ITOO Special Risks, launches ITOO Classics, a specialist insurance product for 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..
“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.
ITOO Classics will be sold through FAIS-accredited insurance intermediaries and in partnership with car clubs and brands.