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High Value Car Insurance
High value car insurance: finding the right cover for your supercar or classic motor
Online comparison sites offer a quick and convenient way for many people to insure their vehicles. However, owners of one or more high value vehicles might find that the policies offered online by high street insurers do not offer sufficient cover.
Whether you enjoy the thrill of driving a supercar or other high-performance vehicle, such as a Porsche or Ferrari, or are a collector of classic, antique or vintage cars, your insurance policy should provide peace of mind. When purchasing car insurance, it’s important to consider the premium and the benefits of the enhanced cover offered by more specialist high value car insurance.
Here are some things to consider when taking out a policy:
Market value vs agreed price
Typically, high street insurance policies will insure a vehicle for the market value, whereas a specialist high value or luxury car insurance policy should offer cover for an agreed value which provides the full amount agreed up front in the event of a total loss.
As many classic and high performance vehicles fluctuate in value, insuring for the market value may not be sufficient to replace your vehicle. Insuring for an agreed value can make the claims process more straight forward, and ensure you aren’t out of pocket if your car is written off and you require a replacement.
Some high value car insurance policies include business use, but it is important to check your policy to ensure you are covered. If you intend to use your car for both business and pleasure, on either a regular or occasional basis, it’s important to discuss this with your broker before taking out a policy.
If you plan to drive your classic car or supercar outside the UK, you will need a policy that provides cover for overseas driving. This often carries higher risk as your vehicle may need to be repatriated back to the UK if there are no suitable repair centres. There are many policies that provide overseas cover and insurers will consider several factors when determining your risk, including which countries you plan to drive in, mileage and any previous claims.
If you require supercar insurance for young drivers this is often excluded by high-street insurance policies. Classic car insurance for young drivers can also be more difficult to place through standard insurance providers, although this often depends on the make and model of the classic or vintage car. Exclusions for drivers under 25, or even under 30, are common, but cover is available through specialist insurers who take a more holistic look at a young driver’s individual risk factors in addition to their age. These factors may include driving experience, previous claims and yearly mileage.
Choice of repairer
Many luxury and classic car insurance policies will offer a choice of repairers, allowing you to select a trusted repair centre rather than a stipulated garage, which may not have the expertise to restore your car to the right standard. Selecting the right repairer may be of particular concern for owners of classic and vintage vehicles, as the right parts are more difficult to obtain and many mechanics who work only on modern cars will not have the expertise to restore an older vehicle.
If you require a courtesy car while your vehicle is being repaired, you will naturally require a vehicle of the same or similar value while your car is off the road. Although many high street policies offer courtesy car cover, a standard rental vehicle may not be a suitable replacement for your luxury car, particularly if attending business meetings or important social events. A high value car insurance policy will often provide or have the option to include enhanced courtesy car cover, ensuring you have access to a comparable vehicle that meets your requirements.
Cover for multiple vehicles
If you own more than one high-value vehicle, for example a vintage car collection, it may be better value to insure your collection under a classic multi car insurance policy.
You should always inform your broker of all cars you have access to, even if you only own one high performance or classic car and choose to insure other vehicles under a high street insurance policy. Supercar or classic car drivers who own or drive multiple vehicles are often considered lower risk by insurers, as they are likely to spend less time driving the most expensive vehicle. Disclosure of access to other vehicles may actually result in a lower premium.
A better service
Although high street car insurance providers offer quick and convenient cover, making a claim when things do go wrong can be a difficult process with too much time spent dealing with faceless call-centres. Insuring through a specialist high-net-worth broker such as Tysers ensures a high level of personal service with access to a dedicated Client Director and an in-house, highly experienced, UK based, claims team.
To find out more about a new policy or make an enquiry about an existing cover: