Absolutely. This summer I took her to Monza, Maranello and Monaco. I really feel sorry for the people who have these cars and don't enjoy them as much as possible.
Contacted a well-respected Ferrari appraiser to help me with an appraisal for insurance purposes. He indicated that the typical range for a scud is $200k to $250k and that my car (2008, Grigio Silverstone, 13,000 miles) is likely in the middle of that range. That's about what I expected and a lot higher than what my insurance company was willing to agree to.
As an update, and a further data point, the appraiser appraised my scud at $269,900. This appraisal was done for insurance purposes, so it may be a little optimistic. Even accounting for that, it's really high, much higher than I, and the appraiser, initially expected. If you have an agreed value with your insurance provider, you may want to check to be sure you're fully covered.
Appreciate the data! But, isn't that also a function of the parts cost and not just a replacement value though? In other words, doesn't the higher valuation allow them to charge you a higher premium and therefore offset the cost of ultra-expensive bumpers, diffusers, etc? Asking.
Yes, I assume my premiums will go up, but this is the nature of insurance. You pay money to protect yourself for an event that you hope never happens. Unfortunately, this is part of the cost of owning a valuable car. The reason I got the appraisal is my insurance company set the value of my car at $165,000. While my premiums were lower because of this, if someone T-boned me and the car was totaled I would lose tens of thousands of dollars in value, and couldn't buy a similar car with the proceeds. I'd rather pay a couple thousand extra a year to ensure that I am fully covered in case of such an event.
From what I remember, if someone t-boned you or it is an incident where you are not at fault, that person's insurance carrier would have to pay you "fair market value" for the total loss of your car, and that is completely exclusive of whatever your own insurance company has appraised your car at. The other party's insurance would run its own fair market value appraisal based off of most recent past sales and/or current market asking prices. So, I think there's a little of "false security / advertising" there with your insurance company...
Okay, so let's assume instead I hit a patch of oil on the road and I wreck the car. In that situation, being significantly under-insured would be a pretty negative experience as it would be my insurance who would be paying out. Everyone can decide for himself how much insurance protection he wants. Personally, I am pretty conservative with this stuff as things can go wrong. This is why I have an umbrella policy and a supplemental disability policy. Like I said, I hope I never have to use any of these policies but I'll be glad I had them in place if something bad happens. Also, my insurance company wanted to set the value at $165,000. Obviously, they want the number as low as possible to lower their risk, and shift it to me. So, the insurance company isn't "selling" me on anything.
To be honest, I think that's also a false assumption, but I would verify with your insurance carrier, it varies from carrier to carrier and also individual policy to policy. In any form of total-loss incident, fair market value is always re-assessed at the time of the incident not by pre-determined appraisal from xx amount of time ago. That is why, say if you got a brand new car that cost 100k, but you wreck it a year later, you would never ever possibly recoupe 100k which was the original assessed value / insurance coverage. To be honest, getting a re-assessed value for your car puts you in a more unfavorable position because if anything, if that threshold now is so high, the likelihood of you being able to get a write off / total loss is low to non-existent because the value is so high and the cost of repair will never reach or exceed 40% of that higher assessed value, which I think is the general rule of thumb by insurance companies to write off cars. Would you rather be stuck w a storied car or get paid out fair market value and find another? Food for thought.
I'm going for an agreed upon value. If the car is totaled, you get that amount. Without that, you may find yourself in a position of having to spend tens of thousands of dollars suing your insurance carrier to get them to pay up. What they consider "market value" and what you consider "market value" are likely to be different numbers once the car is totaled. Also, given what it costs to repair these cars, it's not difficult for a Ferrari to be totaled after an accident. Anyway, like I said, it's up to the individual. If you want, get the minimum coverage you need to comply with your state's laws and call it a day.
Dunno about the lawsuit piece, maybe it varies from state to state, but speaking from personal experience, I totaled my V10 R8 before...I was insured w Farmer's and I had maybe 2 conversations with the adjuster & manager about the market value of it. The actual car sales database is not a hotbed of lies & scandal ie not open for interpretation, it's all recorded data from a set number of sources. We looked at all the ones that had my options, same year and of similar mileage within my area, and came up w a small range of prices. We agreed on a payout $18k above the middle of that range. And I don't think we're having this discussion to ascertain what anyone needs to do with their insurance coverage, I'm just trying to figure out why one would need to re-appraise their car when by law an insurance provider needs to assess fair market value at the time of an incident, not upon a pre-written agreement. I get it for aftermarket improvements, but base value of the car? BTW, there is no lawsuit to be had either for this sorta claim, this sorta thing just goes through insurance mediation, and it hardly gets that far because it is the best interests of both involved insurance carriers to agree to something beforehand to save costs/time. Just fyi...
I have responses but, honestly, I have better things to do. Just wanted to provide a data point for everyone. Cheers.
Freshmeat - there is lots of info here and on the web about "agreed value" policies. They work as MaranelloDave says. I have them on all my cars. One of the reasons many of us want "agreed value" is when market values are increasing and the "database" (especially on cars like these where there simply aren't many datapoints) isn't reflecting what the owner thinks its worth. It also avoids what can be messy disputes if/when a car is totaled without AV.
Hi Edward!!! It's maybe PERFECT but it's now worthless at 17k miles. My Scud has just passed 12k miles so it's still at least worth something but not much.
Here's how happy people like to drive their cars. It's not a Ferrari, but it's a rare car anyway. Image Unavailable, Please Login
Agreed I guess if you can get a GT3 991.2 for less, depends whether you want a Ferrari or not. Many of the ones currently for sale in Europe are strangely without a stripe, could be deal killer for some buyers, regardless of it being a $10,000 option its part of the character of the car
Give it a couple of years though and the SCUD will probably roll into classic status and prices will rise again
Scuderia are going to be collector Ferrari's give it some time , there in line with the 360 Challenge Stradale and the 458 Speciale, last of the Naturally aspirated engine before now Turbo and then Hybrid in 2020 ,collector are going to be chasing these models they want 1 of each and there going to pay big bucks to get them.
