In January of this year Vizion announced an exciting partnership with Four Marks Car Clubs, and with supercar events fast approaching this summer and into autumn, we felt it wise to give a reminder of the importance of checking your motor policy. Events such as Redline247’s European tour this September are popular with owners of both classic and modern supercars from far and wide, and with an expensive car often comes an expensive motor insurance policy. Despite this, what many owners do not realise about their cover is that they are not always insured against situations they expect to have cover for, or in fact that their policy is not tailored for how their car may be used.
For example, events run by Re:Fuel and Four Marks would be covered on a high-net-worth Motor Contract without notification, whereas on a direct motor policy these events would be excluded. For example, some providers will have specific exclusions for organised motoring events but without a definition of what qualifies as ‘organised’. Therefore, an event as simple as a group of friends arranging to drive their supercars over social media on the weekend would be classed as an organised motoring event. Should anything go awry these drivers would find themselves without protection against loss, damage, or liability for both the car meet and for the journey to and from the location.
Equally for instance, lifestyle events like those run by Four Marks and many other car clubs may seem a casual weekend event to hang out with other like-minded drivers, however these would still be classed as organised and therefore, not included under direct motor policies. Equally excluded from most motor policies in the supercar market is if the vehicle is used to participate in any test or competition. For standard policies by direct insurers, it is unlikely that a client would even be asked a question such as, “Are you a member of a car club?”, and so many people can wrongly assume they are covered for such events.
Despite this, some direct motor providers will extend cover to these kinds of events if asked for the cover to be written back in, and so this highlights the importance of contacting your broker for advice especially when supercar events are of interest. If you have the cash to splash on a supercar, you should be prepared to seek specialist high-net-worth cover, as well as any associated additional costs there may be. It’s important for your broker to know what the car is used for, in order to find you the best possible policy for your vehicle.
To summarise:
• Always check your policy! Otherwise in the event of a claim you may end up fronting the cost of repair yourself if you did not read your policy document before signing.
• Never assume what your cover includes. Be sure to check what exclusions there are.
• Make sure you understand your policy document by reading it through thoroughly and asking your broker to clarify anything you are unsure about.
Vizion’s award winning private client team are experts in insuring super cars.
