Struggling with Supercar insurance

[Paracetamol]

Since the demise of AIG I am really struggling with car insurance in the UAE.

Does anyone have recommendations for a company or broker that is used to dealing with supercars. I have tried the usual suspects such as AXA and RSA etc

[Gaffer]

Might not be able to help you but my guy managed to get my GTS insured Fully Comp when RSA were refusing to do.

PM if you want his details if you want to try him, nothing to lose I guess.

Claire

[e21jason]

Hi I have got fully comp on classics from theses guys

Rahul Roy
Greenshield Insurance Brokers LLC.
Tel: [phone] Ext. 208| Fax: [phone]| Mob: [phone]
Email: [e-mail]

Bob Bhowmik
[phone]
www.TFPuae.com

[Jules360]

e21jason said:

Hi I have got fully comp on classics from theses guys

Rahul Roy
Greenshield Insurance Brokers LLC.
Tel: [phone] Ext. 208| Fax: [phone]| Mob: [phone]
Email: [e-mail]

Bob Bhowmik
[phone]
www.TFPuae.com

Looking for someone to insure my Challenge Stradale now AIG have deserted us. Do you mind telling us what sort of rate they quote on old stuff ?

[Stylus]

What's happened to AIG?

[Jules360]

They no longer do personal insurance in the UAE

[Paracetamol]

Total PITA. Between the banks and insurance companies, it is all but impossible to viably buy and run an older (and I am talking something as recent as a 2013 Ferrari 458) or classic car in this region now.

Most (not all) insurance companies will not provide comp cover for performance cars and cars over 7 years. Further, they will not provide main dealer repair on cars over 4 years. Try taking your aluminium and carbon fibre space frame car to their approved repair shop in Mussafah (!).

Only good thing is that the new law states that if the repair is over 50pc or any of the chassis or pillars need to be cut to effect a repair then the car is a write off..However, their botch merchants will try to repair it anyway to make money I am sure.

All of this will effectively kill off used cars sales of performance cars in the UAE..perhaps that's what the insurance authorities want..

[DubaiJohn]

Just a placeholder to remind to look at my docs this evening for the McLaren. I did it via the dealership and it is not one of the usual suspects. I'll update this evening - or more likely tomorrow when the first hangover of the holiday eases.

[Stylus]

Hmm, I've currently got the V8V insured with them and they we're the only one's who would touch it.

[Jules360]

OK, I got the CS insured through Gargash Insurance. Fully comp and Agency repairs all included at a very reasonable rate.

[Gaffer]

Carl Mathew.
Ast.Vice President - Motor Dept.
Al Nabooda Insurance Brokers
Mob : [phone] | 055 969 0872
Direct : 04 312 1324
Fax : [phone]

Fingers crossed, dreading the day when the GTS isn't insured fully comp, amazing the amount of people that can't see it and try to drive into me.

Claire

[Paracetamol]

Jules360 said:

OK, I got the CS insured through Gargash Insurance. Fully comp and Agency repairs all included at a very reasonable rate.

Thats ironic...they could not get coverage for my new to me 2013 SLS GT...and they are owned by the owners of the main Mercedes dealer in Dubai!

[El Capitano]

His name has already been mentioned, speak to Bob. He's just setup GulfClassics for precisely this reason. He is an enthusiast looking to help out and solve this insurance problem.

www.gulfclassics.com

[Paracetamol]

El Capitano said:

His name has already been mentioned, speak to Bob. He's just setup GulfClassics for precisely this reason. He is an enthusiast looking to help out and solve this insurance problem.

www.gulfclassics.com

I called him a couple of times but no answer...

[stuckmojo]

Greenshield insured my G55 AMG at 10 years old fully comp. Had to give a way a little bit in value (got probably 90% of market value) but that was way better than 3rd party only

[DubaiJohn]

The 12c is insured with the snappily titled Dubai Nationa Insurance and Reinsurance. Www.dnirc.com. Can't comment on service but price wise were good and the policy is as good as RSA who I had all my audis with.

[Paracetamol]

Thanks chaps and lady..

Nearly sorted but not an easy task. Another thing to watch for ia that the insurance authorities have put in a new rule relating to excess.

For sports cars they alllow up to an extra 15 pc of the claim value to be an additional excess. The wording is vague and states that the insurance company MAY charge this amount.

So be careful out there with your expensive cars as thats a hell of a lot of cash to self insure.

OK Thanks

 

For your reference please find the Decision of 2016 from the Insurance Authority.

 

 

http://www.ia.gov.ae/en/Documents/Insurance%20Auth...

 

 

Chapter 3 Section 10

Edited by Paracetamol on Friday 23 June 13:16

[Corso Marche]

Ok -- far from supercar insurance, but I've just taken out my first policy here in AD on a 1.8 white-good appliance for the wife. Only here since Jan, only managed to get my UAE licence in March and had to stump up an additional 995AED charge on the insurance as it was a 'new' licence. Supplied them with my full EU licence which I've held for 22 years as it was hoped it would be accepted and so avoid the extra premium, but met with a resounding 'No'.

Anybody else heard of similar extra charges for people moving to the UAE ? Makes owning anything remotely half-interesting in your first year here a non-runner with extra charges like that which are a % charge of the premium, (an extra 35% of the premium in this case).

[shirt]

Haven't heard that. Certainly didn't apply to me when I arrived (2011) and none of our new starters at work have mentioned it. The only additional premium im aware of is that for young drivers.

Doesn't surprise me tho, seems anything motoring related has become a huge target for revenue generation recently.