The desire

David Waller finds out why drivers lust after certain cars and why this lavish hobby doesn’t come without risks

For many James Bond fans, the best bits of the films are the car chases. In his latest movie, Daniel Craig’s 007 races an Aston Martin DBS around Lake Garda. Rumour has it that a collector bought a featured model for £200,000.

This kind of spending is not out of character for fans of luxury vehicles. When Hiscox surveyed Britain’s supercar owners about their most desirable model, 45 per cent chose Aston Martin’s DB9, the model on which Bond’s DBS was based. When it comes to must-have features, 88 per cent opted for engine power and performance, while 80 per cent highlighted in-car gadgets.

Hiscox Managing Director Steve Langan describes supercar owners as “a discerning group of customers who appreciate rare and expensive brands”. They clearly rate Aston Martin: its Vantage model was second choice, followed by the Bugatti Veyron, Porsche’s classic 911 and the Ferrari Enzo.

Luxury motors, it seems, never lose their appeal, and owning one fulfils a fantasy for high net worth individuals. But it’s a lavish hobby that comes with its own risks. Forty-six per cent of respondents warned that possessing a performance vehicle puts you at risk of getting a speeding ban and losing your licence.

The dangers extend further: 26 per cent of high net worth individuals who own supercars are worried about road rage attacks or vandalism. In other words, a luxury car can expose owners to risks that bear no relation to their skill behind the wheel. “We price fairly against concerns they may inherit along with the ownership of such a car,” says Ashley Cole, Head of Motor at Hiscox.

“Just because someone’s car is vandalised, it doesn’t mean to say they’re a bad driver. We don’t penalise these owners through the losses that may occur just because they own the car and that often have nothing to do with their driving ability. They won’t lose their no-claims discount for having their car vandalised.”

There are other regrettable modern dangers. Crimes such as kidnapping and carjacking may seem unlikely, but they are in fact such a concern that Hiscox has made provision for them as part of its luxury car insurance package. “We include payments for counselling and medical treatment if there is trauma following that kind of incident,” says Ashley.

As the market gets tougher, Hiscox has seen a decline in customers trading up — but they still have to insure the product they already have. It’s a market that requires in-depth knowledge, as enthusiasts often have different needs to regular punters.

“We operate a flexible approach to underwriting,” says Ashley. “Individuals will often try to get insured and find that if they don’t tick all the boxes, they get turned away. We look at each point of view when underwriting a case. And once they’re in, we like to think they’re a customer for life.”

It’s a sensible approach: one supercar is never enough for a luxury car driver, and it’s only a matter of time until they’re looking for the next one.

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