We understand that insurance is almost always a necessity purchase.
For years, insurance has been marketed on its cost. You may prioritise looking for a low-cost policy and if you shop around every year, you're always going to get the best price as a “new customer”.
However, that is the equivalent of taking your specialist car to a garage that usually works on mainstream vehicles. You may save some money, but is this the best approach to protecting your sports, super or hypercar?
Thankfully, the practice of providing two sets of pricing – one for your existing customers and a lower level for new clients – has been outlawed following extensive research by the Financial Conduct Authority (FCA) into the way insurers price their products.
However, is cheap insurance really the best? If you subscribe to the theory that “a good thing is not cheap and a cheap thing is not good”, then the answer is obvious, but is there more to it than this simple phrase?
Let's start by looking at expertise…
When looking for insurance cover for your car, it makes sense to engage with someone who knows the difference between a Ferrari 308 GT4 and a Fiesta, or a Porsche 911 Targa and a Peugeot.
Many insurers focus so much on the 'numbers'. For example, how many there are, how often they are damaged or stolen, how much they cost to repair or replace. You may find that the reason that you bought a special car in the first place has become forgotten.
We understand that acquiring a car that isn't for mainstream, daily, routine use is most likely motivated by a passion for cars.
The reality is that, for most, these cars aren't something we need – they're something we want, that we treasure, pamper and genuinely enjoy driving. They introduce us to new and amazing experiences and people with whom we create lifelong bonds.
Lockton and its staff understand all of these emotions. It's why car clubs and thousands of their members trust us as their insurance partner.
It's also why Aviva, one of the world's largest insurance groups, work with Lockton. The policy that Lockton Performance provides is underwritten exclusively for our clients by Aviva and cannot be purchased anywhere else. They similarly trust that Lockton know the cars, their owners and the culture of owning a specialist car.
What about service?
It has been said that “clients who've never experienced genuinely poor service will always confuse it with price”.
Service, put quite simply, is how you interact with your client from the very first point of contact. From responding promptly, to answering their questions and making sure that they have everything that they need to proceed with confidence.
We also understand that everyone is different. In fact, the only factor which remains common are the cars. We know that there are nuances between the people who own an Aston Martin DBS Superleggera and those who prefer their motoring fun served up by a Porsche 997 GT3 RS 4.0.
Giving clients the choice in how their service is delivered is another layer that Lockton can provide. We give every single client their own dedicated client manager. This person will look after you and make sure that your journey with Lockton is one that you enjoy.
We compliment this with a safe and simple app. This means that all your insurance documents are stored where they can be accessed at the swipe of a finger (or push of a key if you choose to access the app via our client portal).
You can pay your premium via the portal, or if you prefer, you can simply call us to make payment.
Our team support each other. This means that if your usual contact is unavailable for any reason, someone else will be able to help. Our senior staff are also visible and available.
We know that this article alone won't change how you see and buy insurance overnight. We do hope that it makes you think for a moment about whom you're buying the insurance for your special car from.