While for some people a car is just a means of travelling from one place to another, for others owning a prestige car means a lot more. Those who own high net worth cars are looking for much more than merely a mode of transport.
The reasons for owning a luxury car are many and varied. For some it is about the status and the buzz they get from being seen driving something special, for some it is about the superior handling and advanced safety features and for others still it is all about the luxurious comfort and extras like top of the range entertainment systems.
Where owners of classic cars are concerned, their vehicle is usually their pride and joy and is an extension of their passion for that particular type or brand of car. Owners like these quite often belong to classic car clubs and it is more of a hobby or obsession for them than a means of getting around.
Whatever the reason for owning a prestige car though, it is important to get the right insurance. Obviously the higher value of these cars requires a higher insurance cover value, with premium cars not only being costlier to replace but also requiring specialist repairs. For those who appreciate owning a high net worth car, the way a claim is dealt with is often also as important as being paid out, so the service needs to be just as high end.
Types of High Net Worth Car Insurance Policies
High net worth cars generally require more bespoke policies than standard car insurance offers. For instance a high net worth car owner may want to select the most suitable repairer, one that they trust. They might also need higher cover for legal expenses, or cover for international driving. And of course if they have expensive audio or stereo equipment installed then this will require specific cover too.
Another aspect that could be of particular importance to a high net worth car owner regards the loan car they are given while their own vehicle is being repaired. With cheaper car insurance policies it will generally be a case of having to take what you are given in terms of a loan car in the event of an accident or theft, if the policy even provides for supplying one, most high end car owners would expect to be given a loan car of a comparable type and specification to their own vehicle.
It is also not unusual for owners of premium cars to own more than one. For those who have a collection of cars they will need to discuss with their insurer whether it is best to group all the vehicles together under a high net fleet insurance policy or whether it is better to have each car insured individually.
Those looking for high net worth car insurance for their prestige vehicle should ensure that they deal with an insurance company that has plenty of experience in this field, as it requires specialist knowledge and expertise to provide the right cover and service levels. Goldcrest has over forty years of experience in providing high net worth car insurance, so please do get in touch if you’d like to discuss your requirements in this area.
