A Guide to Prestige Car Insurance in the UK
Owning a luxury car is a risky business. Just look at footballers and their high-value motors…
While celebrating his Premier League win in July 2020, Liverpool midfielder Fabinho had his $125k car stolen. England scorer Harry Kane had his £100k Range Rover stolen in a daylight raid in November 2020. And last year, Arsenal defender Gabriel was followed home and attacked by thugs attempting to steal his Mercedes.
According to reports by VICE World News, at least 80 of Europe’s top players (and managers) have seen their homes raided since the mid-2000s.
Many of these burglaries go unsolved, as the perpetrators are often career burglars, involved in organised crime. Operation Opal, a national intelligence unit focused on organised crime, has seen a definite increase in Premier League players’ homes being burgled over the last decade, often despite them investing significantly in security measures. Some thieves, dubbed ‘tourism burglars’, will fly over to the UK specifically with the aim of carrying out these raids.
High profile individuals such as footballers and other celebrities are often targeted because their lives are on display, increasingly more so thanks to social media. But they’re not the only ones who should take care. Anyone who owns a prestige or luxury car should consider …
Protecting your luxury car
Any car not officially ‘off the road’ must be insured. But there’s standard car insurance and then there’s prestige car insurance. Whether you have a brand new luxury car or a valuable classic car, there are specialist insurance policies that provide more tailored cover for your prized vehicle.
The HMRC definition of a ‘classic’ car is one that is a minimum of 15 years old, with a market value of £15,000 or more. This won’t necessarily be the same for insurers, however. Different insurers may have different criteria when it comes to defining a classic car.
Why consider prestige car insurance?
Having the right insurance will make all the difference when it comes to protecting it against theft and damage. While standard car insurance will offer cover, prestige car insurance is more tailored and suited to high value vehicles, offering more cover where needed. It may also end up cheaper if you don’t use it every day, keep it in good condition, and lock it away safely. All these factors contribute to lower premiums as the car is less likely to be involved in an accident or stolen. But, if it is, then you know your insurance policy has it covered.
What does prestige car insurance cover?
As with a traditional car insurance policy, prestige car cover will protect your vehicle in cases of theft or damage, where repairs or replacement are required. On top of that, there’s third party liability cover, in case you are deemed responsible for an accident which causes damage to another person or their property. Prestige car insurance will take into detailed consideration the value of your luxury car, meaning that cover should more appropriately reflect this, where standard cover might not stretch as far.
In addition, prestige car insurance may offer cover for things like:
– Vintage car shows – cover if you display your car at shows and fairs.
– Driving abroad – additional cover on top of typical third party insurance for driving abroad.
– Track day racing – cover for driving around race tracks (even at slow speeds).
– Restoration cover – cover that protects your car while it’s being worked on or restored.
– Breakdown cover
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How to choose prestige car cover
As with any insurance policy, it’s important to shop around to find the best offer. Knowing exactly the scale of the cover needed will help find the right policy to cover your car. An insurance broker can work with you to get a tailored policy that will protect your car in the event of theft or damage. They can also advise you on steps you can take to reduce premiums, such as limiting your mileage and upgrading your security.
To speak to a trusted prestige car insurance broker in [broker_county], contact [broker_name] on [broker_phone]. We’ve helped many people with bespoke cover for their luxury vehicles. Get in touch today.