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Insuring a prestigious car in the UK

Prestige car insurance is a very sensible option for those who may own extremely valuable or sought-after vehicles. However, we should point out here that this type of coverage does not only refer to antiques. It is just as applicable to newer models that may be very expensive and desirable to others (hence the term "prestige"). Examples here can include a high-end 2017 Cadillac CT6, a limited edition Corvette or a top-of-the-line Land Rover. It is only logical that specific insurance plans are designed for these and other brands.

Prestige Car Insurance Versus Normal Car Insurance

There are several differences between prestige protection and normal plans. It should be obvious that the premiums and the excess paid both tend to be higher. This often depends upon the make and model of the vehicle as well as its contents (such as a professional stereo system or custom-made rims). Besides the price, other disparities can include:

(1) •A dedicated in-house claims team.
(2) •The ability to include other drivers within the plan.
(3) •Extensive guarantees on nay repairs.
(4) •Significantly higher coverage limits (sometimes well over £100,000 pounds for legal expenses alone).

Other amenities and options will primarily depend upon the insurer in question.

Restrictions, and potential risks
Like other policies, there are always some restrictions attached to prestige auto insurance. The main difference is that depending upon the vehicle, these can be a bit more stringent. One common restriction is the number of miles predicted to be travelled each year. Many providers will not supply standard packages designed for overseas travel. This may need to be purchased separately and added onto an existing plan. There are also times when the value of the vehicle impacts the type of insurance offered. For example, some companies may not be able to offer coverage for a prestige car worth over £1 million pounds. Finally, rates may be affected by how long the vehicle has been owned.

It can be argued that the most common risk with any of these policies is that the owner does not possess the adequate level of insurance coverage. This can often occur if numerous upgrades have been performed and these have dramatically increased the value of the vehicle (while the policy has not been adjusted accordingly). There can also be times when serious offences such as drink driving or fleeing the scene of an accident will cause the insurer to cease coverage entirely.

Reduce the possibility of claims

The first step to avoid filing a claim is to practice safe driving techniques while out and about. In regards to prestige cars, it is also important to provide a secure storage area such as a monitored private garage. This dramatically reduces the chances of theft. It is important to remember that your car may not only be a target for joy-riders, but for well orgaised gangs of thieves as well. Robust security systems can also be a strong deterrent in this case. Finally, only add drivers to a policy who have a clean record and no serious offences. They are less likely to be involved in a future accident.

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