snopes.com

snopes.com (http://message.snopes.com/index.php)
-   Crash and Burn (http://message.snopes.com/forumdisplay.php?f=33)
-   -   British driver totals Ferrari one hour after purchase (http://message.snopes.com/showthread.php?t=95891)

Psihala 28 July 2017 03:40 PM

British driver totals Ferrari one hour after purchase
 
A British driver has survived a major crash in his Ferrari, an hour after he bought it. Local police called it a "miracle escape," but the car was not so lucky.

http://www.cbsnews.com/news/british-...fter-purchase/

GenYus234 28 July 2017 03:46 PM

If UK car insurance works like it does in Arizona, it is the insurance company that is hurting. Here, if you already have insurance on a car, a new car purchase is immediately covered and you have 30 days to notify the insurance company. Which would mean that this accident would be fully covered without the insurance company getting one farthing of premiums for this specific car.

Richard W 28 July 2017 05:47 PM

All the articles I've seen on this seem to be quoting the "new" price of the car, when they've not made those for nearly ten years. (The first report I read implied it was a brand-new car). That isn't what he will have paid for it.

Some Ferraris actually appreciate in value, but I don't think the 430 will be rare enough yet to do that. Although it's slightly rarer now...

overyonder 28 July 2017 06:01 PM

Quote:

Originally Posted by Richard W (Post 1955134)
All the articles I've seen on this seem to be quoting the "new" price of the car, when they've not made those for nearly ten years. (The first report I read implied it was a brand-new car). That isn't what he will have paid for it.

Some Ferraris actually appreciate in value, but I don't think the 430 will be rare enough yet to do that. Although it's slightly rarer now...

There's only one Scuderia for sale on Auto Trader UK. 270,000gbp.



OY

Richard W 29 July 2017 12:47 AM

Fair enough! As GenYus said, from the owner's perspective it's probably down to the insurance. (Which can't work quite the way he said no matter where the location, otherwise people would buy and insure very cheap cars, then buy a Ferrari and write it off... much as in this case, I suppose). I had something else to say, but I find myself in a ditch and can't remember it.

UrbanLegends101 29 July 2017 02:54 AM

Quote:

Originally Posted by GenYus234 (Post 1955126)
If UK car insurance works like it does in Arizona, it is the insurance company that is hurting. Here, if you already have insurance on a car, a new car purchase is immediately covered and you have 30 days to notify the insurance company. Which would mean that this accident would be fully covered without the insurance company getting one farthing of premiums for this specific car.

That maybe an Arizona practice?

I've never made that kind of a leap in car value, but whenever I've bought a new car, I'd always contacted my insurance broker and pass along the new VIN and vehicle information. I worked on the premise that as soon as the broker said I was covered, I was good to go and they would eventually send me an adjusted bill for the (almost always) increase in policy costs.

jimmy101_again 29 July 2017 03:39 AM

Quote:

Originally Posted by GenYus234 (Post 1955126)
If UK car insurance works like it does in Arizona, it is the insurance company that is hurting.

Car insurance companies are never "hurting".:) Besides, the guy's next insurance bill for any other vehicles he may own has probably just quadrupled.

Andrew of Ware 29 July 2017 10:10 PM

When I my car, new, in the UK, it came with seven days free insurance from the garage. I then had those seven days to contact my own insurers to get my present policy updated.

Plurabelle 29 July 2017 10:35 PM

When we bought our Volvo we weren't permitted to purchase until we had proof it was already insured. This is Michigan.

jimmy101_again 29 July 2017 10:52 PM

Quote:

Originally Posted by Plurabelle (Post 1955230)
When we bought our Volvo we weren't permitted to purchase until we had proof it was already insured. This is Michigan.

Depends on what kind of insurance.

If you bought the car outright then you are required to have liability insurance but the car itself doesn't have to be insured.

If you buy the car with a loan you'll need both liability and insurance on the car itself.

Liability is required by the gov't, insurance on the car is required by the lender.

Plurabelle 29 July 2017 11:13 PM

We paid cash for the car, so no loan or lender involved.

UEL 29 July 2017 11:59 PM

Quote:

Originally Posted by jimmy101_again (Post 1955231)
Liability is required by the gov't, insurance on the car is required by the lender.

This is the way it has been with all of my experiences buying a car.

I could not get it off the lot without it being plated, and I could not get it plated without the insurance coverage.

Avril 30 July 2017 12:06 AM

I don't recall having to prove anything about insurance when buying any of the four cars I've bought in my life. I had 30 days to switch the coverage over. If I'd wrecked my car on day one, it would have been fully covered (I have comprehensive insurance).

Plurabelle 30 July 2017 07:24 AM

Michigan is, as far as I know, the only state with no-fault insurance as the law. It's a stupid pain in the ass as the only accident we've had in 20+ years of driving involved a drunk driver plowing into my husband. But our insurance company had to cover my husband's (minor) injuries cos no-fault.

thorny locust 30 July 2017 12:30 PM

Quote:

Originally Posted by Plurabelle (Post 1955256)
Michigan is, as far as I know, the only state with no-fault insurance as the law.

New York has it too. I think so do some others.

In New York, also, one needs proof of insurance to get plates, and needs plates to be driving the car. The insurance company will switch over on the day one buys the new car.

UEL 30 July 2017 01:47 PM

I liked it out when I lived in Manitoba. It was public insurance**. So, if the car was registered, you knew it was insured.

There was no varying rate in Manitoba based upon age, gender, etc. Only variable was your driving record. Other provinces did have that. I remember moving as a young soldier from Manitoba to another province and my insurance jumping from $468 per annum to $2020 per annum. Because the new province did not use public insurance.

Also, when my car was totalled (was not being driven, but someone ran into it after they lost control of their vehicle), it was real simple for the Manitoba Public Insurance company to sort out and resolve.

But, they had "no-fault" insurance there too. Was not a big fan of that. Why should it be on my insurance record that some jackass screwing around in his car hit my parked car and totalled it.



Back to an earlier post of mine: I also realised that private purchases (and I'm not certain about used car purchases) did not have the requirement to show insurance at the time of licensing as it was merely a case of signing over the registration.

**The provincial insurance programme covered the basic Personal Liability and Property Damage (PLPD) for all drivers. It also offered increased coverage beyond PLPD for a cost. But I could also go with another insurance company for the coverage beyond PLPD if I chose.

Lainie 30 July 2017 07:03 PM

In Ohio, you can take the car off the lot with temporary tags, which are good for 90 days. It's been years since I financed a car, but I think I had to arrange coverage beforehand (required by the lender).

GenYus234 31 July 2017 02:41 PM

Quote:

Originally Posted by Richard W (Post 1955163)
Fair enough! As GenYus said, from the owner's perspective it's probably down to the insurance. (Which can't work quite the way he said no matter where the location, otherwise people would buy and insure very cheap cars, then buy a Ferrari and write it off... much as in this case, I suppose). I had something else to say, but I find myself in a ditch and can't remember it.

Unless they actually wrecked the Ferrari, such a scheme would be insurance fraud, which is a felony punishable by up to 10 years in prison or $150,000 fine under Arizona law.

Richard W 31 July 2017 02:46 PM

So how do people tell, when buying a new car, if they're going to be prosecuted for fraud for having an accident in the 30-day grace period before they report it to the insurance company? In practice surely that means you'd have to report it straight away? "You don't have to do this, but we might prosecute you for fraud if you don't" is not the best rule...!

GenYus234 31 July 2017 02:49 PM

For one thing, most people buying Ferraris don't (I'm guessing) buy a very cheap car first.


All times are GMT. The time now is 04:37 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.