Groupama Insurances, a UK-based general insurer, has introduced two new classic vehicle policies to help brokers access specific products designed for classic car owners.
Dubbed Optima Classic Car and Optima Classic Bike, the new classic vehicle policies are offered with full-cycle electronic data interchange (EDI).
Offered on an agreed value basis, the policies are available for vehicles over 25 years old, through TGSL this month, followed by planned roll out to other major software houses in the spring of 2013.
Groupama Personal Lines director Kevin Kiernan said the company discussed the customer’s requirements for a classic car or motorcycle policy prior to devising the new policies.
”All these factors were taken into account in the product development process so that we could deliver a genuine classic vehicle policy with flexible pricing rather than just an adaptation of standard cover,” Kiernan added.
”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.”
Optima Classic Car and Optima Classic Bike policies feature agreed value, a limited mileage option, flexible repair options and toolbox cover, unlike a standard private motor policy.