Lamborghini Insurance...

ditzymuppet

cheggers wrote:

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.

Yep, I once got talking to some England Rugby players (I wasn't totally aware of who they were....!), jabbering away about car insurance type things...and even though he drives a nice little 4door saloon car for him and his family and dog, the insurance is absolutely extortionate, because if he crashes, then there are a lot of expensive men in the car.... so yep! That one is very true

~ditzy x

jockettuk

The way i see it if you can pay the average cost of a house for a car then who cares what the insurance costs because its probably pin money to those who have these cars..:rolleyes:

shelly

kmhtkmhtkmht wrote:

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?

I think you would have to be the higher end of the age's you refer to for ins co's to touch you at all being Joe Public. I think sportsmen get ins on these types of cars because of a) who they are b) the ins co's know they will pay any price quoted to them.

Our car is a group 19 with some co's and 20 with others. I am 30 (ouch) and hubby is 34. No accidents/claims/losses only that hubby has 3 old points for speeding. Some co's wouldn't touch us and those that did wanted stupid money. In the end I got a good deal by cancelling my car's policy and insuring both cars with 1 company.

Tahiti

jockettuk wrote:

The way i see it if you can pay the average cost of a house for a car then who cares what the insurance costs because its probably pin money to those who have these cars..:rolleyes:

Fair point.

I can tell you that a client I work for who's in his 50s owns and drives an Aston Martin Vanquish and pays just £1,200 per annum via a broker. I don't know what the terms are, but he did say his excess was huge! This is a second car, and I assume he has a limited mileage, but that price is less than I paid on my first car (a Rover!!!).

point3

35 is the age, unofficially, at which you are no longer considered a boy racer!

Interestingly, if you own several 'specialist' cars and are named as the only driver then there are apparently brokers who can arrange to have them all on one insurance policy for a minimal premium. This I learnt from a bloke who owned half a dozen cars worth more than three times the cost of their house! :eek: The reasoning by the insurance company was that if he was the only driver, then only one car would actually be driven at any one time, he would only cover a low mileage and if he were a collector then he would be more inclined to drive with extra care. His premium was something ridiculously low like £600. He was just picking up a brand new AMG SL55 he had bought for the gf, so I'd hate to think what his other cars were!

kmhtkmhtkmht

I have been thinking about this problem and I do not see any barrier in setting up an insurance company and insuring myself.

Insurance companies aren't "special" and don't need any special forms or anything, they can be opened with a general memorandum (I am presuming) and registered like any other insurance company - I really do not see any barriers other than the 50 odd quid to pay companies house!

The regulations are here " http://www.opsi.gov.uk/si/si1994/Uksi_19941516_en_1.htm " covering The Insurance Companies Regulations 1994 - I am fishing through it and who knows, when I can afford one of these vehicles I will be able to cover myself and not let folk make money outta me!

maclean2

I don't have all the docs here but first of all you need capital of £ 5 0 0 0 0 0 to be able to set up an insurance company in the UK and you also need to be a fit and proper person so riff raff need no t apply.

kmhtkmhtkmht

Half a million pounds in capital to save maybe 20,000 quid a year isn't worth it. Or perhaps you can put up the capital, as the company buy the car, so you'd now have 310,000 pounds left, afterwards just re-appropriate the 310,000 to better uses? Capital is just an initial requirement and you can spend it how you like but definately an interesting proposition - I am sure you can claim the tax back on the car purchase too claiming it is for business use...