Former Carole Nash parent Groupama Insurances, which now belongs to Dutch-Belgian insurance giant Ageas, has unveiled two new policies in a bid to give a wider range of brokers access to specific products designed for classic bike and car owners.
Groupama’s Optima Classic Bike and Optima Classic Car policies, which are available for vehicles more than 25 years old, include agreed value, a limited-mileage option, flexible repair options and toolbox cover. And the insurer claims these offerings are the first such policies to offer full-cycle electronic data interchange (EDI) to brokers.
Groupama director of personal lines Kevin Kiernan explains:
“We spent a great deal of time talking to brokers, policyholders and enthusiast clubs about what they wanted from a classic car or classic motorcycle policy, recognising fundamentally that these vehicles are their owners pride and joy, on the road infrequently and always treated with care. Importantly, the specialised cover we will provide is backed up by a team of underwriters that truly understand the market, supporting our brokers’ expertise in this niche.
“The UK insurance market for classic vehicles is controlled largely through specialist brokers. While the sector tends to produce profitable returns due to very low claim frequencies, it does generate increased administrative costs for both the broker and the insurer. This is precisely what we looked to address with our EDI policies.”
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