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Quiet One

Repair costs

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This is interesting. I feel for Herr Steiner, a horrible car, a huge repair bill. Note: as stated in the graphic, a high repair bill does not mean the driver (or the team) is to blame for every incident, it merely states how much it costs to repair the car.

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Thank you for the above. BTW Guenther Steiner is not a German, therefore definitely not Herr. He is either Signore, or Mr.

His domicile is in US, born in Italy, and holds US and Italian passports. He is fluent in several languages, German among them, but that's not enough to make him one.

Cost of repairs was always burden, however this year more so because of budget. Recently no less than 4 teams raised related concerns. Ferrari, Haas, AM, an RBR.

Is anyone listening?

 

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Well that's a surprise. I never even doubted for a second that he was German. Well, he is certainly the most german-like of all non-Germans.

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3 hours ago, Quiet One said:

Well that's a surprise. I never even doubted for a second that he was German. Well, he is certainly the most german-like of all non-Germans.

True. Family name Steiner is probably Germanic, however you can find it in German speaking Austria, and Switzerland as well. (Not everyone whose mother tongue is German is actually German national - to state obvious). In the case of this fellow, he was born in Italy.

In EU we move around a lot. Binotto is in media described as Italian, yet fact is, he is actually Swiss born and educated (might be already naturalised Italian; I'm not sure).

 

... but, no one cares. I am OK with this arrangement.

 

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19 hours ago, Quiet One said:

a high repair bill

IS paid 4 BY insurance - NOT actual teams
ALL teams HAVE insurance that they PAY premiums 4 
The team pays the operating cost - puts the money up front.  Then claim it BACK from the insurance.
The insurance THEN credits the team, as appropriate.

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1 hour ago, lipstick79 said:

IS paid 4 BY insurance - NOT actual teams
ALL teams HAVE insurance that they PAY premiums 4 
The team pays the operating cost - puts the money up front.  Then claim it BACK from the insurance.
The insurance THEN credits the team, as appropriate.

I am not familiar with insurance business, but with each crash there has to be some significant adversarial cost impact upon the team. Take Ferrari as an example; Binotto is advancing suggestion for budgetary exemptions on cost of repair, and wants to treat such incidents outside of budget limits. Insurance contributions obviously aren't enough to recover full cost and it must be biting into team's budget. Ferrari is not the only team to have such issues. In the future budget limits are suppose to be lowered even more, so it will get worse. Clearly FiA and Stefano needs to address it one way or another.  

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3 hours ago, lipstick79 said:

IS paid 4 BY insurance - NOT actual teams
ALL teams HAVE insurance that they PAY premiums 4 
The team pays the operating cost - puts the money up front.  Then claim it BACK from the insurance.
The insurance THEN credits the team, as appropriate.

I actually asked a few years ago this question to a friend of mine that works in an insurance company. He told me that almost nothing that happens on track is covered by any insurance (and insurance companies would be crazy to insure cars in these situations). Teams pay hefty premiums to cover any possible harm to personnel and public in case of accidents and such, and I guess other stuff like fires and/or theft, etc. But cars are not included. These cars are too expensive, and break too often for any kind of insurance to be practical. Either the company would have huge losses, or the team would have to pay ludicrously high premiums. Repair expenses are just that.

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2 hours ago, Quiet One said:

I actually asked a few years ago this question to a friend of mine that works in an insurance company. He told me that almost nothing that happens on track is covered by any insurance (and insurance companies would be crazy to insure cars in these situations). Teams pay hefty premiums to cover any possible harm to personnel and public in case of accidents and such, and I guess other stuff like fires and/or theft, etc. But cars are not included. These cars are too expensive, and break too often for any kind of insurance to be practical. Either the company would have huge losses, or the team would have to pay ludicrously high premiums. Repair expenses are just that.

