Insuring car collections made easy with ERS experts

Collections Blog

Times may change, vehicle designs may evolve, car manufacturers may rise and fall, and purchasing patterns may shift, but one of the enduring truths of the motor industry is that everyone loves a good car collection.

Maybe it’s because every collection is unique, or because collections give us a great excuse for a trip down memory lane; maybe it’s simply the joy of seeing some of the motor industry’s greatest hits lined up alongside one other.

The more eccentric the collection, or the more peculiar its back story, the more people seem to take it to heart. Hence why the story of a dilapidated collection of 135 classic cars, spanning 100 years of automotive history, made national news last year when it was discovered tucked away on a property development site – the ultimate barn find.

Of course, more traditional collections still generate incredible pride and pleasure within the motoring community; in fact, even at the smaller end of the market, car collections always seem to capture motor enthusiasts’ imagination.

Writing collections require a skilled approach

Insuring car collections is a complex business. Many motor insurers are put off altogether; others struggle to grasp the all-important detail.

For starters, collections vary wildly in size and value. Ralph Lauren’s car collection is worth more than $300 million. Jerry Seinfeld’s collection is so large that in 2016 he was forced to sell off 18 cars worth $22 million.

Storage and security measures also affect how car collection insurance policies are priced, particularly if the facilities are regularly accessed or if multiple vehicles are being stored together. In Britain, for example, Rodger Dudding’s collectionof 350 cars – valued at an estimated £40 million – has to be specially stored in a garage that is itself worth £7 million.

Why choose ERS for your car collections

At ERS we’ve been underwriting car collections for many years and, following a particularly successful 12 months, we’ve decided to further increase our risk appetite in the space. So for any brokers currently looking to place collection risks on behalf of their car-obsessive clients, it’s worth reiterating what our ERS offering comprises and how it might differ from other insurers you’ve dealt with.

Motor-only, broker only

You won’t find us muddling up classic motors and supercars with fine art, vintage wine or stately homes. As a motor-only, broker-only insurer, we’re able to dedicate all of our expertise and resources to the task at hand.

Dedicated underwriters with expert knowledge

Our bespoke car collections offering has always enabled us to stand out from the crowd – from manually written policies developed by underwriters with expert vehicle knowledge, to on-site underwriting support for supercar collections, to our ability to write everyday or high-usage vehicles (in minority) as part of collections.

Policies can cover any collection size from two cars upwards – effectively any number of vehicles owned by a single policyholder, although we can also factor in the need for multiple drivers to be insured against individual vehicles within the collection.

An enhanced Prestige claims proposition

Last year we launched an enhanced claims proposition for brokers with supercar collectors on their books, providing access to prestige experts at every touchpoint, with calls taken in under a minute and a single, dedicated claims handler for the entire process.

Financially dependable

Collectors need the security of knowing that, should the worst happen, their collection will be fully covered. For brokers, we can offer the vital reassurance of our strong financial backing, in the form of a Lloyds A+ rating.

Do you have a car collection that needs underwriting?

Britain is home to some of the world’s most dedicated and enthusiastic car collectors, and we’ve shown over the years that we’re every bit as passionate as our brokers in getting clients the very best cover. In 2020 we’re making a big push to further grow our classic and supercar collections book – why not join us for the ride?

For Classic Car collections contact classicquotes@ers.com | 0345 600 3890

For Supercar collections contact prestige@ers.com | 0333 241 2445

Please note we can cater for both supercar and classics under one ERS policy.

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