Rolls Royce Phantom Insurance requires a little more than the standard one size fits all motor policy as you can imagine. You will need an experienced broker to navigate the market and place your business with a suitable insurer. All insurers are NOT the same.
A Rolls Royce Phantom is not an everyday vehicle and requires experience and knowledge of the market to ensure you are correctly covered. After all, the Phantom has been called the greatest motor vehicle in the World for nearly one hundred years. This is exactly the type of niche bespoke insurance cover that we specialise in here at McLeod Insurance.
How can you help me insure my Rolls Royce?
- Expert knowledge of the marketplace
- 27 Years experience in High Value Insurance
- Specialists in niche markets like High Value Motor cover.
- Relationships with specialist underwriters.
Rolls Royce Phantom Insurance.
Rolls Royce has been synonymous with luxury and style since its origins back in 1904 when Charles Rolls and Henry Royce first established the business. The Phantom came twenty years later and was the most luxurious motor vehicle available in its day. The business was built on a reputation for superior engineering and quickly became known for manufacturing the best car in the world.
Our MD Richard McLeod has twenty-seven years experience in the insurance industry and twenty of those have been in the niche area of High Value Insurance. The majority of Insurers are motivated by the mass market and are looking to insure everyday vehicles and household items. Most people fit into this category and these larger insurers are targeting ‘most people’.
Our clients are not ‘most people’ and in our experience no two clients are the same. Each individual requires a tailored solution. High Value Insurance is a bespoke industry interested in individuals with varied and mixed portfolios. Larger broader based insurance brokers will struggle to find an appropriate insurer as it is outside of his normal business remit and end up doing one of two things. Either they quote an inflated premium or in the worse case, sometimes they refuse to insure altogether.
Why is the premium for my Phantom so large?
Clearly vehicles such as the Rolls Royce Phantom are not cheap to purchase so we would expect a reasonably high premium when it comes to insurance. However we have witnessed a rise in our new clients telling us they were being offered highly inflated premiums prior to moving over to McLeod Insurance. Why is this?
Inflated premiums occur when insurers are not actively competing for the business. They are not sufficiently knowledgeable of the risk and therefore air on the side of caution and add surcharges to inflate the premium. Anecdotally we have raised this scenario with insurance companies and while they would not give us an official quote we did get some ‘off the record’ comments.
“90% of our customers fit our standard policies, therefore we are very focussed on securing this business. High end policies are more specialist and complicated so if we miss out on 10% of the market then that’s a figure we are comfortable with!”
Reading between the lines it is clear that the major branded insurance brokers have ‘ideal’ customers that they are looking to target and secure. They are neither interested nor knowledgeable enough to place a policy of a more bespoke nature.
I thought all brokers got the same quotes from the underwriters?
There are a couple of things to consider here. As noted above many brokers do not know nor care for the niche areas of high value insurance. However lets for arguments sake consider a brokerage that does have some experience in mid and high net worth market places. Lets say that they do use a reputable and maybe even market-leading insurer such as Chubb or AIG. Surely that’s as good as it gets and you already have the best policy premium possible? Well, no, it is not necessarily true. You may well have a good policy from a great insurer but here at McLeod Insurance we are still able to achieve a more cost effective premium for you.
How can we arrange for a more cost effective premium with the same Insurer?
- The devil is in the detail. Policy wording is everything and we make significant savings thanks to knowledge and experience.
- Where appropriate we come out to meet you at your property. It amazing what we can save when we have client meetings on location.
- Attention to detail. This is a big one. With individual clients you need to have attention to detail as this can make significant changes to policy premiums.
If an underwriter is obliged to give the same premium quote to all brokers when contacted regarding the same customer how are you able to achieve a more cost effective solution?
The full answer to this one would give away all of our secrets so you’ll have to give us a call so that we can demonstrate how we can help in your specific case! Clearly you are going to want a better answer than that so here are a few broad stroke examples. If an insurer is contact by two separate brokers regarding the same customer it is true to say that the Insurer is obliged to give the same premium to each broker.
