To leave you with a lighter entry for the long Thanksgiving Day weekend, and with the new James Bond movie drawing huge numbers at the box office, consider for a moment how you as an agent or underwriter might react if 007 himself applied for an auto policy. Would you write the risk? What factors would you consider? How much would you charge? If you think this is crazy talk, blame the Mirror, a U.K. publication that ran a full story on the subject on Nov. 17.
In its story, the Mirror asked: “With a driving record like James Bond, how much do you think it would cost our international superspy to insure the Aston Martin DBS V12 he drives in 'Casino Royale?'”–the latest picture in the Bond franchise.
The article went on to remind underwriters that Mr. Bond would have to declare at least six accidents, going on to list events from prior films. (Can you guess which ones they are? Check the Mirror story for the answers). They cited Bond slamming his car into a wall while escaping from the villian de jour, seeing it explode when the self-destruction tag was pulled, being pushed into a lake, crashing into a cabin, driving off a roof, and–last but not least–cut in half by helicopters with chain saws.
Try to get insurance for THAT risk!
In any case, sources quoted by the Mirror “calculated 007 would have to shell out a premium of 7,108.50 to insure his latest motor, thanks to his daredevil exploits.” That's over $13,000 in U.S. terms. A bargain given Mr. Bond's hazardous lifestyle, wouldn't you say?
The Mirror said the quote takes into account Mr. Bond's driving history, age (38) and occupation (An “export consultant?” Good cover!), along with “optional extras and modifications,” citing his ejector seat, rockets, body kit and supercharger.
So, would you write Mr. Bond? On what terms and conditions, and at what price? Or would he end up in the residual markets?
As for the holiday tomorrow, I know I have a lot to be thankful for–particularly the loyal readership my new blog has drawn. I never take you folks for granted. Please don't hesitate to let me know what we at NU can do better to help you in your business.
Enjoy your Thanksgiving! See you back on the blog this Monday!
By the way, thanks to Assistant Editor Matt Brady in our Washington office for calling this item to my attention!
P.S. I'm due to see the new Bond movie tomorrow and will weigh in with a comment on this item with a brief review. You are all welcome to do the same.
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