Today on Legal Briefs, for the first time, we answer a Subscriber’s Legal-ish question:
Can he rent an exotic sports car if he’s been involved in an accident before?
So, you are going on a vacation and want to drive around in style or maybe you want to give a special gift to your husband for a weekend and let him drive around in a Ferrari to the grocery store. That would be a great Father’s Day gift.
The short answer to the question is that:
You can absolutely rent an exotic car EVEN if you’ve recently been involved in a car accident – FOR A PRICE. The issue is simply one of insurance. Bentley, Aston Martin, Ferrari – these cars cost over $200,000 brand new and are expensive to fix.
Even the Maserati I am driving in, although not in the supercar level, is not a normal car to maintain or repair. Warp the rotors on this car and you are talking thousands of dollars in repair work – thousands with an “s.” Painting a panel of a $300,000 car is done by guys that charge as much as …as lawyers do per hour!
Major front-end damage to a Ferrari can easily run over $25,000 to repair. So, the first thing you need to do when thinking about a rental is look at your auto insurance policy. A lot of insurance companies decline coverage for rental vehicles – looking at you Geico.
The second thing to look at is how much coverage you have – most people don’t carry more than $25,000 because that is more than enough to repair your Toyota Camry. You are going to need additional insurance – a lot more.
In this example, this Jane Doe has EXCELLENT insurance. What you need to look at is your COLLISION coverage. That is the amount you will have for damage to your Ferrari rental in case of an accident. Not Property Damage Liability or Comprehensive but COLLISION. You need at least $50,000.
Why? Because a supercar is hard to drive – you have very hard suspension, 600 horsepower and you are playing with paddle shifters – that is a recipe for disaster! And THAT is why you absolutely need to purchase additional insurance and will likely be required by the rental company to purchase additional insurance. And after that? Have fun.