There is no special treatment for a larger broker over a smaller one. However that is only true if all the details provided by the two brokers is exactly the same. A lazy broker will contact the insurer with the standard information on their client and accept the first quote given. We use the words ‘bespoke’ and ‘tailored’ a lot when referring to our service here and it is for good reason.
Everyone is different! No two individuals are the same. This is never truer then in the high net worth arena. There is a reason that you can design and commission your very own Rolls Royce Phantom and it is because certain individuals desire certain features. Rolls Royce is very aware that no two individuals are the same and we like to think we are very aware of it as well.
Where necessary we come out to visit our clients at home.
We work hard to build relationships with our clients so that we can tailor their policies to their needs. Where necessary we will come out to visit our clients and whilst this is always a great experience and nice to meet face to face this is not just an exercise in pleasantries.
When we meet at your property we are using all our years of experience to view the surroundings. Your car is parked on the street but is the street in a gated community? Your car is parked overnight on a driveway, but is that driveway enclosed behind gates with CCTV or again in a gated community with onsite security?
Who is driving the car? What is the car used for? There are many questions that are running through our mind when detailing an insurance proposal. We are answering these questions and many more when on a client visit without the need to trouble the client at all. For more on what sets us apart from the standard broker give us a call on 01525 716 452.
Can’t get insured for your Rolls Royce Phantom?
If you have been met with a flat refusal to insure your Phantom we are here to help. McLeod Insurance have access to bespoke specialist policies and have expert knowledge within this area. We can expedite your case and arrange for a fast and efficient resolution. Working hard to solve our client’s problems and come up with innovative and creative solutions.
Unlike our larger corporate Insurance brokerages that target the 90% standard policy we actively seek out the 10% and offer a bespoke service with a tailored solution. Here are some other reasons why Rolls Royce Phantom insurance is hard to come by.
Not many thefts on record.
The good news is that Rolls Royce cars are not often stolen. In fact it was back in August 2017 when we last heard of a Phantom being stolen. In that particular case the Phantom was stolen from Leicester and recovered within two hours. Thanks to the rarity and stand out looks they are easy to spot and therefore not very sort after by the criminal fraternity. The only down side to this is that insurance companies have no data to base their quotes on and sometimes this can lead to inflated premiums.
What about safety records?
Normal practice for the insurance industry to use safety tests when evaluating premiums on motor vehicles but this is not the case for Rolls Royce. The Phantom is too expensive to be used in crash tests and therefore there is no safety data to use. When you combine this with the sheer expense of the vehicles you can see that the standard formula used by insurers when assessing motor insurance is not helpful in insuring a Rolls Royce Phantom.
Anything that breaks from the norm makes the cover non-standard and in reality this turns the larger insurance companies and brokers away from the business. This is in direct contrast to our business model. We seek out these riche areas and become experts within them. Our client’s benefit from relationships we have developed within the high value insurance market.
Knowledge breads understanding and understanding leads to more accurate premiums.
As we understand the requirements the insurers are looking for we are able to walk you through the process and seamlessly organise your cover. When it comes to high value insurance it is not just a tick box exercise. Standard one size fits all policies do not cover many high end vehicles. The increased workload and expertise required means that the larger mass market insurers ether steer clear of covering clients with these requirements or overcharge for the hassle of dealing with them.
Here at McLeod Insurance our whole business is built around high net worth niche insurance and we solve clients problems on a daily basis. There are not many scenarios that we have not already come across and been able to solve. It is this level of knowledge and experience that sets us apart from the crowd, the Rolls Royce of insurance brokers if you will.
We are high value home insurance experts and because of this many of our customers have Rolls Royce Phantoms and cars of a similar ilk. We can often see glaring omissions or potential savings when looking over a client’s schedule of insurance from the previous year. If you are unsatisfied with your current broker or have a feeling the premium is very high then why not give us a call? We will gladly look over your schedule and give you some advice. We are all about building relationships here and trust from both parties’ means a lot to us. Client confidentiality and loyalty are of paramount importance to us and we are very proud to retain our clients year after year thanks in a large part to our trust in one another and to our unrivalled service.
