An Insurance Guy’s Nightmare

Wow… a $500,000 Ferrari…

So what sort of deductible do you get on that?

This one apparently involved eight Ferraris, three Mercedes Benzes,  a Lamborghini Diablo, and a rare Nissan GTR Skyline… And talk about being on the road at the wrong time and place…A Toyota Prius!

Astonishing accident involving eight Ferraris ‘world’s most expensive car crash’

A fleet of high-performance cars, including eight Ferraris, has been involved in one of the most expensive accidents in history after an astonishing multi-car pile-up in Japan.

Police said three Mercedes Benz cars and a Lamborghini Diablo were also involved in the massive crash at the weekend on the Chugoku Expressway, in the country’s south-west.

Witnesses reported hearing a “tremendous noise” just a few moments before the accident on the Yamaguchi prefecture highway amid terrible driving conditions.

While the majority of the 14 vehicles – which also included a Japanese supercar Nissan GT-R Skyline and a Toyota Prius – were travelling along the Osaka Prefecture-bound bended lane at least one Mercedes CL600 was driving in the opposite direction.

Miraculously, none of drivers – the majority of whom are reported to be foreign car enthusiasts – were seriously hurt in the wreckage but the bill is still bound to be painful nonetheless.

Such was the severity of the damage, several of the luxury cars have been written off, leaving their owners with the nightmare scenario of seeing their prized possessions turned into expensive scrap metal.

The total damage bill is expected to hit several million pounds. A new Ferrari 355 retails for several hundred thousand pounds.

The other Ferrari models understood to have been involved in the pile-up include a F512, F355, F430 and a F360.

Tesla IPO a Hot Ticket!

A good buy – but don’t bet the baby’s college education on it!

2012 Model S

Investors grab Tesla Motors IPO

Tesla Motors will offer up its shares to the public for the first time on Tuesday, testing investors’ faith in a company that has proven it can make functional and stunning electric cars but has never had a profitable quarter.

PayPal founder Elon Musk’s seven-year old auto company lost $55.7 million last year and $260.7 million since its inception. The company has performed so poorly from a financial standpoint that Musk recently said he lost his entire personal fortune on Tesla.

But investors are giddy about the Palo Alto, Calif.-based automaker’s initial public offering, prompting Tesla on Monday to increase the number of shares it plans to offer by nearly a fifth to 13.3 million.

Tesla, which will trade on Nasdaq under the symbol “TSLA,” priced its shares late Monday at $17 each, above the target range of $14 to $16. That allowed Tesla to raise more than $226 million in the IPO. Continue reading

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