A short while after a client had taken delivery of a brand new Ferrari 458 Italia, it was a tangled mess at the roadside.
He had left it parked, and a van – swerving to avoid a child, who had run into the road – ploughed straight into it. Miraculously, the child escaped unhurt and the van driver suffered only minor injuries, but both car and van were write-offs.
With the 'Ferrari Owners' Club Insurance Scheme' from Lockton:
The 458 was insured with us at an Agreed Value of £195,000, to include the extras he had fitted.
We paid the full Agreed Value of £195,000 – without any deduction for excess or depreciation. Cleared funds were in his bank account, via BACS, within 24 hours of the relevant documents being received.
As a result, he was able to get straight on with ordering a replacement.
With a standard policy:
For any cash settlement, the client would probably be obliged to accept the so-called 'market value' – which could be up to £25,000 less than he paid – minus an excess.