A tailored bespoke solution is required to find the most appropriate policy.
The same as any other marketplace Insurance is not a perfect market. All policies are not available to all brokers. There is no magic computer program that gives you all the different options and guarantees the best price, as some comparison sites like to suggest. If you sell a hundred policies a day for a Ford Focus you are unlikely to have any knowledge on a policy for a Rolls Royce Phantom. There are sixty five million people living in the UK. How many people do you think own a Rolls Royce Phantom? Suffice to say that this IS a specialist marketplace and a bespoke and tailored solution is required to find the most appropriate policy.
Over time you build up your knowledge on certain markets and understand the requirements of certain clients. It’s this knowledge that serves us so well when looking over a new clients insurance schedules from the year before. We have built up an understanding and can often see details that look out of place or adjustments that can lower the premium without affecting the quality of the cover.
Are you having trouble getting your insurance broker to arrange cover?
Knowledge of Rolls Royce Phantom Insurance is a specialist area and expert experience in the pit falls can not only save you in premium costs but also in time and hassle.
It comes as quite a shock to some clients that we are often able to secure a more cost effective premium than a client’s previous broker did, even when the underwriter remains the same! Give us a call today to see if we can do the same for you. 01525 716 452.
The Rolls Royce Story.
Rolls Royce is the epitome of opulence and grace but it all began when the two men met in the Midland Hotel in Manchester on the 4th May 1904. Royce was the engineer and brains behind the mechanics of the cars while Rolls was the proprietor of a car dealership in Fulham, London. The two men met and decided to form a partnership and brand that would become known all around the world and still endures today some hundred and fourteen years later.
The onsets of World War 1 in 1914 had a profound effect on the business and ultimately lead to the company diversifying into the production of aviation engines. Charles Rolls was interested in aviation and had unsuccessfully tried to convince Royce and the other directors to start to produce engines for the government War effort. Initially Royce was against the move. However as the War dragged on and business conditions became harder and harder the War Office eventually persuaded Rolls-Royce to start to manufacture V8 engines for aviation use. This was the beginning of a longstanding association with aviation engines. Henry Royce died in 1933 but his last design was the Merlin aero engine that went on to power some of the world’s most iconic World War 2 aircraft including the Hurricane, Spitfire and Lancaster.
Rolls Royce Technology can be found all around us.
Today Rolls Royce technology is vast and far reaching and their engines are found in Civil Aerospace, Defence Aerospace as well as Marine engine and even power stations. From humble beginnings this brand is truly worldwide and far-reaching. Did you know for instance that Rolls Royce have been working on driverless boats since 2013? Rolls Royce has a heritage of being at the cutting edge of technology and this trend looks set to continue long into the future.
However this rise has not been without problems and in 1971 the owners were forced to liquidate the business. There was a period of nationalisation until in 1987 the government sold the company into public ownership.
Today the Rolls Royce Motor Company is a subsidiary of the German owned BMW and has been since 1998. BMW chose the Phantom to be the first car launched under the new ownership and so in 2003 the Phantom was born again. Originally launched in 1925 the Phantom was given a new lease of life and the name and legacy lives on to this day. Once again the Rolls Royce Phantom has been proclaimed to be the greatest car in the world. Today you can configure your very own long wheelbase Phantom at https://www.rolls-roycemotorcars.com/en-GB/configure-your-rolls-royce.html#
Since then the company have gone on to produce the Ghost and the Wraith models. All current models can be seen on the Rolls Royce Motor cars website at https://www.rolls-royce.com
So Is the Rolls Royce Phantom the best car in the world?
Since the original release in 1925 the Rolls Royce Phantom has been proclaimed as the best car in the world. Nearly one hundred years later can it still really be the best car in the world? As far as luxury and opulence are concerned there are not many cars that rise above the Phantom. These types of questions are always subjective of course but there are very few vehicles that live up to the heritage of engineering excellence that Rolls Royce can boast. I can’t think of many cars that could take on the mantle of the best car is the world. Can you?