Lamborghini Insurance...

kmhtkmhtkmht

Not that I can afford one at all but I am wondering how much would it cost for to insure, for example, a new Murcielago LP640 (Costing £190,000) for a new license 18 year old for example? or a "seasoned" 21 year old? or a older gentlemen at 40?

Pulse

Well, standard insurance is 99% IMPOSSIBLE for anyone under 25 on one of those.

BUT

You can get trade insurance for anyone with a licence afaik, and there was a kid who learned to drive and passed his test in his own ferrari, and is insured under a trade insurance account for the miniscule amount of just £20k!

kmhtkmhtkmht

Wow. That was the number I was informally told when enquiring about the Bugatti Veryon for a seasoned 25 year old... Thakns for the information - how about for the other "older" age groups?

Are there any loopholes around these exorbant charges? Perhaps registering your own insurance company and just insure yourself if you are under 25 and in search of one of these

NiceGuyG

I suppose if you had fully comp on a banger (mine costs £400), then you should be able to drive anyother vehicle third party, Personally the idea of driving a £190K in third party for me would be a tade worrying, however is is a solution

trigger_mike

Why bother trying to get a qoute anyway, the chances of seeing one let alone buying one are remote!

kmhtkmhtkmht

I was waiting at the airport and bumped into a car dealer associate I know and cause we had nothing to do but wait we chatted about cars and such, the Bugatti Veryon was a topic and he said insurance would be roughly about 20000 for a 25 year old... That is why I asked. I personally still like the Lamborgini LP640 more!

calleyw

NiceGuyG wrote:

I suppose if you had fully comp on a banger (mine costs £400), then you should be able to drive anyother vehicle third party, Personally the idea of driving a £190K in third party for me would be a tade worrying, however is is a solution

I have a feeling that a lot of insurance companies are phasing out the drive any other car option on insurance now. I know that norwich union have or in the process of.

For exactly that reason. People buying big cars that they can't afford to insure. So buy a cheap run around and then drive the other car.

More info

Yours

Calley

Rudolph

As an Insurance office a few examples....26 yr old 360 spyder ferrari with a previous large accident £4500 per annum
Aston Martin DB9 "Clean" 32 year old SE England £1800
Top Notch "Tracking" Alarm systems are a must.

On very expensive cars, the excess (IE where you would pay the first £50 of your claim) can be represented as a percentage of the vehicle value ie at 5% a £200000 car you'd have to pay the first £10,000, (with a substantial minimum) small change if you can afford the car in the first place!

If the car is driven under the "driving other cars" section of your certificate, bear in mind that the vehicle must independently be insured to be on the road or, if you got out of the car for a moment and it rolled down a hill and caused damage the claim would be directed to the car

cheggers

You just wonder what premiership footballer pay for there insurance on there sports cars (I know they earn a lot and can afford it), half the premiership seems to own a DB9 or Bentley GT

I used to know a guy who played in the 2nd Division and his insurance for a Saxo VTR was £3K as he was classed as high risk for being a sportsman as he would more than likely have his team mates in the car with him and any claims after accidents could be massive.

Pulse

NiceGuyG wrote:

I suppose if you had fully comp on a banger (mine costs £400), then you should be able to drive anyother vehicle third party, Personally the idea of driving a £190K in third party for me would be a tade worrying, however is is a solution

Not true. The car you're driving third party has to be insured by someone. If you look into the details, it's actually "You are allowed to drive someone else's car, covered third party only, if the car is insured by the owner".

No easy way around it.

biblejohn

calleyw wrote:

I have a feeling that a lot of insurance companies are phasing out the drive any other car option on insurance now. I know that norwich union have or in the process of.

For exactly that reason. People buying big cars that they can't afford to insure. So buy a cheap run around and then drive the other car.

Thats understandable, but why dont they change it to let you drive any other vehicle of a lower value or lower insurance group instead. That way the insurance company will not have to pay out any more, or have a higher risk than they have currently.

I have 3 cars & 3 motorbikes and have to insure them all seperately if i want to use them all. Even though im happy with 3rd party only insurance and physically cant drive more than 1 at once!!!!

Ive looked into some companies who offer you discounted insurance on a second car, or even trade insurance, but they are still a lot more money for the same risk to the insurance company.