By: ITOO Artinsure
Leading South African niche underwriter – ITOO Special Risks, launches ITOO Classics, a specialist product that covers a range of risks explicitly associated with classic cars.
“Unlike conventional motor insurance, which generally deals with depreciating assets, ITOO Classics has been designed to cover assets that appreciate in value over time,” explains Gordon Massie, MD of ITOO Artinsure.
“Classic cars require specialist valuation and claims handling techniques. These methodologies vary greatly from standard motor insurance and we believe ITOO Classics is the perfect response to a growing need for this type of cover in South Africa”, explains Massie.
Behind the wheel of ITOO Classics is a team of insurance experts who are collectors in their own right:
- Paolo Cavalieri, Chairman of ITOO, an enthusiastic classic car collector
- Gordon Massie, MD of ITOO Artinsure, a keen contemporary art collector
- Justin Naylor, MD of ITOO, an ardent collector of rare and exclusive wines
There’s a certain type of attachment that only a true collector will understand. It’s entrenched in their very nature, spurred on by a reaction which can be referred to as synaesthesia. This can be the emotion generated from the sight of a special car and the memories or associations it triggers. The feedback through the steering wheel, the sound of the engine, the smell of fuel, the sense of speed, or passing scenery. This synaesthesia is a reaction that is common in all collectors, including those who collect vintage and classic cars.
“ITOO Classics is targeting vehicles where the current value has appreciated beyond the original retail price, including adjustment for change in the value of money, generally older than 20 years with a handful of nominated drivers, each of whom should be at least 30 years old. In addition, the vehicle should travel not more than 5 000 km per year”, explains Massie.
ITOO Classics will also consider high-value modern and rare vehicles, e.g. Ferrari 458 Speciale, F12 TDF, Porsche GT2/3, McLaren P1 or LaFerrari.
Agreed-value policy options include static risk only or on-the-road. ITOO Classics will also provide motor liability and roadside assistance.
“The most appealing part about ITOO Classics is the fact that everyone who works on the product at ITOO is passionate about collecting. We know that in addition to the passion there is a valuable asset that can be impaired even after restoration. Unlike most of the local market we respond to that”, says Naylor.
Paolo Cavalieri, Chairman of ITOO commented, “I am thrilled that we are bringing this product to a market much in need of insurer’s understanding of collector behaviour and how the values of these highly priced assets behave. Through our union with ITOO Artinsure we have gained the skills to respond to these particular needs and can now extend them to classic cars“.
ITOO Classics will be sold through FAIS-accredited insurance intermediaries and in partnership with car clubs and brands.