Recent news headlines blared the tale of a minor fender bender involving Justin Bieber’s Ferrari. Apparently a Honda Civic driver tried to drive around Justin Bieber’s Ferrari in an underground parking garage in California. The Honda Civic driver ended up bumping against the Ferrari, but the LAPD stated that there were no vehicle damages or injuries, which is very fortunate for all concerned. The owner of the Honda and his or her insurer probably breathed a great sigh of relief that no harm came to Justin Bieber’s Ferrari. No one wants to have to pay the substantial costs for a damaged Ferrari (most couldn’t even afford to do so). And no one wants a substantial hike to their insurance rates due to a proven risk of injuring Ferraris.
In contrast to this minor fender bender that caused no vehicle damage stands a story, out of Houston, of a Ferrari F40 totaled by a joyriding mechanic. The iconic Ferrari F40 cost around $500,000. The story reports that the car’s owner was in Europe at the time of the accident. And the mechanic responsible for the vehicle at the time evidently decided to take the car for a spin. Witnesses say the Ferrari F40 turned onto 34th Street from Hempstead Road in Northwest Houston and was traveling at 2 or 3 times the posted speed limit of 35 mph. The driver lost control of the Ferrari; witnesses report the sound of tires squealing, then the Ferrari F40 jumped the curb and hit a fence. Expensive Ferraris might well have expensive safety features too. Because after the high speed crash, the driver was alert and standing when the EMTs arrived on the scene.
The story mentions that the car’s owner was “shocked” after hearing of the incident. I can well believe it. The story doesn’t mention whether the joyriding mechanic or his insurance coverage is able to pay for the ruined Ferrari F40. Nor does it mention if there is a garage employing the joyriding mechanic that might have sufficient insurance coverage. Respondeat superior (where an employer must pay for damages caused by an employee) may not apply under these circumstances. The story also doesn’t mention the fate of the mechanic after the accident.
Adding insult to injury in this disastrous car wreck, the Ferrari F40 owner’s own insurance policy may end up having to pay for most of the damage. But even if an insurance policy can pay for this destroyed Ferrari F40, how can money ever replace the true value of such a car? The F40 has been out of production for some years, and was produced in very limited numbers (only around 1,300 were ever made). For several years, the Ferrari F40 enjoyed status as the fastest car on the road. You can’t really replace that.