While most of us purchase insurance coverage increasingly with the press of a mouse, this isn’t but the case within the higher phase. For classic vehicles, ancestors or yachts, the important thing phrases are tailor-made work and worth.
“Honey, I just bought a Porsche. Not on a whim. It’s a investment of a good father. ” Frédéric de Haan, co-director of niche insurer Vander Haeghen & Co, confirms that this is not fiction. “We have seen wealthy people diversify their wealth for several years. With stock market fluctuations and low or negative rates, they prefer to buy a vintage car or a nice motorcycle. ”
The specialist insurer Jean Verheyen, member of the AXA Group, provides. “The rich are investing more and more in their passion. The crisis of coronavirus has only reinforced this trend. Classic cars and yachts are in a way their last freedom in this context, ”explains director Laurent Verheyen.
To drive in an unique automotive or navigate on your non-public yacht, it’s obligatory to be insured. But for passions out of the strange, there is no such thing as a no normal insurance coverage might be subscribed on-line. “Ensuring some expensive hobbies requires a tailored approach. Customers want the convenience of good insurance so they don’t lose money if something goes wrong. The starting point for insurance is always the value of the property to be insured, ”explains Frédéric de Haan. “The ultra rich prefer a global package covering all of their heritage. Often times, they first apply for insurance for their home and then, in confidence and confidentiality, they apply for tailor-made insurance for their cars, artwork, jewelry and other property. They want a “one stop-shop”. This is why we have also been insuring private yachts for several years. We receive many requests from our customers ”, explains Patricia Dillen of the insurer Jean Verheyen. Same story with Vander Haeghen. “We make sure the hobbies, and golf is one for a lot of clients. For golf, we provide “all in” insurance coverage. Most of those clients additionally personal a luxurious automotive, ”continues Frédéric de Haan.
There are classic vehicles of all ages and classes. “It can be a childhood dream like a 2 CV, an old Volkswagen Beetle or one of the first models of the Golf GTI, whose value oscillates between 20,000 and 25,000 euros”, explains Bertrand Vander. Haeghen, co-director of Vander Haeghen & Co, the market chief in traditional automotive insurance coverage. But some are price far more. “We see a growing craze for exclusive vintage cars over 500,000 euros. They offer a form of collateral, in that they should retain – or even increase – their value over the years. Alongside the brand and exclusivity, another criterion is the history of the vehicle. If the previous owner was popular or if the car has participated in a prestigious race, its value can increase significantly. There are fewer requests for vintage cars of less than 100,000 euros, ”continues Laurent Verheyen. “Despite everything, it’s still a good time to buy. The market is no longer speculative, it is passion that determines the price. ”
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The Porsche stays an iconic model. “70% of Porsches manufactured to date are nonetheless in circulation. Regardless of their age, they at all times retain a sure worth», Explains Frédéric de Haan. “Over the years, costs have fluctuated significantly. A Porsche 911 from the Nineteen Eighties was price 30,000 euros 5 years in the past. Today, it’s simple to spend 50,000 to 60,000 euros. People make investments to get a sure pleasure figuring out that they will rapidly resell it with an exquisite margin. “
What in case of harm? “Genuine spare parts can still be found for all models, including those from the 1960s. If an older model is damaged, the repairs will be expensive, but they will be worth it. Their value continues to increase, ”explains Bertrand Vander Haeghen.
The insurance coverage of a classic automotive is mostly primarily based on a price decided by an knowledgeable. “With us, this appraisal value remains the same for three years, but it happens that certain cars have to be reassessed more often to benefit from adequate coverage. Customers are often well aware of changes in the value of their car, ”continues Patricia Dillen. “For large collections – which feature cheaper cars – we often work on the basis of the customer’s estimated value.”
The insurance coverage of a traditional automotive can already begin nicely earlier than she is in her storage. “The vintage car market is becoming international. More and more customers are buying their cars in the United States or Qatar. We can also insure the car during transport, ”explains Laurent Verheyen. When the automotive arrives in Belgium, the insurance coverage varies relying on the use that the client will make of the car. Some consumers are easy buyers: they like to have the ability to see their automotive, however by no means take it out of the storage. “This type of collector often builds a separate building, sometimes equipped with car lifts, to park his vehicles. The cars are insured against theft and fire, ”explains Patricia Dillen.
“For the collections that we insure, we carry out a on-site risk study. We check whether it is necessary to take preventive measures against fire or install an alarm system for the building. We have clients who own real private museums, ”says Bertrand Vander Haeghen.
