Thanks Garry, yeah i've come across a couple policies myself where something went amiss. I've heard of situations where a client is picking up a new vehicle and the broker substitutes the vehicle for the day of the exchange and the client got into an accident on the way to get the new car, but there was no insurance on the older car already, insurance company was still on the hook for it.
Insurance does get a bad rap sometimes with the perception of being evil and stealing money and denying claims lol, but there are a lot of dishonest people out there making fraudulent claims which bumps everyone else's insurance up (unfortunately that's the way insurance works), but you have to remember that an insurance company is a business first and foremost, they need to make a profit, same as a bank or any other company providing a service.
The ZR1 vs F40 example doesn't surprise me, it's curious but not surprising, as i've said before, there are probably more ZR1's on the road and claiming insurance compared to F40's, it's not just about the value of the car, but how much an insurance company expects to pay out for it.
A simple explanation would be that most expensive cars are usually well maintained and babied around by their owners which results in less claims, less claims for a particular make and model of car means less money given out my insurance companies which means cheaper insurance all round for owners of that car.
As far as deductibles go, most companies will charge a % deductible instead of the standard $500 or $1000 or $250 etc. for high value vehicles. We have a client with a $250k lambo and the deductible is 5%, so if anything happens to the lambo, the owner pays the first $12,500 before we pay.
Cheers,
Felix
Insurance does get a bad rap sometimes with the perception of being evil and stealing money and denying claims lol, but there are a lot of dishonest people out there making fraudulent claims which bumps everyone else's insurance up (unfortunately that's the way insurance works), but you have to remember that an insurance company is a business first and foremost, they need to make a profit, same as a bank or any other company providing a service.
The ZR1 vs F40 example doesn't surprise me, it's curious but not surprising, as i've said before, there are probably more ZR1's on the road and claiming insurance compared to F40's, it's not just about the value of the car, but how much an insurance company expects to pay out for it.
A simple explanation would be that most expensive cars are usually well maintained and babied around by their owners which results in less claims, less claims for a particular make and model of car means less money given out my insurance companies which means cheaper insurance all round for owners of that car.
As far as deductibles go, most companies will charge a % deductible instead of the standard $500 or $1000 or $250 etc. for high value vehicles. We have a client with a $250k lambo and the deductible is 5%, so if anything happens to the lambo, the owner pays the first $12,500 before we pay.
Cheers,
Felix
.... long story short, both me and the rabbit would have preferred that I not hit it.
) the reason for this is because insurance companies are kinda sneaky sometimes and try to get more money out of you (after all it is a business), so they have tiered mileage and they usually make the cutoffs round numbers because people like to guess round numbers. That way when you guess 25km....uh oh, you're in the next rate bracket! Each company may have different cut offs so don't use my 25km example as the gold standard.
