Buying a supercar will probably be one of the most exciting purchases you will ever make, but before you buy make sure you follow these six tips from Stuart Eadon
Pictured above: BAC Mono
1. Get the best independent advice for your circumstances by speaking to a specialist broker.
2. Agreed value – supercar prices can fluctuate greatly depending on what model you choose to buy and the market conditions; if you want the security of an agreed pay-out in the event of a total loss then you will need an agreed value policy.
3. Choice of Manufacturer repair – should damage occur, ideally the policy should enable you to take the vehicle to the repairer of your choice. Most insurers have an ‘approved repairer’ network but typically this will exclude main dealer or franchise centres. For example, left to their own devices, most insurers would insist on taking a Ferrari back to a ‘specialist repairer’ as this will usually be cheaper than an official Ferrari franchise. While typically the repairs will be guaranteed for two years, there is no guarantee that they will use approved manufacturer parts. This could have a significant impact on the future value of your supercar.
4. Unlimited windscreen cover – a supercar windscreen replacement cost would generally be from £3,000 – £4,000. If your policy has a limit of £1,500, which is fine for most standard motors, you will be asked to make up the difference. Additionally, if your glass needs replacing by someone other than the insurers approved glass specialist, this could affect your No Claims Discount and be subject to a higher level of excess.
5. Don’t presume the extras or specification of your car is covered automatically. Many standard policies do not cover this within the vehicle value unless you specify them to the insurer.
6. Consider what commercial advantage you can gain for yourself. What can you bring to the table? Like most things, insurers operate on economies of scale – so if you have others cars or home insurance, a specialist provider could make you a better offer by combining your needs.
Stuart Eadon is Sales Manager at First Point