Ferrari Insurance
Discussion
Renewed insurance on my cars today.I questioned why it was 25% more expensive to insure a 2001 550 Maranello that is garaged in Somerset than a 2002 Aston Martin Vanquish that I park on the street in central London.
I was told that the Ferrari Owners Club scheme has had a very high claims record whereas this was not the case with the Aston scheme hence the difference.
Struck me that rather than benefitting from a group scheme I was being penalised because of claims made by others in the Ferrari scheme.Too lazy to do anything about it this year but what do others think ?
I was told that the Ferrari Owners Club scheme has had a very high claims record whereas this was not the case with the Aston scheme hence the difference.
Struck me that rather than benefitting from a group scheme I was being penalised because of claims made by others in the Ferrari scheme.Too lazy to do anything about it this year but what do others think ?
My experience of the Ferrari Owners Club scheme was such that I decided to have a look at comparison websites to see if I was getting a bad deal. I was quoted £600 per year with Lockton for the upcoming year, same as last year.
I looked at a comparison site and found that I could get the same insurance for about £300 with the exception of being able to go to a repairer of my choice in the event of a claim. There wasn't much difference in anything else, perhaps a bit of European cover, which given I'm in Aberdeen isn't really relevant.
In the end, I went with the Lockton policy, simply because I figured if I did have a claim, I know exactly where I want the car to go. There are no local specialists in the Aberdeen area, so with the comparison policy, I'd end up getting repairs done by some snotty kid who would be down the pub at night telling his mates he's figuring out how to fix a Ferrari, and probably doing a botch job of it.
I agree it stinks. but this year I didn't have time to find a policy which would let me repair the car where I chose, so I went with the FOC scheme.
I looked at a comparison site and found that I could get the same insurance for about £300 with the exception of being able to go to a repairer of my choice in the event of a claim. There wasn't much difference in anything else, perhaps a bit of European cover, which given I'm in Aberdeen isn't really relevant.
In the end, I went with the Lockton policy, simply because I figured if I did have a claim, I know exactly where I want the car to go. There are no local specialists in the Aberdeen area, so with the comparison policy, I'd end up getting repairs done by some snotty kid who would be down the pub at night telling his mates he's figuring out how to fix a Ferrari, and probably doing a botch job of it.
I agree it stinks. but this year I didn't have time to find a policy which would let me repair the car where I chose, so I went with the FOC scheme.
Agree with slf2012 comments, being able to choose where my 328 would be taken for repair if damaged and being able to retain the salvage if a total loss, subject to T&C's, was a priority for me when renewing with Locton's through the FOC, rather than shopping around and trying to save a few quid. And you get a dedicated contact name who is based in London. Within the last couple of days I have made an amendment to my policy and received the revised documentation confirming the change by e-mail within 24 hours.
I've had the same experience....Ferrari insurance up 30% y-on-y. I got told the same thing about higher claims...madness as I was paying £700 about 2 years ago. Am getting quotes of £1700-2000 for a 360CS parked in a garage in London! And thats from Hixcox (via MWA) and Lockton...anyone got any other good options/contacts?
I'm not sure the comments about not being able to choose the repairer are totally correct.
I thought with any policy you can choose where you get your car repaired providing you get an upfront quote etc.
The difference is you have to do the legwork and may not get a courtesy car etc........
I had a claim a few years back with one of the budget insurers and that was how it worked for me. You just need to push back a little as most of them now own their preferred repairers and obviously try to steer you in that direction..
The big benefit for me is agreed value...
I thought with any policy you can choose where you get your car repaired providing you get an upfront quote etc.
The difference is you have to do the legwork and may not get a courtesy car etc........
I had a claim a few years back with one of the budget insurers and that was how it worked for me. You just need to push back a little as most of them now own their preferred repairers and obviously try to steer you in that direction..
The big benefit for me is agreed value...
gt500nick said:
Classic line are my cheapest insurer my cs is £1100, 1500 miles, track day cover, break down, 3 months European cover, agreed value, and most tell me double that or they can't cover me because I'm not over 30.
Thanks for the pointer, my insurance is up in the next couple of weeks and classic have just quoted me half the price with better cover. virtual pint awarded 
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