Very revealing

Thx for opening this particular thread, learned alot with points brought up with all involved

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1 hour ago, BradSpeedMan said:

Very revealing

Thx for opening this particular thread, learned alot with points brought up with all involved

Thank you, sir. Do I know you? 😛

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5 hours ago, BradSpeedMan said:

insurance companies would be crazy to insure cars in these situations

NOT payin insurance DIRECTLY 4 the cars.
World exposure IS a GOOD return 4 the insurance companies
NOT forgettin, insurance companies CAN also insure themselves, with different organisations.

Insurance companies R like banks, they have a lot of other peoples money.
Which they invest.  That earns the insurance companies money, which off-set`s against payin out claims.
 

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4 hours ago, lipstick79 said:

NOT payin insurance DIRECTLY 4 the cars.
World exposure IS a GOOD return 4 the insurance companies
 

Can't see an insurance company agreeing to Insure racing cars in return for global publicity. Its not exactly a global product that a company can market in multiple countries.. Unlike oil, or cars, where companies like Shell and Mercedes get benefit of showing up on TV.

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I don't know about insurance, but I hope both the drivers sponsors for Haas F1 have covered the team well for all the damages.. coz they are really hurting for having a new driver line go against them.

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On the other hand, Alpine is surely on top of things with spending minimal this season.. they seem to be saving up (there money and breath both) for the next year..

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D/T 2021.08.14 19:51 CEST

When Verstappen and Hamilton were involved recently in the accident which almost cost Max his life, at which point it was the insurance company's shining moment as they were receiving publicity? At what point in that event it was good/bad publicity for RB drink or Mercedes new car line up?

Not at all..?

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18 minutes ago, blackpebel said:

Its not exactly a global product that a company can market in multiple countries.

??? hello, it IS exactly that.
Everybody in the world NEEDS insurance at some time.
Got 2 give UR money 2 somebody.

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3 hours ago, Sakae said:

almost cost Max his life, at which point it was the insurance company's shining moment as they were receiving publicity?

Almost had 2 pay out (almost cost Max his life) BUT did not have 2.
It made people realise how close 2 death he were. 
What would happen if I had an injury?  Thought process, cogs ...
I SHOULD get life insurance. 
R U insured?  U could get hit by a bus tomorrow, who would look after UR family?
Just like the lottery, it could B U.
 

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31 minutes ago, blackpebel said:

Unlike oil, or cars, where companies like Shell and Mercedes get benefit of showing up on TV.

Or a fizzy drink, that gives U wings

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13 hours ago, blackpebel said:

Alpine is surely on top of things with spending minimal this season

Is that the choice of Alpine or, just the situation they find themselves in?
> If U have NOT got it - can`t spend it - only on the never-never.

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23 hours ago, Sakae said:

some significant adversarial cost impact upon the team. Take Ferrari as an example

If a Ferrari crashes the impact on Ferrari IS also the sale of ferrari testarossa or
the latest models go down.  

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13 hours ago, Sakae said:

 it was good/bad publicity

There is no such thing as bad publicity.

Micheal Jackson benefitted from his, bein "bad" image.
So much so he wrote a top selling album about it.
 

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4 hours ago, lipstick79 said:

If a Ferrari crashes the impact on Ferrari IS also the sale of ferrari testarossa or
the latest models go down.  

You have obviously access to business information which I don't. In contrast, I think those who do want Ferrari and have financial means for it, they will go and buy a damn car, regardless whether Leclerc in a race takes Vettel and himself out, or someone else. 

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3 hours ago, lipstick79 said:

There is no such thing as bad publicity.

Are you sure about it? In some case people might be just too polite to say what they are really thinking.

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Sakae U DON`T get it do U.
Whoosh OVER UR head.
If they are thinking/saying BAD things, they R talkin/thinkin about U.
U then HAVE the power, because focus is on U.
Awareness HAS been created.
That`s what publicity IS all about, creatin awareness 2 a brand.
There is no such thing as bad publicity.

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