Insurance for a supercar hire business

[rtacconi]

Hi,

I was thinking to start a side business by buying and renting a 458/488. It is very easy to find quotes for your car or a contractor's van, but not just for getting insurance for a car hire business.

Do you have any leads? Also any comment or opinion regarding this idea. I know that starting from scratch is a bit crazy, but at least I can gather some info to take an informed decision.

[andrew]

there's probably a reason why few will insure this...

[Fast Eddie]

andrew said:

there's probably a reason why few will insure this...

I wonder why...............

[craigjm]

Would be an absolute world of pain as a business idea

[bencollins4]

I’ve been broking this sort of business (and other commercial motor, thankfully!) for over 10 years now and in the last couple of years the market for this type of risk has all but gone.

Those that are still covered are either very long established, very large or using some very dubious overseas markets who dip in and out, several of which have gone bust leaving customers with no cover and no prospect of recovering paid premiums. A few are also insured on totally the wrong basis who will be found out at the first claim……..

In short UK insurers have decided this is a market they do not want to be a part of at the moment. As a new start-up you have very little chance of cover at any price.

[andymc]

rtacconi said:

Hi,

I was thinking to start a side business by buying and renting a 458/488. It is very easy to find quotes for your car or a contractor's van, but not just for getting insurance for a car hire business.

Do you have any leads? Also any comment or opinion regarding this idea. I know that starting from scratch is a bit crazy, but at least I can gather some info to take an informed decision.

utter madness

[andrew]

bencollins4 said:

I’ve been broking this sort of business (and other commercial motor, thankfully!) for over 10 years now and in the last couple of years the market for this type of risk has all but gone.

Those that are still covered are either very long established, very large or using some very dubious overseas markets who dip in and out, several of which have gone bust leaving customers with no cover and no prospect of recovering paid premiums. A few are also insured on totally the wrong basis who will be found out at the first claim……..

In short UK insurers have decided this is a market they do not want to be a part of at the moment. As a new start-up you have very little chance of cover at any price.

can't the op just call it a wedding car business ?

[h0b0]

It looks like Turo are doing UK rentals now which include insurance. Could that be a simple solution?

Turo Insurance

Edited by h0b0 on Wednesday 5th January 19:41

[JeffreyD]

I've been doing this for years and don't know anyone who will do it for a single vehicle start up.

[av185]

Lord Aleem is your man.

[andrew]

h0b0 said:

It looks like Turo are doing UK rentals now which include insurance. Could that be a simple solution?

Turo Insurance

Edited by h0b0 on Wednesday 5th January 19:41

a tad expensive

"
Lamborghini Urus 2019
£850 / day
insurance for +30 years only with £5000 holding deposit
insurance accident damage excess for accident is £20000.
"

Edited by andrew on Wednesday 5th January 19:53

[JeffreyD]

h0b0 said:

It looks like Turo are doing UK rentals now which include insurance. Could that be a simple solution?

Turo Insurance

Edited by h0b0 on Wednesday 5th January 19:41

Maximum claim is 100K and I am pretty certain they don't do that type of vehicle.

[bencollins4]

andrew said:

bencollins4 said:

I’ve been broking this sort of business (and other commercial motor, thankfully!) for over 10 years now and in the last couple of years the market for this type of risk has all but gone.

Those that are still covered are either very long established, very large or using some very dubious overseas markets who dip in and out, several of which have gone bust leaving customers with no cover and no prospect of recovering paid premiums. A few are also insured on totally the wrong basis who will be found out at the first claim……..

In short UK insurers have decided this is a market they do not want to be a part of at the moment. As a new start-up you have very little chance of cover at any price.

can't the op just call it a wedding car business ?

Yes, they could. And they wouldn’t have any self-drive insurance with that - it would be private hire but drivers would have to be employees of the business.

[h0b0]

JeffreyD said:

h0b0 said:

It looks like Turo are doing UK rentals now which include insurance. Could that be a simple solution?

Turo Insurance

Edited by h0b0 on Wednesday 5th January 19:41

Maximum claim is 100K and I am pretty certain they don't do that type of vehicle.

cat D Ferrari

I am the only one that is providing options and not "can't be done" replies. Turo do rent out exotics in the US but may not in the UK due to the limitations of insurance.

To the OP, I would never do what I have suggested. No one makes money out of Turo and the car above has had a hard life humping trees. But, if you want to roll the dice at the casino of lfe... it is possible.

[JeffreyD]

Do Turo do Ferraris in the US?

[h0b0]

JeffreyD said:

Do Turo do Ferraris in the US?

Do they... Sure




Random selection from no where near where I live

[JeffreyD]

I shall be on the blower to them first thing next week.

Must get asked about this three or four times a week

[andymc]

rtacconi said:

Hi,

I was thinking to start a side business by buying and renting a 458/488. It is very easy to find quotes for your car or a contractor's van, but not just for getting insurance for a car hire business.

Do you have any leads? Also any comment or opinion regarding this idea. I know that starting from scratch is a bit crazy, but at least I can gather some info to take an informed decision.

i would prioritise Bradford

[Juber]

h0b0 said:

cat D Ferrari

I am the only one that is providing options and not "can't be done" replies. Turo do rent out exotics in the US but may not in the UK due to the limitations of insurance.

To the OP, I would never do what I have suggested. No one makes money out of Turo and the car above has had a hard life humping trees. But, if you want to roll the dice at the casino of lfe... it is possible.

Great reply, positive mindset is what this place needs rather than doom and gloom!

Any photos of that 458 floating around when it was crashed?

[p4cks]

h0b0 said:

cat D Ferrari

That's been for sale for an absolute age.