Ferrari owner disputes payout on classic car

A classic car owner has taken RSA to the Financial Ombudsman in a dispute over payment for a stolen 1974 Ferrari.

Wendell Abraham says the Ferrari Dino Spyder 246 GTS, which he owned for 33 years, was worth £35,000 when he signed the insurance form under market value terms, an agreement based on valuing a product on what it was currently worth.

Classic car experts agree the value of the car had risen to at least £120,000 when it was stolen from his garage in Putney, London, in August last year.

Abraham claimed that RSA wanted to pay the £35,000 originally stated on the form.

An RSA spokesman said the insurer was basing the payout on the contract and that it had concerns about the security of the car.

Abraham, an RSA policyholder since 1977, said: “I had no plans to sell the car – ever. It was going to remain with the family.

“It means a lot to me. I’m very disappointed.”

A judgment from the Financial Ombudsman is expected later this year.