You Just Crashed A Ferrari, What Now?
Have you ever wanted to fly down the highway behind the wheel of a Ferrari or Lamborghini?
Renting an exotic car is fairly easy in most cities and while it can be expensive, the thrills will last you a lifetime.
Exotic cars can be rented for a single day, a weekend or even a week. Gotham Dream Cars and other rental companies will deliver an exotic car right to your door and most have a huge selection of exotic cars to choose from.
There are limitations, most rental companies only allow you to put about a 100 miles a day on the car and after that you will be paying a pricey $2.00-$5.00 a mile depending on the car.
While the rental can run around a $1000 a day for a Lambo, a Ferrari can cost upwards of $1500 a day. Many companies require a $5,000 to $10,000 deposit before they will hand over the keys.
It’s important to remember that these types of cars are precision driving machines and bursting with power. Driving them can take some practice and one small error can end badly for the car and you so taking it slow until you get the feel for it is the best advice.
So what happens if you end up crashing your exotic rental?
Insurance and Exotic Rentals
While some companies will provide insurance as part of the package, the majority of exotic rentals depend on your insurance coverage as the primary policy. Exotic rental companies will verify your insurance information before letting you slide behind the wheel so make sure your policy is in order before signing up.
The majority of personal polices will cover a rental. As long as you carry full coverage on your daily driver that coverage extends to any rentals, including exotic cars. Read your policy carefully as some have payouts that are capped at the actual cash value of your car, which will leave you dramatically short on an exotic car.
There can be other insurance issues as well. In many cases, personal policies do not cover loss of use, which means that you could be on the hook for the money that the rental agency is losing while the car is being repaired.
It is a good idea to call your insurer before renting a car that is much more valuable than your daily driver. It is possible to raise your limits for the rental period; your agent should be able to advise you on your options.
While most credit cards do offer secondary car insurance on rentals, they all exclude exotic cars in the fine print. If you have an American Express card you can take advantage of their Premium Car Rental Protection. This plan offers 42 days of coverage and limits of 100,000, all for the low price of $25.
Renting an exotic car is dream come true for many people, but insurance issues can quickly turn your dream into a nightmare. Before slipping behind the wheel of an exotic protect yourself by talking to your agent to make sure you are covered in the event of an accident.