[responsive][/responsive]As a broker, one of the most frequent comments we hear is “but it’s so expensive, I found a much cheaper quote on a comparison website”. Our short answer to this is yes, you probably did but is the cover simply won’t be as good.
No matter what the insurance a broker will usually place you on a High Net Worth policy as opposed to a Standard/ Mass Market policy, which is what you would be offered on any price comparison websites.
The key differences between a High Net Worth motor policy and an online/ mass market car insurance policy are:
- Policy coverage is far better
A High Net Worth (HNW) policy works on either an Agreed Value basis or New Car Settlement agreements, therefore if your car is written off the total claim amount would be up to that agreed value. On an online type policy, there is often a gap in value between market value and what the insurer is willing to pay (there is a separate insurance called gap insurance that can cover any shortcomings).
HNW policies, have a host of additional other benefits, included Personalised Registration Plate cover, Loss of Licence expenses and Expenses for meal, lodging, telephone calls etc following an accident.
On a HNW policy some policies will allow, not just the named drivers in the household but also comprehensive cover anyone else to drive your cars. In this instance whether you have friends to stay who need to use a car or you have had one too many drinks to drive back from a golf day then someone is automatically and comprehensively covered to drive your car home (cover and age depend). All named drivers are also comprehensively covered on your cars as well!
Choice of repairers is a very important point. If you have a prestige, supercar, classic, high-end specialist or electric car, these will often need to be repaired at specialist repairers and unlike many online policies, which will restrict coverage to their approved garages, you are free to take your cars to a repairer of your choice under a HNW policy.
- Increased Sums Insured
Coverage for stereo equipment, personal belongings, legal expenses are for example generally all given on much higher limits on a HNW policy and less restrictive.
- Many additional covers as standard
On online type policies, everything is an extra, even on a comprehensive policy basis it is similar to a low cost airline flight. Breakdown Cover, Personal Accident, Hire Car Cover, Foreign Cover, Legal Expenses are typical optional extras which come as standard on a HNW policy
- Far better claims settlement
Is really the key to having an insurance policy that when you need to claim it is made efficiently and as painlessly as possible. That is really where the HNW markets is streaks ahead of the mass markets insurers. Claims settlements are made fairly and promptly, and the benefit of using a broker/ HNW insurer is that you are not stuck on the end of a telephone to a call centre trying to get through to the right person.
But do I qualify for a policy like this?
Most HNW policies require your car to have an original value of £50,000, or if part of a multicar policy then one car must have a value of at least £30,000. However, if your car is worth less than this it can be grouped with your home insurance policy allowing the insurer to be much more flexible.
Working with a broker will allow you better access to these High Net Worth insurers and will give you access to impartial advice on the best cover for the best price. To find out more get in touch with us on firstname.lastname@example.org or 0207 199 3255