It is almost every hot blooded man’s dream to own a Ferrari or a Lamborghini, but expensive cars come with expensive insurance premiums. Because exotic cars are placed in a high risk category due to their appeal to thieves and incredible cost of repairs, car insurance providers charge a higher rate of insurance premium to compensate.

To illustrate why these premiums are so high, below are a few examples of the most outrageous exotic car insurance claims:

1. Ferrari Enzo: Suleyman Kerimov, businessman and multi-billionaire listed by Forbes as one of the world’s richest people, Suleyman Kerimov bought a luxurious Ferrari Enzo car. When driving the car at extremely high speeds in Nice, he crashed into a tree and totaled the car. The crashed cost $1.2 million.

2. McLaren F1: Known as Mr. Bean from the Mr. Bean British television show and movies, actor Rowan Atkinson has been collecting exotic cars since 1982. Rowan bought the McLaren and used it for the family rides. The speed limit of the car is 240 miles per hour. In 1999, Rowan was driving the car and crashed into a Rover Metro. The car was estimated at $1.2 million US

3. Bugatti Veyron: The exotic Bugatti Veyron is one of the fastest cars and the insurance is very expensive. One of these luxury sports cars crashed in Britain. The crash is believed to be the most expensive individual car crash. It cost 1.6 million bucks.

4. Ferrari 250 GTO: In 2008, an English buyer bought a Ferrari 250 GTO for $28.5 million at an auction which made it the most valuable car in the world. He was involved in a crash and totaled the car. It is the most expensive car crash ever.

5. Bugatti EB110: Valued at $500,000 the Bugatti EB110 is one of the more expensive and powerful fast cars. Famous “feel good” guru Emile Ratelband was the owner of a 1992 Bugatti EB110 and had it in a garage for an annual check-up. A mechanic was test driving it when he claims he hit an oil slick and crashed it into a pole.

6. Mercedes Benz SL 300: The SL 300 “Gullwing” is one of the finest exotic car. An owner of one of these cars valued at about $750,000 decided to race it on the streets of Mexico at the annual “La Carrera Panamericana” race. Unfortunately, he crashed the car at a cost of almost a million dollars

It is always sad when a gorgeous exotic car is damaged in an accident. However, for those who own them, they can greatly afford the costs. Insurance companies, however, probably weep a little when a claim is made for one of these exotic cars.

The Bugatti Veyron’s reign as fastest accelerating supercar seems to have met its fate. The soon-to-be world’s fastest accelerating car has broken cover during the final stages of test and development. The Caparo T1 is a high performance two-seater sports car with highly resolved aerodynamics, which has been designed with the looks and performance of a Formula One race car. The T1’s 500 kg weight and 550 bhp give it a power-to-weight ratio of 1100 bhp/tonne – better than any current supersport motorcycle and approaching that of a genuine F1 car.

With series production about to commence, the car will be built for discerning customers seeking the ultimate track day experience in a road driveable vehicle. In releasing full details of the car’s specification, the company has revealed that while customer cars are being readied for start of production, preparations are also well in hand for the T1’s first public appearance as a running car at the Goodwood Festival of Speed on June 22-24 – which effectively becomes the vehicle’s launch date. According to the official Caparo site, the Caparo T1 is “a track day and road going 2 seater sports car using aerospace and high formula composite racing technologies whilst providing race bred safety. This extremely lightweight sports car is capable of true ‘aerodynamic’ high speed performance and delivers a new level of acceleration, cornering and braking to the driver at 3g+ via its 1000 bhp/tonne performance specifications.”, and it has “a power-to-weight ratio double the Bugatti Veyron’s, and so much downforce you will be able to drive it upside down in a tunnel at 150mph”.
The good news is that Caparo has identified a South African distributor, and…sit down…the price is likely to be under R2million! Talk of bang for your buck. “More news on the Caparo will be made available shortly…watch this space for details!

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The Canal Walk Motor Show was held this past weekend featured the latest releases from auto manufacturers from 2 door supercars to 4 door family sedans. There was a constant buzz in the crowd from the roar of spectacular motor related footage on the big screen and an exciting event line-up consisting of Classic Car Displays, X-Box Challenge, Brian Capper Shows and much more.

Scores of exhibitors showcased the best they had to offer, including new car launches, car accessories, motorbikes, car sound and services car finance.

Supermoto champion Brian Capper, South Africa’s answer to Evil Knevel, thrilled spectators with his Extreme two wheel show. The 25-minute action-packed display of skills got the crowds adrenalin-pumping wondering how he managed to stay on his bike!

Visitors to the event stood a chance of winning a trip to a 2007 European Grand Prix valued at R50,000, plus R10,000 in spending money, as well as a Honda CBR600RR7 Superbike. We didn’t stay long enough to get this scoop but I’m sure a few spectators left smiling! Credit to Evert for snapping the pics.

All the photos here

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