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Old 28 July 2017, 03:40 PM
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Psihala Psihala is offline
 
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Driver 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/
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Old 28 July 2017, 03:46 PM
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GenYus234 GenYus234 is offline
 
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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.
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Old 28 July 2017, 05:47 PM
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Richard W Richard W is offline
 
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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...
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Old 28 July 2017, 06:01 PM
overyonder overyonder is offline
 
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Quote:
Originally Posted by Richard W View Post
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
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Old 29 July 2017, 12:47 AM
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Richard W Richard W is offline
 
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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.
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Old 31 July 2017, 02:41 PM
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Quote:
Originally Posted by Richard W View Post
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.
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Old 29 July 2017, 02:54 AM
UrbanLegends101 UrbanLegends101 is offline
 
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Quote:
Originally Posted by GenYus234 View Post
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.
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Old 29 July 2017, 03:39 AM
jimmy101_again jimmy101_again is offline
 
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Quote:
Originally Posted by GenYus234 View Post
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.
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Old 29 July 2017, 10:10 PM
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Andrew of Ware Andrew of Ware is offline
 
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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.
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Old 29 July 2017, 10:35 PM
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Plurabelle Plurabelle is offline
 
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When we bought our Volvo we weren't permitted to purchase until we had proof it was already insured. This is Michigan.
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Old 29 July 2017, 10:52 PM
jimmy101_again jimmy101_again is offline
 
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Originally Posted by Plurabelle View Post
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.
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