’We are proud to launch this new initiative to market,’ says managing director
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.”
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.