Looking to buy but insurance is a problem. Help? | FerrariChat
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Looking to buy but insurance is a problem. Help?

Discussion in 'Ferrari Discussion (not model specific)' started by Jack87, Aug 29, 2008.

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  1. Jack87

    Jack87 Rookie

    Aug 29, 2008
    18
    Cambridgeshire
    Full Name:
    Jack
    #1 Jack87, Aug 29, 2008
    Hi guys,

    I'm looking for some advice, having recently started a new job with a significant pay increase I've been looking at various cars i want to buy. Having stumbled upon the f430 I think I've got it set pretty much to that. However I'm 21 :O and surprisingly enough most insurance companies tell me to...... I know it is possible to get people my age insured on these cars I'm just not sure where to look. Any ideas on who might be good?

    I'm from the UK by the way so obviously UK insurance.

    I'm not really too concerned how much money it costs but preferably i think a limited mileage policy would be the cheapest.


    Thanks
     
  2. Fiorano1

    Fiorano1 Formula Junior

    Dec 7, 2004
    741
    Coral Springs, FL
    Full Name:
    Haywood Jabloemi
    #2 Fiorano1, Aug 29, 2008
    Pay a visit to Lloyds as those guys have a history of being crazy enough to insure virtually anything....of course for a price.

    Whatever the amount that you think its going to cost....do yourself a favor and double of even triple it as a benchmark to work from. Be sure to also have a few pints in you before they give you the quote to help ease the shock and pain...:D :D :D :D
     
  3. $$$=SPEED

    $$$=SPEED F1 Veteran

    Aug 18, 2004
    5,330
    Portland, Or. USA
    Full Name:
    Depends who's asking
    #3 $$$=SPEED, Aug 29, 2008
    Get a quote from Chubb
     
  4. BritBlaster

    BritBlaster F1 Rookie

    Jul 25, 2005
    2,865
    Bellevue, WA
    Full Name:
    Paul
    #4 BritBlaster, Aug 29, 2008
    The UK insurance market is VASTLY different from the US market.

    You CAN'T walk into Lloyds and ask for a quote. Lloyds is not open to the public, that's like calling Ferrari SpA and requesting to purchase a car -- you need to talk to a dealer. For insurance business, this means you have to deal with an underwriter/agent with access to LLoyds. For one car, it would not be worth the effort.

    One of the biggest differences between UK/US car insurance is that in the UK you have to have *unlimited* liability insurance in order to legally use your car on the road. In the UK, "3rd patry insurance" does not state any kind of liability limit, and it's not possible to purchase a policy with any kind of limit. In the US, it varies by state, but in my state just $35,000 (IIRC) of liability insurance is all that is required to be legal. This means that if you have any assets to protect, you need "uninsured/underinsured" coverage -- in other words, it's necessary to subsidize all the other cheap-azzes on the road. This year my wife was rear-ended by someone with the legal minimum. The damage to the vehicle was light (although 2 other vehicles were involved) but it was sufficient to undo a recent knee surgery, requiring another surgery and consequent healing and PT. The person responsible for the accident will probably be paying off the insurance company for the next 10 years because of that accident.

    When I lived in the UK, it cost me (inflation adjusted) about $6000/yr to insure a Lotus Elan SE as a 23yr old driver. My guess is that it will cost around $20+k/yr to insure an F430 as a 21yr old today.

    Incidentally, my 19 and 20 yr old sons are fully insured to drive my F430 (in the UK, "performance" cars frequently require exemptions for drivers aged less than 25, 30, 35 depending on the policy).
    My coverage covers *anyone* I hand over the keys to. I have coverage for 5 cars for 4 drivers in my family for about $10k/yr.
     

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