Whether you own one high value vehicle, a fleet of high value vehicles, a fleet of classic cars, a family fleet or a combination of all of these; it is likely that your car insurance premium is high. It is also likely that the most competitive way to insure your vehicles would be under a High Value Motor insurance policy. Not only will you receive the best in way of service but also by way of cover.

Any family who has more vehicles than drivers in a household is likely to be an excellent risk for a High Value Motor insurer. A High Value Motor Insurer will understand that a client can’t drive all the vehicles at the same time! This will reduce the risk attached to each vehicle and a more reasonable rate can be attached to each vehicle. Here at McLeod Insurance we have seen many examples of clients insuring each vehicle with a separate insurer, who do not know the full story behind the total risk. Not only is the combined premium likely to be higher but also a number of different renewal dates are usually in place.

With any High Net Worth Insurer, knowing the full picture of a client’s risk is paramount to offering the very best terms. A good Broker will help build this picture by asking pertinent questions and relaying this to the Insurer in the best possible light.
As with High Value Home insurance, sometimes-standard insurers will quote for risks that are out of their comfort zone. This may well mean that an inferior policy is taken out with an inflated premium.

A family fleet policy can be incredibly cost effective if there are any young drivers in the household. The insurance market is known for quoting horrendous premiums to those with little experience. A family fleet policy can quite often offer lower premiums by taking the combined risk of your family fleet into consideration.

Perhaps the most valuable areas of a High Value Motor insurance policy is the agreed value and flexible driving:
A new vehicle can lose thousands after being driven off of the forecourt. Most insurers would consider a total loss after this stage as the vehicle being ‘second hand’. Most High Value Motor Insurers will agree a replacement value up front, if the worst were to happen.

A High Value Motor Insurance policy quite often offers any driver cover, as long as the drivers of the main residence are disclosed. In addition, many High Value Motor insurers will offer comprehensive driving other cars for their policyholders (as opposed to third party only).

An experienced Broker can offer security and risk management advice in order to get the very best terms from the market. As an example, a client with a previous theft loss can mitigate any further similar occurrence by fitting a tracker to the vehicle. This advice can open up the High Value Motor insurance market up to quote and, as a result, is more likely to offer the most competitive terms.

Richard McLeod of McLeod Insurance has over 25 years experience in the motor insurance market. The connections and experience he has built up over these years is paramount when finding you the very best quote possible. In addition, connections with vehicle security companies can also lead to discounts when fitting trackers and the like.
Give us a call today for a no obligation chat about your requirements.

 

Richard McLeod
Director at McLeod Risk Services LLP
Richard McLeod LinkedIn profile

Top tip

Using an independent bespoke insurance broker such as McLeod Insurance, can reduce the cost of your policy, whilst also achieving the broadest cover in the market.

Direct policies are NOT necessarily the best value.