Why K-Mag Never Got His Company Car

[cosworth151]

Kevin Magnussen drove for the McLaren F1 team for 2 years. That's Formula One, the top level of automotive driving skills in the world. His teammate, Jenson Button, was provided with a McLaren 650S company car. K-Mag never got one. Why?

According to a team spokesperson, "It is true that McLaren makes company cars available for its two drivers. Jenson Button had one without difficulty, but because Kevin Magnussen is so young, it was difficult to find an insurance policy that would cover it for a reasonable amount of money."

Let's see if I've got this right: One of the two dozen top rated drivers on the planet couldn't get car insurance. And yet, the insurance racket industry wonders why it is held in such low esteem.

http://autoweek.com/article/formula-one/heres-why-former-mclaren-f1-driver-kevin-magnussen-never-got-his-650s

[Scott]

No fan of the car insurance industry, but also a little pleased there isn't a special rule just for F1 drivers.  Maybe there used to be, but they've had to pay for one too many drunken Pagani mishaps from a certain Mr. Hamilton, so they changed it to an 'everyman' policy. 

[lkjohnson1950]

I've always found it interesting that my rate goes up a little every year, even though my car is older and less valuable.

[cosworth151]

I just dumped the car insurance gang company that I'd had for many years for just that reason.

[Jericoke]

The people I've known to work in the insurance industry have been aware how they're seen.  It's an industry you need a thick skin to enter.

Ultimately, insurance companies lose money insuring people/cars/etc.  They make their money by investing the premiums, and paying out form the profit they make that way.  If they have to increase their premiums, it means that they've done a crap job investing, and you're right to move on.

[Dare]

I think and I'm probably wrng but when you
shop around you get a better price the first
year because the agent isnt making as much or
very litle on the premium the first year.Every year
after your your premium goes up and the agent's cut.
That's what I was told anyway.

[Andy B]

Come to NZ you don't need insurance.

[Scott]

Come to NZ you don't need insurance.

Yikes, might be a good reason NOT to go to NZ.  Every driver for themselves there?

[Andy B]

Come to NZ you don't need insurance.

Yikes, might be a good reason NOT to go to NZ.  Every driver for themselves there?

Insurance is not compulsory if you choose to drive or ride without it and anything happens its your problem, I have insurance so if I'm hit by someone who is not insured then I'm covered. It baffles me why NZ has this system kids can drive on a restricted licence from 17 with nothing to stop them buying and running a V8 monster. Crazy.

[Scott]

And if you're injured for life by another driver, your insurance will make that kind of payout?  I would think the insurance rates would be massive for those who are insured.  And what happens to the idiot who plows into you? 

[Andy B]

And if you're injured for life by another driver, your insurance will make that kind of payout?  I would think the insurance rates would be massive for those who are insured.  And what happens to the idiot who plows into you?

Everyone pays into ACC (Accident Compensation Corporation) for car drivers its through "Rego" or road tax in most countries and this is the government insurance scheme whereas car insurance is purely to repair or compensate you for your vehicle damage or loss. So ACC is funded by the people through taxes which is a little controversial in that I drive a car and ride a motorcycle and pay ACC levies for both but obviously I can only use one at a time and motorcycle levies are the highest and the same applies for those who have two cars. I doubt it'll change it is the way it is.
As for "The idiot who ploughs into me" his vehicle is his problem if the accident was his fault he gets dealt with by the law and if he has no rego its added to the prosecution. All vehicles also have to have a Warrant of Fitness (WoF) which if expired is also an offence.
The system seems to work its not perfect but then what is?