The targeting of niche insurance markets has been a very successful, although initially unplanned, strategy for Carole Nash Insurance Consultants. The UK company, which was started on its namesake's kitchen table, is best known for shaking up the motorcycle insurance market here two years ago with its Emerald scheme. To date, it has captured 16 per cent of the motorcycle insurance market.
Now classic car enthusiasts have more options when it comes to insurance, after the introduction of the new Carole Nash Crystal policy for classic cars last week. The policy, which promises improved cover and lower premiums was developed in consultation with the Irish Veteran and Vintage Classic Car Club (IVVCCC). Unlike other policies, which only provide third-party cover, it offers comprehensive insurance and a range of inclusive benefits.
One of the best aspects of the cover according to industry sources is that it is more flexible and provides insurance for highvalue vehicles, collections and drivers in high-risk occupations or with motoring convictions.
A range of free benefits includes breakdown recovery in the Republic and UK, up to £50,000 (€63,439) legal protection insurance, unlimited foreign travel and theft and accident cover for up to £250 worth of spare parts and accessories. There are also no mileage restrictions for presecond World War cars and cover is available for vehicles registered before 1981.
By their very nature, many classic cars are not driven every day. A major advantage of the scheme is the introduction of laid-up cover which provides low-cost insurance when vehicles are not on the road. This is attractive to many enthusiasts because of weather conditions and the seasonal nature of the classic car event circuit.
President of the IVVCCC, Mr Noel Williams, says with only two or three companies currently in the market there is a real need for a new player. He is particularly pleased that the new policy covers high-powered sports and commercial vehicles.
Product development manager for Carole Nash, Mr Nick Baker, says "currently the policies offered are often prohibitively expensive, provide only limited cover and are unnecessarily inflexible".
The Dublin branch of the company hopes to change that perception by using the same flexible, cost-effective strategy for Crystal that was used for the motorcycle scheme.
A sample quotation for a 1936 Austin 7 worth £4,000 is £193.93 unlimited mileage and £66.10 for theft, or laid-up cover. These rates are applicable for a Dublin-based 55-year-old driver who has held a full licence for 35 years.
A 36-year-old individual in Cork who owns a 1956 Morris Minor worth £2,000 and a 1970 MG BGT worth £3,500 would pay £250.04 for comprehensive cover within a 2,000 mile limit or £265.64 for a 4,000 mile limit. Laid-up cover would also cost £66.10. This rate applies to individuals with a full licence for 15 years.
Crystal requires vehicles to be garaged at the policyholder's home address; all drivers covered must have use of another nonclassic vehicle; drivers must be aged between 25-75 and hold a full Irish driver's licence.
The Crystal and Emerald policies are both underwritten by Independent Insurance.
