What is the product?

Hiscox motor insurance has been designed for drivers of multiple high value cars and has a number of features that you wouldn’t find with standard car insurance. We offer a motor policy for luxury vehicles and a bespoke policy for classic cars.

How does it support green outcomes?

Understanding the value of these vehicles is a key part of the underwriting process – the customer wants to ensure their vehicle is adequately covered and the insurer needs to set an appropriate price. But valuing a luxury classic car can be difficult. Historically, this would have meant that an in-person valuation of the vehicle was required. Either the vehicle would have been driven to a specialist or a valuer would have travelled to the vehicle. Both options have an environmental impact from that travel.

Hiscox are now using data and technology to change that process, allowing luxury classic cars to be valued online or via a mobile app. This streamlining of the process requires no travel and therefore removes the associated environmental impact.

How does it enable customers today?

As a specialist insurer of luxury and classic cars, Hiscox insure over 25,000 new vehicles a year.