Expensive vehicles and their drivers have their own specialist needs. We look at the nuances of specialist car insurance quotes and costs.
It seems not everyone is feeling the punch in the economy as the market for specialist car insurance (expensive cars) continues to grow. This, according to the CEO of specialist underwriter, Vantage Insurance Acceptances limited, Adriaan Louw.Louw explains that they are seeing nearly double the number of people owning cars costing over a million rand than they did a decade ago.Last year’s sales for pricey cars hovered around the 30 000 sales per year mark for everything from Alfa Romeo (over 30 sales for the year) to Maserati (just under 20 sales for the year in South Africa).When you consider that there are over 10 million cars on South Africa’s roads; if you are one in a few thousand driving a car costing over a million rand, you should consider yourself quite special. And as you are quite special, you need the car insurance to match your specialist needs.Fortunately, there are a number of underwriters that specialise in car insurance for expensive cars, with not only pricing to match their client’s needs but also their risk profiles.Thee following are important considerations when pricing insurance for your super-car:Be wary of the small print and discuss this with your broker: many insurance companies won’t offer cover for any form of racing or rallies putting it firmly in the ‘at your own risk’ category.If your insurance company is strict it is a good thing. Not everyone earns their money as honestly as you do, and if an insurer has dishonest clients, they’re more likely to have clients that lodge ‘dodgy’ claims and make their insurance company less financially viable.Negotiate on price and cover. Your policy is most likely being tailored for you, and as a high net worth client, you are gold, so use your ample leverage to get the best car insurance deal.Ensure your insurance company knows everything. For example if your car appears at classic car shows over the border, you need to discuss this with your broker. Non-disclosure is a valid and frequent reason for claim repudiation (rejection), and while you can appeal these through the Ombud, you probably don’t need the extra administration. Often these also land up in court and cost both parties thousands in lawyer costs.Be smart even where your kids are concerned. If you lend your car to your 18-year-old son or daughter, understand that your insurance company will most likely repudiate any claims if (read when) the car is totalled.An insurance company that understands that your expensive car is both an investment and a family member, and also appreciates how to work with its clients on tailored risk profiling is the one to go with, as they have your best interests as close to heart as the bottom line.