Chubb launched a stand-alone motor policy that protects the value of upmarket cars.

Previously only available as part of a home policy, the Masterpiece Motor policy locks in the agreed value of any insured vehicle for the policy term.

It is available for cars worth more than £30,000.

Chubb European head of personal lines John Sims said: "Brokers have been increasingly hungry for a high specification stand-alone motor policy that will cater for the special needs of affluent people who are looking to cover vehicles worth over £30,000 when new.

"The roll out of Masterpiece Motor has filled this substantial gap in the market."

The policy brings other benefits, including fully comprehensive cover when the policyholder is driving any borrowed car and fully comprehensive cover for anyone driving the insured car.