High Value Motor Insurance

High value motor insurance can be taken out with High Value Home Insurance either as a standalone policy or alongside your home and contents insurance policy.

Most High Net Worth Motor insurers will require the lead vehicle to have a value of £50,000 NEW. Insurers will consider family fleets, high performance vehicles, classic cars and motorcycles.

It is a fallacy to believe that a High Net Worth motor policy will cost more than a combination of standard policies. High Net Worth motor insurers really start to offer value when there are more cars than drivers in a household. It stands to reason that a driver can only drive one car at a time and therefore the overall risk is reduced.

High Net Worth Insurers offer Bespoke cover including some or all of the following:

  • Agreed value
  • Open driving
  • Loan car of comparable type
  • Your choice of repairer in the event of a claim
  • European breakdown cover
  • No loss of no claim discount in the event of a non fault claim, irrespective of whether recovery is made from the third party

Other than the potential saving and additional cover that a High Net Worth motor policy offers, there is the convenience of only having to deal with your insurance portfolio once a year. At High Value Home Insurance you will have a single point of contact whether you have a query for household, motor or a claim.

High Net Worth Underwriters have a real passion for high performance and classic cars. This passion and knowledge allows them to offer a tailored approach to their Underwriting by really understanding the risk i.e a much loved classic car is likely to well looked after with reduced road use.

A major benefit of a High Net Worth Motor insurance policy is that most offer ‘agreed value’. This means that there is no quibble over value in the event of a total loss, like many clients have experienced with standard policies.

Valuing contemporary cars is relatively straightforward, however valuing classic cars is a different matter. High Value Home Insurance can help co-ordinate the valuation of your classic cars to ensure you have peace of mind that you will receive the market value in the event of a loss.

Some High Net Worth Insurers offer open driving as standard (as long as drivers at the main residence are disclosed) AND offer fully comprehensive driving other cars for the policyholder. This highlights the broad cover that High Net Worth policyholders can enjoy and gives them peace of mind that in an emergency adequate cover will be in place.

Inappropriate courtesy cars can be a frustration for clients having their damaged cars repaired. A Range Rover owner is unlikely to be comfortable in a Nissan Micra for instance! High Net Worth policies offer a like for like courtesy car for cars being repaired following an insured incident.

Richard McLeod

Richard McLeod
Director at McLeod Risk Services LLP

Richard McLeod LinkedIn profile

Top tip

Keep photographs of every room of your house away from your property, or on a cloud. In the unfortunate event of a total loss, this could significantly expedite your settlement.