Coverage for Ferrari owner is fair market value, says RSA

The famous flooded Ferrari owner who garnered media attention during the Toronto downpour in July may be very happy with the “very generous” deal he got on a new car from his policy carrier – but the payout is no different from what anyone else is getting, says RSA Insurance.

Risk Management News

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The famous flooded Ferrari owner who garnered media attention during the Toronto downpour in July may be very happy with the “very generous” deal he got on a new car from his policy carrier – but the payout is no different from what anyone else is getting, says RSA Insurance.

“When it comes to settling any claim – for a luxury car or otherwise – we base the settlement on the fair market value of the vehicle or property,” says Alex Walker, director of claims relationships with RSA Insurance. “RSA is committed to settling claims fairly, and because of our clear customer focus we are able to provide excellent claims service to our clients.”

Howard Levitt’s Ferrari became a viral sensation during the July 8 storm that hit the city’s downtown core, as it sat in the rising waters at the Lower Simcoe Street underpass. Levitt had been forced to abandon his metallic blue “north of $200,000” 2010 Ferrari California after he got stuck in sewage-filled waters while on his way to the airport.

“Why was it this car of so many cars that were lost in the flood (that gained attention) that night? It’s because it’s the ultimate fantasy vehicle in so many people’s minds and it reinforced that image I think,” Levitt told the media. “The Buicks weren’t being covered.” (continued.)

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The car was a write off, but Levitt – a leading Canadian employment lawyer – said RSA Insurance covered the vehicle’s costs, less the deductible.

Walker told InsuranceBusiness.ca that the numerous claims stemming from the July flooding are still in the review and settlement phase.

“RSA is still in the process of reviewing and settling claims from the GTA floods, so the true numbers are not yet known,” he said. “RSA’s proposition focuses on the Advice Based Customer, which we define as a customer with complex needs (i.e. multi-line risks), who values and benefits from the expertise of a skilled broker and competent insurer. This clear focus allows us to bring a deep understanding of customers’ unique needs and to assess and deliver on their claims in the most prompt and fair manner.”

While on the hunt for a replacement vehicle, Levitt the lawyer found a new 2014 California, in the same metallic blue colour. When he inquired about the new Ferrari, the company was already familiar with the attention his last vehicle received. (continued.)

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“They gave me a deal I couldn’t refuse,” said Levitt; and although he wouldn’t say how much the discount was, he did admit it was “very generous.”

The retail price of the 2014 Ferrari California with the options Levitt requested is about $300,000 after taxes – which he expects to receive by November.

In the meantime, beggars can’t be choosers – Levitt has had to slum it by driving his ‘back-up car’, a racing red 1994 Dodge Viper.
 

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