“The basic rate of the premium for a roadworthy collector’s car is 1% of the insured value.”
The majority of collectors are lovers who prefer to drive their vehicles. They are lined by a “omnium” insurance coverage. Are these insurance policies costly? “The premium is not excessively expensive compared to traditional auto insurance, because these cars generally don’t run a lot. The basic rate of the premium for a roadworthy collector’s car is 1% of the insured value. For a car worth 50,000 euros, the annual premium is therefore 500 euros. Compulsory liability insurance is not included, it must be taken out with a property and casualty insurer, ”provides Patricia Dillen.
“The premium for a car that does not leave the garage is comparable to the premium for a artwork. It generally amounts to 3.5 per thousand, which amounts to 175 euros for a car costing 50,000 euros, ”she continues.
The kind of protection varies relying on the insurers. For instance, a coverage for a classic or status automotive bought with Vander Haeghen can also embrace legal responsibility protection, authorized help or driver’s insurance coverage. Breakdown service is included.
Prestige and sports activities vehicles
If you purchase a brand new status or sports activities automotive like a Ferrari, Bentley, Aston Martin, Lamborghini or Rolls-Royce, the vast majority of property and casualty insurers is not going to mean you can take out complete insurance coverage and you will have to contact a specialised insurer. “We insure prestige cars throughout their life cycle,” explains Frédéric de Haan. “We start with comprehensive insurance for the daily use of the vehicle based on the purchase price until the car is ten years old. Then the car enters the “young timer” class. We then insure it on the premise of the worth set by an knowledgeable, a price which is usually increased than the acquisition value. “
From the age of 25, the automotive joins the class of “old timers” or classic vehicles. Does this assurance enhance exponentially over time? “No, the amount of the premium may surprise you positively. We know that the more the value of a car increases, the more its owner takes care of it. A seven-year-old Porsche worth 30,000 euros will sometimes spend the night in the rain, but if it’s worth 70,000 euros, it is likely to sleep in a garage. You can compare cars with works of art. The higher the value, the more likely the work will be exposed to a place of choice in a museum, ”explains Frédéric de Haan.
“Some models are so exclusive that their value almost immediately exceeds their purchase price when they roll off the production line. For example, some Ferraris are produced in very limited numbers and the waiting list is long. Sometimes you already have to own a brand car to be able to buy the new model, ”continues Laurent Verheyen. “These exclusive cars require ad hoc insurance. “
Alongside classic vehicles, some bikes additionally make hearts beat sooner. “These are classic scooters and bikes which can be a number of many years previous and that you could nonetheless journey. Today the Cafe racers – just like the BMW R 9 T or Ducati Scrambler – are more and more wanted. These bikes reworked into sports activities fashions mix modernity and nostalgia», Indicates Bertrand Vander Haeghen. “They additionally want tailor-made insurance coverage.
In an accident, the harm is larger than with a automotive, and it typically ends in a complete loss. Therefore, it’s advisable to take out omnium insurance coverage.
The drivers are generally seasoned motorcyclists, nevertheless it additionally occurs that they’re of their thirties, quadras or fifties who’ve lastly determined to afford the bike of their desires for his or her birthday.
Do you personal a sailboat, a motor boat, a dinghy or a jet-ski? “Many customers have their boat moored in a Mediterranean port and can insure it through the local port authorities, but we notice that many owners trust them more. personal broker», Observes Laurent Verheyen. “For pleasure boats, there is no fixed premium. Several criteria come into play: is it a sailboat or a motor boat? What is the engine power? What materials is the boat made of? What is its length? His value? We offer a “all in” font which covers legal responsibility to 3rd events, bodily harm, contents, and generally additionally the prices of search and rescue at sea, ”explains Patricia Dillen. To provide you with an concept: the annual premium for a sailboat of 250,000 euros is 1,545 euros.
Insure your self towards a “hole in one”
You could have seen the breathtaking photographs of Spanish golfer Jon Rahm throughout Augusta’s Masters within the United States. During a follow, his ball arrived within the gap in a single shot after ricocheting thrice on the water. Tradition has it that on this case the participant provides a basic tour to all membership members. But you’ll be able to insure your self towards a “hole in one”. If relevant, Vander Haeghen’s Golf Guard Insurance pays you 200 euros throughout an official competitors. This protection is an element of a bigger golf insurance coverage that gamers can take out from 65 euros per 12 months. It covers each golfer’s bodily harm reminiscent of theft, loss or unintended harm to golf tools.