Benefits of our Classic Car Insurance policy

Oct 5th 2015

Many people lack the time or even knowledge to dedicate to their private insurance policies, sadly it's seen as mundane and 'not worth the paper it's written on' is the most common phrase people say when discussing insurance albeit usually at the lower level. For our clients having a true understanding of what the policy covers is vital because as per our previous news post the values of assets nowadays, especially classic cars, have soared meaning you undoubtedly need the right protection. Think about life insurance which is usually equal to your net worth, you wouldn't skimp/cut corners on this product so don't consider doing this for your prized assets either, many of which are irreplaceable. Teamed up with the right insurance broker like us you will get the right advice even if you insure with someone else.

I am often called in to meet clients to talk about exactly what they get from their policies we arrange for them so while on today's topic of classic car insurance for very high value collections I would like to detail what you could benefit from as a client of Source Luxury Insurance, bear in mind there are very limited insurance companies in the world offering this cover, that's why it's worth highlighting to potential new clients with high value classic car collections.

Policy benefits:

  • Transit cover. (no need to pay for additional transit insurance) subject to the transit being professionally undertaken
  • Acquisition cover. Cover is automatically included for additional cars bought and notified to us within 30 days.
  • Loss in value cover. At the discretion of underwriters some clients benefit from loss in value cover following a loss. This must be substantiated by independent valuers in order for a claim to be paid in addition to the claim for damage.
  • Worldwide cover so cars can be located in various countries and insured by one global policy
  • No requirement to substantiate values or declare mileage each year
  • Offshore policy meaning no connection to mainland UK
  • Market leading policy and most importantly the claims service is the best
  • Third Party Liability issued from UK for UK and European registered cars covering Europe.
  • Salvage can be retained in the event of a major loss rather than this becoming the possession of the insurance company following a total loss
  • Bespoke underwriting. For example Road and Static risks can be insured separately meaning if only a few cars are driven or a limited mileage per annum the rate will reflect the low usage rather than insuring a full eg. $50M collection for road risks the whole time when they collection is unlikely to be used all at once on the road - this is a brilliant way to save money

The above points are just some of the benefits included in the classic car insurance policy we arrange. It's unique and worth discussing if you own a classic car collection. Please feel free to contact us to discuss your requirements.