What happens if someone crashes into your Ferrari and their insurance isn't enough? | FerrariChat
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What happens if someone crashes into your Ferrari and their insurance isn't enough?

Discussion in 'Ferrari Discussion (not model specific)' started by juggle, Jun 6, 2008.

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  1. juggle

    juggle Rookie

    Nov 27, 2005
    32
    #1 juggle, Jun 6, 2008
    So, I was thinking. Most responsible people have insurance coverage covering up to $250K in damages. This is seen as being more than enough. But many Ferrari's are worth more than this. What if some poor fellow causes an accident where an expensive Ferrari is destroyed?

    I'm sure the Ferrari owner has insurance to cover underinsured motorists, but doesn't the insurance company go after the guy, maybe trying to go after the money he's saved or even his house, etc?

    Wouldn't you feel bad if some guy, who thought he was being responsible by buying $250K in coverage, is now ruined because he happened to crash into a Ferrari?
    Does anyone know of a real situation like this?
     
  2. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,368
    Houston, Texas
    Full Name:
    Bubba
    #2 BigTex, Jun 6, 2008
    You insure a Ferrari based upon it's value, if there was not enough coverage under the party at fault you own uninsured motorist would kick in...

    I was once hit in my Ferrari by a corporate car that had a $300K DEDUCTIBLE on the policy! LOL!

    My lucky day.......
     
  3. juggle

    juggle Rookie

    Nov 27, 2005
    32
    #3 juggle, Jun 6, 2008
    I know uninsured coverage will kick in for the Ferrari owner, but my concern here is with the driver of the other car. What happens to them? Are they ruined?
     
  4. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,368
    Houston, Texas
    Full Name:
    Bubba
    #4 BigTex, Jun 6, 2008
    Well, I WAS going to ruin him, but his wife was in the car and he rolled up the window....LOL!

    You just let your own coverage subrogate his, that's why you pay for it.....

    Not as many totaled Ferraris as you'd think, in two car accidents, most of them overdrive the road conditions and fly off "all by themselves"....

    Good question though......just don't hit us, as the old James Dean safety commercial goes.......ironic, eh?
     

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