Clients with high value or unique assets and possessions may find it a challenge, and a lot of effort when it comes to getting insurance. Often, the insurance must be placed with a specialist who considers many factors to determine whether they can cover the risk and if so, what the premium will be. At a basic level, high value includes new cars over £35K and houses with contents over £150K. For us at LIFT-Insurance, these challenging cases are the reasons why we enjoy doing our jobs.
Often people don’t think about the practicalities of insurance when they’re buying their dream car, house or possessions – this can make it difficult to find cover later down the line. LIFT-Insurance has specialist markets that can cover high value or vintage items, even if the client has poor claims history or convictions which need to be disclosed.
When it comes to house related claims and convictions, if you have claims in the value of £1,000 - £10,000, it tends to add about 10% to your premium. If you have convictions, it can tend to add around 5% to your premium.
With regards to motor-related convictions, 1 minor conviction (such as speeding) can add 10% to your premium, 2 or more minor convictions can add 15%, 1 major conviction (such as drink/drug driving) can add a minimum of 10% and 2 or more major convictions can add a minimum of 50% to your premium. The benefits of using a team that have access to 95% of the market are that we can shop around for you, have conversations with the insurers to discuss your individual case and get you the policy that’s right for your specific needs.
Here's some clients we’ve been able to find cover for…
High profile client: he came to us with three watches worth a total of £253,000 – his current insurer ended his cover as he was too high profile and being seen in the news frequently. We worked hard to place the risk and even found him a better premium than his existing insurer.
Vintage car: we have another client who had a vintage 1990 Porsche 911 who had to disclose a driving ban and we managed to find him cover.
Unique asset: he approached us with an 18th-century painting; he couldn’t get cover due to the value. We placed the risk and subsequently, later down the line the painting fell from the wall, smashing the frame and damaging the picture. The insurer we placed him with restored the frame and painting within 3 weeks of the claim being placed.
Flooding cover: he came to us wanting to insure his house, motor and a speedboat; he lived on a lake, so flooding was excluded from his current cover. We found him full cover, including flooding protection.
Sports professional: one of our high-profile sports clients had his insurance revoked due to the size of his profile – he had around £2.5 million worth of renovation work planned on his house. We placed cover for his multimillion-pound house, including cover for the renovation.
If you have a poor claims history or convictions, we could help you get a policy. Complete a risk submission sheet for a free alternative quote or get in touch with us on 0161 9292626.