I Want it Back: Fixing a Ferrari

A Chartis client with a Ferrari Enzo—one of 400 made—was “driving too enthusiastically” and put it into a wall, says Ron Fiamma, vice president and director of private collections with Chartis' Private Client Group. The claims adjusters determined the vehicle was a total loss and were ready to write a check to the client.

But the client said he didn't want a check—he wanted the car back.

Chartis sent pictures of the car to the Ferrari factory, which agreed to take delivery of the vehicle and reconstruct it from the engine up. The insurer paid for the client to fly to Italy twice to oversee the work and test the repaired vehicle on Ferrari's track.

Writing a total-loss check would have cost Chartis two-thirds as much, “but to this day, the client still owns one of the original 400” with still-matching vehicle-identification numbers on the parts—which is key to maintaining the value of a collectible car, Fiamma notes.