement car cannot be obtained.

    My Broker recommended Norwich Union as they do not quibble if you have a prob, I got quotations of 1,700 and 2,500 from specialist insurers for Ferraris, but I would say ask a few basic questions.

    1. What if my car is stolen, how much will i be paid market value or Book....there is a huge difference.
    2. How long will i wait until an offer is made by the underwriters, are there any exclusions, or limitations on the policy by the underwriters.


    I suppose it depends if your just looking for a cheap quote or peace of mind..... I must say kevin ..if all are covered I will speak to Manu and Co to get recommendations.


    Joe
     
  21. 456mgt

    456mgt Formula Junior

    Mar 24, 2002
    622
    Cambridge UK
    Full Name:
    Kevin
    This could get interesting Joe! So why did you choose the higher quote in this specific instance?

    I usually insure to a value, but what is the difference, say on a 360 Modena? Interesting point is that my wife is getting a new Audi in the spring and has been offered insurance from the dealer that guarantees the price difference between what the insurer pays and the full price we paid up to a £25K ceiling. It costs about £100 a year. Fairly ironic to be paying insurance, on your insurance.

    All the policy documents I've ever read (and I do read the small print) have been much of a muchness. What should we be looking for?

    Kevin
     
  22. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J

    Kevin
    great point made about the dealer and your wifes new Audi, someone has recognised the requirement for the loss thats made when purchasing new cars or boats etc.

    This is the loss of your item within a yr or so from purchase, it ironic that we even need to look at this area, and the answer to your question "what do we look out for " Loss adjusters, these are very clever individuals who make a mountain of money from taking it from good folk such as ourselves.

    My reason is clear, I made my choice, I paid 116k for my spider it was 5 months old, New price say 109k lets say within 6 months of ownership "heavens above" the poxy car gets nicked " what with a siemans trakbak" yes it happens.

    The loss adjuster will value that car at 109k minus wear and tear id be lucky to argue the toss at say 95k thats after a battle ,pics and stuff.

    I paid 116k thats a loss of 21k ouch!! so i need to do what yr wifes dealer is suggesting, its like a bridging insurance to make up the shortfall.

    Prob, cars over the value of 75k this gets very difficult to the impossible, so its an agreed value with an estimate of the cars replacement.
    Can you get a brand new Spider if req, ummmm prob not.But with my current policy with the Norwich theywill refund me 116k if they cannot satisfy my exact car replacement ,as specification.

    So I asked all other insurers to clarify the following :

    1. If the car is stolen from anywhere ( beware of the garaged overnight exclusion) anytime, will it be replaced with a car at" market value" at the time of theft? or "Book Value" ?
    2.If the car cannot be sourced will an equal cash value be paid to the same amount.

    If your current company will submit the answers to these questions to you in writing, and they are as you expect, you have a good policy.

    If not you may be running the risk that you think your covered but effectively you are only covered for the current "book value" of your car, not what it would cost to replace it with one of similar condition etc.

    Is your policy an agreed value and does that agreed value assume depreciation ? are you informed yearly of all/any change?

    Loss adjusters will rip the crap out of any good policy, so that in the end you need to throw a bucket of money to get what was originally agreed.

    Ive had first hand experience in this with a car that i lost some yrs back, also a friend of mine had a very expensive boat stolen , he lost a fortune due to what we are discussing and had to sue the insurers to get it back, two years that took and nearly a heart attack.

    Insurance....its a bloody minefield...Id be interested to know about your policy Kevin....if all the enclosed stack up.

    Joe
     
  23. 456mgt

    456mgt Formula Junior

    Mar 24, 2002
    622
    Cambridge UK
    Full Name:
    Kevin
    Thanks for the info Joe. I'm sure I'm not the only one who's learning from this. Here are my details:
    My previous insurance, with Classicline, and prior to that Footman James, has been 'agreed value'. In the case of the 456 & 360 Modena, the underwiters agreed with my valuation of the cars; with my Caterham SLR, they had the owners' club certify my valuation. Premiums for the Ferarris was £1K and £300 for the Caterham (valued at £24K). I could have maintained my 'agreed value' Classicline Insurance on the 456 for a £1300 premium. My current Insurance is with Liverpool Victoria and is market value, unless the car is less than 1 yr old in which case they will replace it with a new one "if it is available in the UK". From the above, this won't do it for you unfortunately. Classicline is worth a call though- I had very good dealings with them and wouldn't have questioned their quote had it not been higher than last years'.

    So the question, which I admit to never having given much thought to, is how is market value determined? Is this the loss adjuster stuff? The 'agreed value' I have used before is the cost of an equivalent car from a dealer FWIW.

    The insurance my wife's been offered is 'gap' insurance, and from a quick look with google, it appears that its main purpose is when the payout on a car is less than the outstanding finance. I found this though: http://www.vw.co.uk/services/finance/gap
    We aren't financing the Audi, so ours is the Audi equivalent of GAP plus. Maybe some other people on this board will know if there is an equivalent available outside of main dealers.
     
  24. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J
    #24 360CS, Nov 18, 2003
    Last edited by a moderator: Sep 7, 2017

    Kevin,

    I find this an interesting topic, I know that loss adjusters are only used when substantial costs for the underwriters are concerned.

    Best thing to do is to make sure your going to be payed on the Market value and try to find out exactly what this is...reasonably easy to do ..you could argue the case at say four Major dealers with similar cars for sale over the country and work out the average cost of that particular car. that would be the marketable value of the car..

    Im sure this would be the case you would put to any loss adjuster..
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