After 2 months of investigation, we finally hear the follow up news of the infamous accident that roused so much talks in our industry. The online forum are bursting with comments about the conduct of Mr Ma on whether it is worse than now he is proven sober at the point of accident. Debate now spark on his recklessness for driving at such high speed and subsquently beating the traffic lights and killing 2 others. Either way, this opens up an important question to whether the Ferrari’s insurer will now step forward in taking the huge claims that are pending since the unfortunate accident.
In theory, since now that it is proven that Mr Ma was not intoxicated by alochol, the insurer should have no choice but to accept the claims unless they are able to prove Mr Ma is engaged in a race of some sort. As in most motor insurance coverage, the insurer can repudiate any laibility if the insured or the authorized driver is engaged in the following activities:
- Driving under the influence of alochol
- Engaged in any form of racing
- Commercial usage for private vehicle
The above general exclusions varies from insurers however they are usually in these nature.
Therefore, looking at the circumstances of the situation, the insurer sure have no choice but to look into these claims. And on top of the above view, this accident is too public to openly deny a claim which will definitely draw bad publicity to the insurer of the Ferrari.
From my experience in this field, I think the insurer can expect claims coming from these parties:
- Own damages – Ferrari damages from Mr Ma’s family
- Own damages – Mr Ma’s death
- Third party claim – Ms Wu Wei Wei (Passenger of Ferrari) – Injury
- Third party claim – Comfort taxi – Taxi damages
- Third party claim – Family taxi driver – Deceased
- Third party claim – Family of taxi passenger – Deceased
- Third party claim – Government bodies (if any) – Property damages
The claim amount might runs to millions of dollars. It will be interesting to know the outcome claim summary of this case if ever they make public.
I expect Mr Ma to pay about $20,000 ~ $30,000 in premium yearly for his Ferrari. Please correct me and comment here if anyone has experience in insuring these high-end cars.
P.S. Insurer of the Ferrari – AXA
Leonard Chiu
Auto Expert in Insurance, Claims & Market Analysis
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