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Old 27.07.2015, 23:51
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Insuring a vintage Ferrari

Hi guys

I have a vintage Ferrari (328 GTS) insured with Baloise.
I called my agent to let him know that the value of my car has increased quite a bit the last few years and I wanted to adjust my car insurance accordingly (the prices for these cars have basically doubled up to approx 100k CHF). He said that's not possible. What counts is the amount I paid for the car a few years ago, not today's value.


Does that make sense to you ? Do other insurance companies allow to adjust the value of my car ? If it helps, the two cars use a transferrable plate (both ferrari).

Thanks for your opinions.
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Old 28.07.2015, 00:21
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Re: Insuring a vintage Ferrari

[Joke]

There is a thread for first world problems. In future please use the search function, http://www.englishforum.ch/daily-life/197440-first-world-problem-thread.html

[/Joke]

Last edited by Sbrinz; 28.07.2015 at 01:14.
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Old 28.07.2015, 00:31
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Re: Insuring a vintage Ferrari

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There is a thread for first world problems. In future please use the search function,

The First World Problem Thread
Dear Sbrinz, thanks for your reply - appreciate it. I will go thru the link.

I did use the search function. But I didn't find anything, shame on me.

Night Night.
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Old 28.07.2015, 00:33
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Re: Insuring a vintage Ferrari

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Dear Sbrinz, thanks for your reply - appreciate it. I will go thru the link.

I did use the search function. But I didn't find anything, shame on me.

Night Night.
wow 51 pages...I will read it on holiday when I'm bored
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Old 28.07.2015, 00:35
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Re: Insuring a vintage Ferrari

Oh wait you want me to ask this question is that huge thread ?? I don't deserve my own thread ?
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Old 28.07.2015, 00:40
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Re: Insuring a vintage Ferrari

Value is irelevant, the original sales price when new is the only thing that matters.

Tom
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Old 28.07.2015, 00:55
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Re: Insuring a vintage Ferrari

I'm not sure how Swiss car insurance works. In the UK they normally pay out, what it would cost to buy that exact same car again at today's price (normally less than you bought it for, in a normal car). You might want to look at specialist insurance.
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Old 28.07.2015, 01:16
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Re: Insuring a vintage Ferrari

There you go! You now have 4 posts, another 6 and you can begin selling something... (it's amazing the things I do for Newbies... )
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Old 28.07.2015, 01:16
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Re: Insuring a vintage Ferrari

Check with another insurer.
I brought a 1972VW Cabrio with me in 1988. When I went to insure it with Zurich, they sent me to their assessor who valued it at CHF10,000. I had paid $2,000 for it ten years earlier in the US. Of course my insurance rate refelcted the higher value, but the insurance paid one CHF6,000 damage claim when I needed it.

PS I sold the car in 2008 for $12,000 so I guess the assessment was fair.

Will
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Old 28.07.2015, 01:57
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Re: Insuring a vintage Ferrari

I have no idea how to answer your question, but perhaps, if you want to get a second opinion from other insurance companies specialized in classic cars, the info contained in this thread might be helpful.

Good luck!
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Old 28.07.2015, 08:44
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Re: Insuring a vintage Ferrari

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Hi guys

I have a vintage Ferrari (328 GTS) insured with Baloise.
I called my agent to let him know that the value of my car has increased quite a bit the last few years and I wanted to adjust my car insurance accordingly (the prices for these cars have basically doubled up to approx 100k CHF). He said that's not possible. What counts is the amount I paid for the car a few years ago, not today's value.


Does that make sense to you ? Do other insurance companies allow to adjust the value of my car ? If it helps, the two cars use a transferrable plate (both ferrari).

Thanks for your opinions.


Imagine that the Ferrari would be stolen.
Would you expect the insurance company to pay the original value or the current value?
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Old 28.07.2015, 08:47
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Re: Insuring a vintage Ferrari

You probably need to seek out a specialist insurance company, which covers classic car appreciation better.

Most run of the mill insurance companies will pay out on present market value .... but only when this is less than new or second-hand purchase cost.

When it comes to insurance, the consumer seldom comes out on top.

I soon wised up, when the broker always encouraged me to put an over-inflated value on a vehicle for a new policy. I can guess that this translated into a higher premium and better commission for the broker, but the insurer would still only pay out current market value.

Nope .... find a specialist insurer - it might cost more, short term in premiums, but if you shit should ever hit the fan, then it might just have been worth it.
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Old 28.07.2015, 08:56
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Re: Insuring a vintage Ferrari

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Most run of the mill insurance companies will pay out on present market value .... but only when this is less than new or second-hand purchase cost.
It is estimated mine has appreciated in the last 12 months - but is still under the new price. I suspect in a few years that will change - at which point I'll need to figure out insurance.

I've not researched "split" policies over here. For example if the Enzo was to go on track there would be insurance with a 20,000eur excess - that excess can then be insured - itself with a 500eur excess.
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Old 28.07.2015, 10:21
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Re: Insuring a vintage Ferrari

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It is estimated mine has appreciated in the last 12 months - but is still under the new price. I suspect in a few years that will change - at which point I'll need to figure out insurance.

I've not researched "split" policies over here. For example if the Enzo was to go on track there would be insurance with a 20,000eur excess - that excess can then be insured - itself with a 500eur excess.
Wait wait wait! You own an Enzo?
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Old 28.07.2015, 10:51
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Re: Insuring a vintage Ferrari

Not sure about the insurance, but if you want to meet up with other English speaking Ferrari drivers in Zurich for a chat and a drive, then we meet ca. once a month, usually by the lake in Mythenquai on a Sunday.


See here:
http://www.ferrarichat.com/forum/eur...thread-26.html


Other exotic cars are welcome.


p.s. If your post contains the word "Ferrari" then you should expect at least one "first world problem" post.
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Old 28.07.2015, 11:00
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Re: Insuring a vintage Ferrari

#1 son's done this for a couple of his Minis:
You need to find a specialist insurance company; most insurance companies should be able to provide you with a name if you ask nicely, they'll require an expert valuation and probably impose a few conditions (garage storage, limited mileage), but it's perfectly possible to get cover for a vintage car that reflects it's value.
Is there a Ferrari-owners club in your area?, they'll almost certainly know what to do!
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Old 28.07.2015, 11:07
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Re: Insuring a vintage Ferrari

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Value is irelevant, the original sales price when new is the only thing that matters.

Tom
No, think Picasso painting.....you can insure for whatever amount you want to, it's a question of agreeing a policy and a premium !
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Old 28.07.2015, 11:08
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Re: Insuring a vintage Ferrari

Try speaking to Pierre Sudan in Zug. I know they have links with a specialist insurer/broker for track day insurance. I can't for the life of me remember who it is though. I'd have thought if they can't help directly, they could point you in the right direction.
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Old 28.07.2015, 11:23
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Re: Insuring a vintage Ferrari

It is always stated that Lloyds brokers in London will insure anything. It is just a question of finding the right partner.

https://www.google.ch/#q=lloyd%27s+underwriters
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Old 28.07.2015, 11:30
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Re: Insuring a vintage Ferrari

or try OCC
http://www.occ.ch/ch/versicherungen/...ueber-occ.html
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