Why do men like exotic sports cars?

"These cars create an engaging presence with their harmonious blend of flowing, powerful and dynamic lines. They represent a design language expressed through expansive surfaces and proportions that make cars look as if they have been carved out of a solid block of aluminium,” writes an internet blogger.

 

"Motorists immediately feel at ease inside these vehicles with their exquisite leathers and clear styling. They encapsulate a design philosophy that will have a lasting impact on automotive engineering. They are perfectly blended with explosive power and efficiency to create vehicles that are sporty, luxurious and dynamic. More than a vehicle, it is exhilarating art in motion.”

This breathtaking description says it all – these cars are exotic and almost every single man would salivate at the thought of getting behind the wheel of one of them. But what happens when you have an irresponsible individual behind the wheel, one who does not respect the high-performance capabilities of the vehicle in question? It could spell disaster, as the two examples below indicate.

When you deal with claims you encounter many peculiar circumstances, but some remind you of the importance of carefully considered underwriting and the market you have targeted.

Here we would like to highlight two incidents which emphasise the importance of the aforementioned cornerstones of insurance.

 

We have the somewhat undesirable distinction of having settled the highest private motor vehicle claim in South Africa. Have you heard of a Koenigsegg CCXR? Most men will understand how powerful this vehicle is when you say "0 – 100km/h in 2.9 seconds”. It’s very impressive!

 

The accident in question happened in the early hours of the morning on 1 April 2010. When you insure a total vehicle loss with a value of R15m, your first thought is: "This has to be an April Fool’s joke!”

As the story unfolded, it transpired that our client allowed his personal assistant, who also happened to be his 26-year-old nephew, to take the vehicle back to an exotic car dealer at the V&A Waterfront. The incident occurred when the driver mistook the accelerator pedal for the brake and, instead of slowing the vehicle down, accelerated into a wall. Fortunately for our client, the 26-year-old was noted on the policy as a named driver, with a substantial excess to compensate for instances such as this.

The second incident makes for even more interesting reading. When our client ordered a new Ferrari to be delivered to the Southern Cape, he noticed some scratches on his brand-new vehicle upon delivery. He instructed that the vehicle be returned immediately, but instead of taking the vehicle back to the overnight safety of the towing yard, someone other than our client decided to take the vehicle for a ‘joyride’. Yes, believe it! The morning news was full of stories of this brand-new Ferrari write-off.

We are in the business of insurance to provide clients with peace of mind in the event of a loss and that ultimately means compensation when it is due. It is our stated objective to pay claims without any delay or fuss. But of course one can only do this once one is able to unequivocally rely upon the principles of sound underwriting. Understanding the target market is also crucial.