New insurance service launched for classic car collectors

Automotive and specialist insurer Hagerty has launched a new product for high net worth (HNW) classic car collectors.

The insurer’s private client service has been designed for classic and collector vehicle owners with collections valued at £250,000 or more.

Customers of the product will have access to a team to manage their insurance needs and offer a valuation of their vehicles based off relevant data.

Hagerty managing director Mark Roper said: “We are proud to launch this new initiative to market, further demonstrating how Hagerty has a solution for all classic and collector vehicle owners. 

“Whilst this new product requires an insured value of at least £250,000 for a client to be eligible, this can be calculated from a collection or a single vehicle.

”Hagerty experts will value each client collection with unrivalled accuracy using our valuation data.”

New products

Hagerty said the service would additionally comprise a range of added value services included as standard, with a diminished value product.

This means that, if the market value of the vehicle were to fall due to a claim, owners could receive a proportion of the difference up to a maximum of £500,000.

A cherished salvage product is also available, which will provide customers with the right to retain a cherished vehicle in the event of a total loss claim, while still receiving a full financial settlement.

Roper added: “Every client is valued at Hagerty and it is our aim to make every Hagerty member feel a part of our family.”

Existing Hagerty clients who qualify for the offer will have their policy updated accordingly, added the insurer.