[360soldier]

I asked this question in another forum, but I wanted to see if I could get some more thoughts in a new topic.

Does anyone here self insure their Ferrari? I did a quick spreadsheet on the salvage values of a 2001 360 and the parts are worth a LOT more than the car. I had to use some fuzzy math (due to the limited actuarials) on the frame and motor, but even down 15% on either the chassis OR the motor (but not both) the salvage value was still about $130K. I had to assume that the car would not be hit in the back and I assumed that the damage would be isolated to one side. This might be the achilles heel of the idea.

We buy brand new motorcycles and turn them into parts all the time, it's a twist on the traditional salvage operation. This is just an offspring of that idea...

The other killer is the simple convenience time/money factor. Even at $500 a month in premiums, for the self insurer to find a decent ROI they would have to go absolutely "claimless" for nearly 48 months. Yeah, the more I think about it the less sense it makes. Then there's theft claims and un/underinsured motorists. Yeah this idea sucks.
I'll post it anyway, just to throw the idea out.

One thing's for sure though, if I have a totalled out Ferrari I could buy it back from the insurance company (even for quite a bit more then I should) have it parted out, and do very well on it. If anyone's interested in the values I dug up I'll be happy to share them. Just kind of thinking outloud here.

 

[Dr. Bob]

well, I don't think I would take that risk... If you can afford a 360, just pay up the insurance. The idea that the car is hit in the back, or damaged on more than one side would scare me every time I would drive the car. And you don't want to feel uncomfortable while driving the car, do you
Also remember that the figures you dug up are probably for new parts. When you start driving the car, the parts will drop in price, aspecially the wear parts. Also, when you had a hard crash on the front, it is possible that you damage the chassis. I don't know for sure, but I think it would be very hard to sell a damaged chassis. You can maybe repair what you see, but I bet it got some unnoticable stresslines that can cause problems later.
In short: Maybe you can do it for a new bike/car, but I would take the chance on a regular drive 360. Too much money on the line...

 

[360soldier]

Dr Rob I agree, I don't think the risk is worth it. It was just an idea, and it works well with bikes and some cars.
FWIW tho, I did use used parts for the analysis. A used chassis, even burnt to the ground and absolutely demolished, sold for $30,000 because it had a clear title. I saw a motor sell for $26,700. I don't have any misconceptions about where the frame (or rather, the title and dash board pieces) is going and that part is unfortunate but it doesn't change the value of the parts. It was just an idea, a bad one- but an idea.

It excercised my mind and I learned something valuable- if I ever (perish the thought) wreck my 360 I'll be buying it back from the insurance company for anything less than $50K.

Outside of this context, "My 360" is something I could get used to saying, I cannot wait to get this car. I've had posters of 348s and 308s and 355s up on my wall since I was a kid in the late 80s, to think that this is finally happening really just makes me happy. It doesn't define me but it sure is a neat experience.

 

[Dr. Bob]

I'm sure it is
Dreaming of the day you are going to the dealer to pick up your car, that's one of the best days of your life :wink: