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Prestige Car Insurance

Don't skimp on cover when it comes to your pride and joy. Find out what to look for in Prestige Car Cover.

William Eve
William Eve

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Prestige car insurance is designed to deliver additional benefits that go above and beyond what’s available with comprehensive car insurance. There is no set definition of a prestige car, but almost everyone knows one when they see it.

Prestige and luxury car insurance is for collectors, enthusiasts, businesses with high-end cars on the books and anyone else who wants a higher level of car insurance to effectively protect a valuable asset.

If your car turns heads, this type of cover might be just for you.

What's in this guide?

What makes prestige car insurance different?

Prestige car insurance takes over where mainstream car insurance leaves off. Typically, you can get it through specialised insurers that focus on extra-valuable cars including vintage vehicles, modified cars and other cars that go beyond the standard categories of SUV, sedan or similar.

If your car is valuable because it’s new, luxurious or manufactured to world class standards, a prestige policy may be suitable for you.

What types of cars are considered prestige?

Prestige car insurance policies are typically designed to cover new high-end cars rather than vintage vehicles. If your luxury car is more than 25 years old, it will typically count as a classic vehicle and may be more suitably covered by a vintage car insurance policy.

Compare the special benefits offered by some providers below and look for the one that can help you get the most out of your car.

InsurerPolicyPolicy features
ShannonsComprehensive car insurance
  • New replacement in the event of a total loss in the first 12 months
  • Laid up options
  • Discounts for collections
LumleyComprehensive car insurance
  • Discounts for collections
  • Limited usage and laid up options
RAAHard To Place car insurance
  • Lifetime repairs guaranteed
  • Choose your own repairer
RACQEnthusiast Car Insurance
  • New replacement in the event of a total loss for vehicles up to 2 years old
  • Trailer, personal property, baby seat cover
  • Membership rewards
RynoPrestige car insurance
  • Cover for vehicles under 25 years of age
  • Customisable insurance
  • New replacement in the event of a total loss in the first 3 years
MB InsurancePrestige motor insurance
  • New total-loss replacement for the first 4 years; up to 105% agreed value for superseded models
  • Delivery of vehicle after repairs
  • Pays 75% of the gap in the event of a difference between agreed value and payout
EnthusiastRegular, limited, recreational or concession use a comprehensive policy
  • New replacement in the event of a total loss in the first 12 months
  • Customisable policies
  • Discounts for collections

Choosing a prestige car insurer

Here are just some insurers that offer cover for your prestige car. Ensure you compare them with others in the market to find the right policy for you.

Shannons

Car insurance is well suited to collectors and enthusiasts who want a combination of value for money and effective protection, with options for discounts. Membership, as well as a genuine passion for cars, is required to take out a policy.

  • Comprehensive insurance with options for laid up or limited usage cover, premiums paid monthly at no extra cost, multi-policy discounts with Shannons home and contents insurance and stable discounts.

Lumley

Is focused on insuring older cars, but also has cover options for newer prestige and luxury vehicles. Lumley is a suitable choice for people who want comprehensive damage cover with options, especially for older vehicles.

  • Comprehensive insurance with stable discounts, no fault no excess, laid up cover and additional benefits for older vehicles.

Ryno

Is an American import and high-performance vehicle specialist, with flexible cover options and customisable policies. It’s well suited to those who want to create their own type of insurance policy for a high-performance car.

  • Choice of comprehensive or third party-type prestige car insurance for specified vehicles, options for monthly premium payments at no extra cost, full cover for legal accessories and modifications, custom paint cover with additional excess and high overall customizability.

RAA

Is focused on delivering everyday cover for modified or imported cars. People who drive a prestige car regularly or simply want exceptional comprehensive car insurance for a valuable ride might find a policy to suit with RAA.

  • Comprehensive unique car insurance with tailored policies for modified, classic or imported vehicles, optional no-claims discount protection, no fault no excess and additional comprehensive benefits.

RACQ

Provides a range of additional benefits for members oriented around discounts and rewards. With cover for a wide variety of different prestige cars and useful core policy benefits, many different people can earn rewards with RACQ.

  • Comprehensive Hard To Place car insurance with optional no-claims discount protection, monthly payments and salvage rights for vehicles over 25 years of age.

MB Insurance

Has a range of options so that you get more value for money. It includes maritime liability cover for when your vehicle is being transported, finance gap cover if the payout for a total loss is less than the agreed value and cover for the cost of vehicle delivery following repairs. Enthusiasts who focus on importing and transporting cars may benefit from MB Insurance.

  • Comprehensive prestige car insurance with protected no-claims bonus for those on level one, automatic replacement vehicle in the event of a total loss for the first four years and options to upgrade if a newer model is available.

Enthusiast

Offers policies based on typical vehicle use, giving prudent drivers a way to save on prestige car insurance while also getting a tailored policy with specialised additional benefits.

  • Comprehensive policy options based on use, including regular driving, recreational use, various limited use, collections, restoration or laid up, club or concessional only use. Free glass repairs and additional comprehensive benefits.

What’s the difference between prestige car insurance and standard comprehensive car insurance?

Generally, all prestige car insurance policies are a type of comprehensive car insurance. This means they include cover for a range of different types of damage, as well as additional benefits like roadside assistance, emergency accommodation and transport and cover for towing costs.

Prestige car insurance policies are different because they come with specific features that are tailored to particularly valuable, high-performance and special cars. You can customise a standard comprehensive car insurance policy to closely resemble a prestige policy, but you may not be able to get all the benefits you want and it may not offer the same value for money.

Some of the specific features that make prestige car insurance different include:

  • Agreed value only. Prestige car insurance policies will typically only use agreed value, and not market value, for determining the sum insured.
  • Replacement in the event of total loss. Certain policies will offer a full new-for-old replacement if your vehicle is written off within a specified period. However, not all insurers offer this and those that do typically only offer it for the first 12 months of your policy. MB Insurance stands out in that it has a four year period instead of just one, and for superseded models it will also upgrade them to a total value of 105% of the initial sum insured.
  • Choice of repairer. You can choose your own repairer with prestige car insurance to make sure your vehicle is maintained to your desired standards.
  • Salvage rights. Salvage rights mean you can retain the wreck following an accident in which your car is written off. In many cases, the availability of this option depends on the car’s age. For example, Shannons will only offer it for cars over 35 years of age, while RACQ’s threshold is 25 years.
  • Laid up and limited use. If you’re not using your car everyday, you can choose to pay as you drive. Many specialist insurers extend limited-use discounts, or don’t charge premiums for laid up periods when you know you won’t be using the vehicle.
  • Stable discounts. Collectors can get discounts for insuring more than one vehicle and can apply flexible options to individual cars covered under the policy.
  • Change of vehicle. Many prestige policies make it easy to move your cover between cars as you upgrade or change. Typically, your insurance policy is automatically transferred to a new vehicle for a limited period of time, so you don’t have to go uninsured when changing cars.

If you can’t find a prestige car insurer that’s able to accommodate you, it’s worth considering the mainstream insurers, many of whom are able to provide additional options for valued customers. Get quotes from a range of providers, compare policies in line with your needs and find the prestige car insurance that’s right for you.

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