UK Prestige Car Insurance
Prestige car insurance is a type of specialist insurance for high value vehicles. It generally extends first class cover with a special emphasis on customer service. While fewer insurers are willing to cover high value vehicles, more have entered the market in recent years, providing motorists with options from which to choose.
There are many brands considered to be "prestige" – Rolls Royce, Jaguar, Bentley, Maserati, Mercedes, Lamborghini, BMW, Aston Martin, Porsche, and so on. Many other luxury models are also considered prestige vehicles. Sometimes this category overlaps with the high performance or sports car category. To know if one needs prestige car insurance, consider the value of the vehicle. Prestige cars are generally those with a new purchase price of over £50,000. Some insurers may make a distinction between prestige insurance and high value insurance – the latter is sometimes defined as cars with a new purchase price of over £100,000.
Many traditional insurers won't quote for vehicles that cost over £50,000. It may be an enviable problem to have, but it's still a problem given that every motorist is legally required to have insurance. The situation has changed slightly in recent years and now owners of prestige vehicles have more options. Many of these are specialist insurers – companies that specialise in cover for high risk vehicles. Prestige cars are considered high risk due to the prospect of theft. Such valuable vehicles make tempting targets.
Cover for prestige vehicles may require that motorists be at least age 25 with one year of recent experience driving a prestige vehicle. Insurers may also require an inspection and a valuation before extending cover. Many policies include full audio cover, including satellite navigation and TV systems. Many often include a high quality claims service, emergency overnight accommodation, a courtesy car, European driving with full policy cover, European breakdown cover, cover for higher legal expenses, and many other perks. Some even offer chauffeur cover. The required excess on such cover can range from £500 to £2250. Premiums may be related less to normal underwriting factors and more to the high value of the car.
Cheap prestige insurance may well be a contradiction in terms. That said, there are ways to get discounts on the cost of prestige car insurance. Many insurers offer discounts for previous ownership or experience, occupation discounts, second car discounts, and immobiliser or tracker discounts. Some web sites allow motorists to input their information and receive quotes from several insurers, even for comparisons among specialist insurers. In seeking less expensive prestige car insurance, motorists must research the options available to them. And especially given the value of the vehicles, they should pay attention to limits and exclusions so as to ensure they have sufficient cover for the true value of their vehicle.
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