Insuring your luxury vehicle or car collection
The PIB Private Clients team offers tailored policies designed for high-value vehicles
Owning a rare or luxury vehicle isn't just about transportation; it's about passion, investment, and often, history. Classic, antique, and high-end luxury cars require specialised care - and that extends to insurance coverage. Traditional car insurance typically doesn't meet the unique needs of classic and luxury vehicle owners. This is where our Private Clients team comes in, offering tailored policies designed for high-value vehicles.
One key reason for specialised insurance is the rising threat of high-value vehicle theft. Collectors and luxury vehicles are prime targets due to their brand status, higher comfort levels, advanced technology, rarity value and significant market value, with the majority unreturned.
Car crime figures
Last year, the BBC reported that an average of 74 unsolved car thefts were occurring each day in the London area, representing a 58% increase on the previous year. Out of the 31,017 car thefts that took place in the capital, 87.2% were unsolved by the Metropolitan Police - only 1.6% led to a charge.
According to car finance company, Carmoola, many are sold for profit or stripped for parts. Some are sold overseas, where they can command a higher price than in the UK, to unsuspecting customers looking for a high-end luxury vehicle. (They tend to be stolen to order for international buyers, on behalf of buyers.) Others are stripped for parts, which can be sold individually, often more profitable than selling the car as a whole, and more common with older or rare vehicles, where the parts are valuable.
Luxury car insurance
Given the growing risk, comprehensive and appropriate insurance is critical for owners who want to protect their valuable investments.
We cater specifically to these needs. Unlike conventional insurance, which usually pays out based on market value (a figure that depreciates over time), many policies for classic and luxury vehicles use agreed value coverage. Agreed value means the insurer and owner settle on a fixed amount that reflects the vehicle's worth, considering its rarity, condition, and collector's market. This coverage ensures owners receive the full value agreed upon in case of a total loss, without depreciation.
Additionally, we often provide coverage options not available in standard insurance. This can include protection for rare parts, access to specialty repair shops, and even coverage for appreciating vehicles - important for vintage and classic cars that may gain value over time. These policies may also offer broader geographical coverage, extending protection while the vehicle is in transit, at car shows, or stored in private collections.
Coverage for rare or exotic cars is another area where we can support. These policies account for the challenges of finding replacement parts and expert repair services, ensuring that a vehicle can be restored to its original condition.
For owners of collector and luxury cars, specialised insurance is not just a luxury; it’s a necessity. It offers peace of mind, knowing that their prized vehicles are protected, regardless of market fluctuations or the unforeseen rise in theft targeting valuable cars.
Talk to PIB Private Clients
PIB has access to leading insurers and niche providers, and can secure the optimum solution for your needs, ensuring your luxury vehicle or car collection is appropriately insured. With luxury car theft on the increase, it’s essential that you have the correct level of insurance in place. To find out more, call us on 0330 058 9863 or email using the button below.
Sources
1. https://www.bbc.co.uk/news/uk-england-london-65461216
2. https://www.carmoola.co.uk/blog/what-is-happening-to-stolen-cars-2023