Azur, a Managing Digital Agent (MDA) specialising in the UK’s high net worth market, has today announced the launch of a new insurance product designed specifically for car collectors. The car enthusiast market is a niche sector in itself, but within that market there is a High Net Worth type of classic car customer, who can often own several vehicles, with some being driven and others purely kept for shows, or investment purposes. Collector Car, underwritten by AIG, provides enhanced cover for owners of both classic and modern collectibles kept for a hobby or long term investment.
Azur has designed the product to meet the particular needs of collectors by including features such as;
Extended Reinstatement: cover that pays up to 125% of agreed value to a maximum of £100,000 in the event of a total loss. Agreed value is perhaps one of the most important factors for classic owners, they want to be sure that there insurance will pay the market value of the vehicle, if there is a claim.
Loss in Value: cover that pays up to 20% of agreed value to a maximum of £250,000 in the event of a partial loss.
Original Manufacturer’s Parts: where possible original parts will always be used to guarantee the best repair service possible. This is another crucial area of concern for classic enthusiasts, because the fitting of pattern parts can often devalue a car.
Own Repairer: in the case of repairs, policy holders will be able to use a repairer of choice. Essential when looking after marques such as Bristol, TVR, Lancia, Plymouth, Matra, Keeble, ISO etc. because only someone with specialised knowledge and experience can complete repairs or restoration to a high standard and maintain originality.
Everyday Vehicles; Able to Incorporate everyday cars on the same policy.
The new Collector Car product is part of a long-term strategic move by Azur to partner with brokers to bring compelling new propositions to market.
Azur has access to a specialist team of motor engineers who understand the passion and fascination involved in owning a classic car. In the event of a claim, these motor engineers will physically go out and assess any damages. Clients are then able to choose their own repairer or benefit from full access to Azur’s network of experts, including specialist appraisers, car transport companies and vintage restorers.
John Montgomery, Product Manager at Azur, said:
“Brokers know that for many collectors these are more than just cars. Collector Car offers investors and lovers of collectible cars a genuinely comprehensive cover for these prized possessions. It is about giving owners confidence that they have the right cover, and we do this through the range of features we have designed into this new product.
“The classic car market is an area with real demand for a more streamlined and comprehensive approach to insurance. Added-value products like this enable brokers to offer more focused, tailored policies to meet client requirements; they are an integral part of our long-term business strategy. Azur will be bringing further innovative products, underpinned by our technology platform, in the months ahead.”
Ian Davies, EMEA Head of Personal Property Insurance at AIG, said:
“We are excited to see the launch of this new Classic Car product offering which complements the existing suite of Private Client products underwritten by AIG in partnership with Azur. This represents the first of a pipeline of new product offerings that Azur will bring to market, combining market leading underwriting experience and capacity with digital technology solutions, and it reaffirms our long-term partnership and commitment to growing market share in the UK Private Client market.”