Introducing Our New Policy Wording

14 April 2020

You’ve probably all been teased enough about our re-write to our vehicle policy wording which has been finalised and released to everyone. 

We re-wrote the previous Prestigio policy wording into a single document that now covers:

• Elite and Prestige vehicles
• Enthusiast vehicles including classic cars, and everyday vehicles (which was previously known as Prestigio Silver). 

By completing this final piece of our brand puzzle, we have now transformed from a house of brands into a branded house for specialist and niche motor insurance. What does that mean exactly? It doesn’t affect anything you do, but for the curious, it’s basically about brand architecture. 

A branded house is where a company, like say Virgin, has sub-brands or products such as Virgin Records, Virgin Games, Virgin Airlines and so on. They all operate as a brand of Virgin and are not seen as separate entities. And they never overshadow the primary brand, which in this case is Virgin. 

A house of brands, on the other hand, is home to numerous brands, each operating independently of the other with their own audiences, look and feel. An example of this would be Procter & Gamble (P&G). P&G own brands like Pantene, Tide, Duracell and Pringles, etc. You wouldn’t necessarily know that P&G owned these brands, unless you looked at the fine print. And each of these products has a specific audience that they talk to. 

Back to the updated document…

The look and feel is entirely different to previous Prestigio documents but you’ll notice that it now encompasses all our variations to ‘comprehensive’ insurance that we tried to create with endorsements to the previous wording. 

Everything that the old (Prestigio) policy did, our new policy wording does. Plus we have increased some of the sub-limits and introduced new covers. 

We have not decreased any sub-limits, nor reduced any level of cover.

The increased limits and additional benefits include {depending on the sub type of insurance cover}: 

• Loss of use limits have increased to a maximum of $10,000 for the top category of cover
• Incorrect Fuel benefit limit has increased
• Incorrect Fluid (such as diesel additive) benefit has been added 
• New for Old Replacement vehicle limit increased to 3-years for the Elite vehicle category
• Ex-demo cars will now also meet New for Old replacement vehicle conditions 
• No requirement to maintain the purchase price of the vehicle to meet the New for Old replacement vehicle condition
• Lost Keys & Locks are included as part of the vehicle and payments for lost keys are no longer sub-limited
• Additions and Deletions have increased to $300,000
• All values referenced in the wording, including Sum Insured are GST Inclusive
• Roadside assistance, when purchased, forms part of the schedule and does not require a separate placement slip. 

You can now purchase optional Additional Benefits for your clients, including those for signwriting/wraps, artwork and Pairs and Sets, etc. With zero ambiguity, it’s now easier to follow what the sub-variations are, and we’ve included a nice table for each policy extension which graphically explains what type of car each extension applies to. 

We made these changes live on 01 January 2020

All of our vehicle policies are now ‘upgraded’ to this latest version of our Star Insurance Specialists vehicle insurance wording. 

You may notice that our schedules will change slightly as we strive to make it easier to display the specialised extensions applicable to the subcategories of vehicles. For example, the benefits applying to Enthusiast/Classic vehicles may not apply to a new Prestige or Elite vehicle. 

You can see the full updated policy wording on our website, as well as a matrix/table document below showing how the additional policy benefits work for each type of vehicle subcategory. (This is also replicated in the last pages of the wording document.)

We’re also in the process of rolling out design changes to our renewal documents for the same reason. And our Key Account Managers have updated their new business templates to make it easier for you to explain why Star Insurance Specialists are the best choice for your clients.