Classic vehicle insurance in New Zealand.

If your classic car or classic motorcycle is involved in a total loss claim (for example, if it is stolen or if it is written off in an accident) and you have an Assurant Policy with an Agreed Value Sum Insured, then the Sum Insured amount that is noted on your current Policy Certificate is the figure that will form the basis of your payout.

To check if your policy is Agreed Value, refer to your Policy Certificate (which you would have received in the post shortly after taking the policy out with Assurant) or your latest Renewal Notice (which is sent to you each year when your policy comes up for renewal). Or, you can call us on 0800 776 832 or email [email protected] and we can advise you on any aspect of your policy.

Please note that there may be additional amounts deducted from your pay out. For example, your excess may be deducted if the claim is deemed to be an “At-Fault” accident where your actions contributed to the cause of the crash. Also, if you have been paying for your insurance premium by instalments, then the remaining instalments for that year’s premium will also be deducted from your pay out.

Please also be aware that you have certain responsibilities in order for the Sum Insured to become Agreed Value for your insurance policy. Please see the separate FAQ titled " How does my classic vehicle insurance policy become Agreed Value?".

When you take out an insurance policy on your classic car or classic motorcycle, we will ask you the value that you wish to insure it for. As you will be aware, the true value of a classic vehicle can vary considerably based on it's condition, mileage, history, and any special features or modifications it may have. So in order for us to agree to the value you wish to insure the vehicle for, we need to determine it's value.

In most cases, we can do this using photos you provide (via email to [email protected]) as part of your application process, and from these we will be able to determine if we can agree to your requested Sum Insured or if further investigation is required. For more details on this, see the separate FAQ titled "How do I determine the correct value for the Sum Insured on my classic vehicle insurance policy?".

We understand that sometimes organising the photos can take some time, and that you want to get insured as quickly as possible so that you can get out and enjoy your car or motorcycle. So, Assurant's classic vehicle insurance can cover you immediately, but your cover is based on Market Value until we receive your photos and we agree to the Sum Insured you requested. This temporary Market Value cover works in a very similar manner to the Market Value on our normal Car Insurance policy, but we will use classic vehicle specialists (including independent vehicle valuers) to determine the vehicle's value if it is written off or stolen during this period.

The value of your classic car or classic motorcycle that you specify for your Sum Insured must be realistic for a vehicle of that age, mileage, condition and history, taking into account any special features or modifications. It needs to be the value of the vehicle as it currently stands, and may not be the same figure that the vehicle was purchased for or that has been spent on restoring or modifying it, as either of these two figures could be significantly higher or significantly lower than the vehicle's true value.

If the requested Sum Insured value doesn't match what we expect the car's current true value to be, we may request more information or photos, or we may request an independent valuation to be provided that validates the value of the vehicle.

In order to protect against insurance fraud, the Agreed Value Sum Insured on your vehicle must be within 20% of the vehicle's market value. And the policy's Sum Insured has a large impact on the premium that you will pay and what you would receive if your vehicle was ever written off or stolen, so it is very important to make sure that we all agree to the correct value for your vehicle.

Please note that if your vehicle's current value changes, you can adjust your insurance policy's Sum Insured at any time by calling us. We will also send you a reminder when your car insurance policy comes up for renewal, and this is a good time to review the Sum Insured value you have listed. If it is a significant change (such as when you finish a restoration or modification), then we may request updated photos before we can agree to the new Sum Insured.

When we receive your claim, there are a few steps to work through, but rest assured one of our experienced claim handlers will guide you through the process. First off, we will ask you to  download a classic vehicle insurance claim form, complete it, then send it in to us, which is the start of the claims process.

Each claim is different, and depending on the circumstances that lead to you making a claim, you will be able to take advantage of some or all of the benefits of our Full Cover classic car or motorcycle insurance. These include:

1. Roadside assistance (3 call outs per vehicle, per year)
2. Glass cover on all screens, windows, lights, sunroof, and any other glass
3. Spares cover for parts not currently fitted to your vehicle (up to $2,500 for motorcycles, $5,000 for cars)
4. Salvage from anywhere in New Zealand to the repairer YOU choose
5. First call on salvage rights should your vehicle be written off

You can discuss how to claim on any of these policy benefits when you talk with one of our claim handlers.

Your chosen repairer will organise a quote for the damage, which they will supply to us. Assuming the damage is relatively minor repairs can normally start as soon as the repairer is able. Where the damage is major or there are issues around parts supply for your model of car, an independent assessor (an independent expert who specialises in assessing required repairs) may be called in to determine the best way forward.

Where the cost of the repairs means that your car will be written off, we’ll send you a Discharge Form, which forms the settlement of your claim. When you sign the form and send it back to us, we’ll pay out the settlement figure and the wreck of the car or motorcycle then becomes our property. If you would like to retain ownership of the wreck, then let us know during the claim process and we will adjust the settlement accordingly.