Insurer offers specialist market EDI cover for classic car and bike owners

Classic car

Groupama has launched a new classic motor insurance product which it claims will help classic car and bike owners, and offer lower administration costs for brokers.

Groupama said the policies are the first classic vehicle policies offered with a full-cycle electronic data interface (EDI), and on an agreed value basis.

The optima classic car and optima classic bike policies also include a limited mileage option, flexible repair options and toolbox cover. Customers will be offered the option to salvage their car following an accident, and will be able to re-insure their vehicle with Groupama once it is repaired.

Heritage number plate cover will also be considered as part of the value of the vehicle, while discounts are also available for members of classic car and bike owners clubs. The policies provide cover for track days and commercial use such as weddings.

The policies are available through insurance software provider Transactor Global Solutions (TGSL) this month before being rolled out to other major software houses later in the spring.

Groupama director of personal lines Kevin Kiernan said: “We spent a great deal of time talking to brokers, policyholders and enthusiast clubs about what they wanted from a classic car or classic motorcycle policy, recognising fundamentally, that these vehicles are their owners’ pride and joy, on the road infrequently and always treated with care.

“The UK insurance market for classic vehicles is controlled largely through specialist brokers. While the sector tends to produce profitable returns due to very low claim frequencies, it does generate increased administrative costs for both the broker and the insurer. This is precisely what we looked to address with our EDI policies. Cover is very simple to place for the broker, backed up by specialist underwriting expertise.”