Evolution of the Prestige Motor Product
1 April 2020
Twelve years ago we introduced to the market a new insurance product designed for people like me who aspired to achieve ownership of a special car. I had been friends with Porsche Club members for many years and they had been allowed to drive their cars which made me realise I wanted one!
I started with a black 933 Cabriolet with whitish interior, then a yellow 966. But I still aspired to take delivery of a brand new one and in 2018 I brought a new yellow 911.2 Carrera! Goal achieved!
When Prestigio launched in 2007 I was only part of the way through my Porsche journey and with 40 years broker and underwriting experience I believed I had the skill to draft a motor insurance cover with the benefits I would want for myself. Other covers at the time didn’t offer things such as; combined business and private use; loss of use with high limits; certified & agreed values; genuine parts used in repairs; rating based on the usage of the vehicle.
So after 12 years it was time to redraft the policy to update the benefits and meet the current compliance regime. Yes, all motor insurance will cover you after an accident but it is the attitude of the insurer at claim time that sets providers apart. We set out the areas where we needed to revise, expand or clarify the benefits of our cover, as well as causing market disruption with our can-do solutions based focus.
You’ll find details of our new wording over the page.
I realise that despite our efforts policy wordings are tedious and boring, so what is it that sets Star apart in the market?
Our portfolio has grown to over 25,000 vehicles with an insured value of $2 billion! We manage and settle all our claims in house, using our team of 4 specialist assessors. Salvage and recoveries are a particular focus which has meant improved loss ratios that limit premium increases. We have a reputation for innovation, flexibility and fast turnaround. Our Key Account Mangers visit often and are always available to help you find motor insurance solutions for your client.
I hope you’ll continue to find our products and service leading the market, and as always I value any feedback you may have. Thanks for your continued support.