Ferrari Thefts On The Rise!
At Elevate we specialise in insuring Ferraris and unfortunately, we can confirm that Ferrari owners are now facing a major threat to their cars. Criminal gangs are targeting Ferraris because a black market for the cars/broken-down parts now exists and a security flaw has been discovered.
Our industry feedback is;
- Over 20 Ferraris have been stolen in and around London over the last 4 months. All Ferrari models seem to be targeted – 812s, 488s, Pistas and others. There is a real likelihood that your vehicle will be scouted out, targeted and stolen. Vehicles are not usually recovered.
- The thieves are using ‘traditional, physical’ methods to break into the car by forcing the door lock, then they block electronic signals to disable trackers and immobilisers.
- Cars have been taken from street parked and secure garage locations
- It’s very likely thefts will go nationwide. Whilst the initial surge is in London, criminals will travel to and share their knowledge. This is the pattern we saw with Land Rover thefts over recent years.
Whilst insurers should pay out if all policy conditions such as parking and activated security devices have been adhered to, Ferrari owners still face huge problems;
- Personal security could be at risk if the thieves are interrupted
- There is significant stress and emotional loss in being a victim of crime with all the hassle of dealing with police, insurers, risk adjusters, garages etc.
- Unless you have ‘agreed value’ as part of your insurance you may get paid a lot less than the cost of a suitable replacement car which may also take a long time to source
- The cost of insuring a replacement is likely to be much, much more and insurers may not even offer cover
- You will have to declare the theft for 5 years to all insurers, which means increased premiums