Collection of Cars Insurance
Collection OF CARS INSURANCE
When it comes to insuring a collection of cars, it’s not a one size fits all cover. Some cars are driven regularly, while others can spend most of their time being stored away and only used for events or special occasions. Whether you need cover for a collection of supercars, classic cars or mixture of both, we will work with you to help tailor your policy to fit your needs and requirements.
Managing a collection of cars can come with needing to think about different renewal dates and even valuations. At Arkwright, our collection of cars insurance policies are designed with your collection in mind. Our aim is to give our clients the confidence and reassurance that their collection of cars is protected properly. We offer bespoke agreed value cover, limited mileage cover, laid up protection and multi vehicle protection designed to fit around your collection of cars.
Why You Need Collection of Cars Insurance
Car collectors may sometimes assume that they don’t need specialist insurance cover if their vehicles are stored away. However, even when cars are stored securely, they can be exposed to risks such as fire, theft, flooding, and even accidental damage. Standard car insurance policies are generally not suitable under these circumstances, and it can sometimes mean that you’ll end up paying more in premiums than the cover itself.
We understand that managing multiple insurance policies for a collection can very expensive and time consuming. At Arkwright, our bespoke collection of cars insurance can cover all your vehicles under one tailored policy, which can help reduce your overall costs, giving you complete peace of mind.
Types of Car Collection Insurance
Not all car collections are the same, and neither should be the insurance policy. We know that every car collector has different requirements, and may need different levels of cover for each individual vehicle. Our collection of cars insurance is tailored to provide the right protection for each vehicle in your collection.
Laid-up cover
Not all vehicles are driven on a daily basis, and can spend a long time being stored away. Our laid up cover can help protect your car collection from risks such as fire, flood, theft and accidental damage while they remain stored away safely.
Limited Mileage Insurance
Most car collectors may only drive their vehicles occasionally, especially if they are classic vehicles. They may only be driven at weekends, special occasions, for car events. Limited mileage insurance take this into consideration, and can offer you flexible cover to reflect how your vehicles are sed.
Agreed value insurance
Agreed value insurance means that each vehicle in your collection is insured based on their individual valuation. Therefore, in the event of your vehicle being written off or unable to be recovered following a theft, agreed value can give you more reassurance on the exact payout which was agreed at the start of the policy with the insurer.
Multi-vehicle policies
Managing multiple vehicles in a collection can be time consuming and expensive. A multi vehicle policy can cover your car collection under a single policy to help manage your insurance cover more conveniently. Instead of having to deal with multiple renewal dates and separate insurance providers, you can benefit from one policy which reflects the different usage and storage arrangements for all the vehicles in your collection. A multi vehicle policy can ensure that each vehicle will receive the individual protection it deserves.
What You Need to Know About Collection of Cars Insurance
Car collection owners will understand that different vehicles in their collection require their own individual assessment. So, knowing what insurers look at when determining your premiums can help you to choose the right cover.
- Storage: Depending on where and how your vehicles are stored can both influence insurance premiums and the level of cover available. Vehicles which are kept locked away in a garage or a secure storage facility are viewed by insurers as low risk.
- Usage: Not all cars in a collection are driven regularly. Some car collectors enjoy regular road trips, while others may only take them out on special occasions. Ensuring you provide the accurate mileage information will help to reflect this in your insurance policy.
- Agreed Value: For classic or rare cars, the valuation can fluctuate hugely, especially if they have been restored, or are exclusive models. Agreed value insurance is where the value of your vehicles is agreed between you and the insurer at the start of your policy. This can offer you peace of mind knowing what to expect back in the event of a payout.
- Modifications: If you’ve made any modifications to your vehicles, it’s important to inform your insurer. Any undeclared modifications can result in your cover being affected and also cause issues in the event of a claim.
- Laid Up Cover: Many car collectors may have their vehicles stored away for long periods of time. Laid up cover will help protect the vehicles when not in use, against risks such as fire, theft and accidental damage.
- Multi Vehicle Policies: Managing multiple policies for separate vehicles can quickly become time consuming and stressful. A multi vehicle policy allows you to insure all your collection of cars under one simple policy making it easier to manage and help to reduce overall costs.
Why Choose Arkwright?
Car collections require expert care and specialist knowledge. At Arkwright, our tailored approach means we work closely with car collectors by offering bespoke levels of cover to reflect each vehicle within your collection.
Our policies can include:
- Tailored cover for each vehicle based on its value, condition and storage arrangements
- Agreed value cover for peace of mind in the event of a write off
- Laid up cover for vehicles stored away or having restoration work
- Limited mileage cover depending on how often your vehicles are driven
- Multi vehicles covered within a single insurance policy
- Access to a repair network who specialise in rare and high value vehicles
- Specialist insurance cover built around your needs and requirements
Arkwright Private Clients Collection of Cars Insurance
Our team of experts can help you with your Cars Collection Insurance
At Arkwright, our experienced team can help arrange comprehensive levels of cover for your collection of cars no matter what the size. We work alongside leading UK insurers, and can help bring all your vehicles together under one policy renewal date, making it easier to manage and save you time. Our flexible cover options mean that you’ll benefit from adding or removing vehicles throughout the policy term on a pro rata basis. This can ensure your policy reflects your car collection at all times.
FAQ
What Is Collection of Car Insurance?
Collection of cars insurance is a specialist cover specifically designed for multiple high value, classic cars or performance vehicles. This type of insurance takes into consideration the risks associated with collections as offers tailored protection against theft, damage and other potential incidents. Some policies can also include agreed value cover, to help protect the true value of your collection.
Does Car Collection Insurance Cost More Than Standard Car Insurance?
Collections can be more expensive to insure than just one single car. This is because they consist of multiple vehicles with different valuations and some which may not be easily replaceable. Overall, a collection insurance can offer greater value as this is tailored to manage and protect multiple vehicles under one single policy.
What Does Collection of Cars Insurance Cover?
- Agreed value cover to protect your collections worth
- Comprehensive cover against accidental damage and theft
- Dedicated roadside cover and recovery
- Access to specialist approved repair network
- Track day cover, if required
- European driving cover, if required
- Bespoke cover based on how you use and store your vehicle
Who Needs Collection of Car Insurance?
For anyone who owns multiple high value, performance supercar, or classic cars should consider this insurance cover. This is because, vehicle collections are considered an investment, and required cover to help ensure they receive the protection that standard insurance policies cannot offer.
How Does A Car Collection Value Determined?
Most specialist insurance policies for collections offer agreed value cover, where the vehicle’s values are agreed at the start of the policy. This provides reassurance to the owner as the agreed amount is paid out rather than the market value. This can be beneficial for rare or limited edition models within a collection.
Are Modifications Covered?
In most cases, insurance policies can often cover certain modifications. This can include cosmetic and performance upgrades. Most importantly, all modifications should be declared at the time of arranging the cover to ensure they are included in the event of a claim.