Managing Digital Agent (MDA) Azur has unveiled a new insurance product brokers can offer their High Net Worth (HNW) clients who are into collecting cars.
Part of Azur’s long-term strategic move to partner with brokers in launching new propositions, the “Collector Car” product is the first of many offerings to be rolled out. It is underwritten by AIG and covers classic and modern collectibles alike, be it for hobby or investment purposes.
Features include extended reinstatement, policyholders’ choice of repairer, and the ability to incorporate everyday vehicles under the policy. The enhanced cover pays up to 125% of agreed value to a maximum of £100,000 in the event of a total loss, and up to 20% of agreed value to a maximum of £250,000 in the event of a partial loss.
In addition, the MDA has access to a specialist team of motor engineers, as well as a network of experts such as specialist appraisers, car transport companies, and vintage restorers.
“Brokers know that for many collectors these are more than just cars,” noted John Montgomery, product manager at Azur. “Collector Car offers investors and lovers of collectible cars a genuinely comprehensive cover for these prized possessions. It is about giving owners confidence that they have the right cover, and we do this through the range of features we have designed into this new product.”
Montgomery described the classic car market as an area with real demand for a more streamlined and comprehensive approach to insurance.
“Added-value products like this enable brokers to offer more focused, tailored policies to meet client requirements; they are an integral part of our long-term business strategy,” he said.
AIG’s Ian Davies, EMEA head of personal property insurance, added that the new offering complements the existing suite of private client products they underwrite in partnership with Azur.
“This represents the first of a pipeline of new product offerings that Azur will bring to market, combining market-leading underwriting experience and capacity with digital technology solutions, and it reaffirms our long-term partnership and commitment to growing market share in the UK private client market,” said Davies.
