Car manufacturers will often boast the launch of an “instant classic” fully in the knowledge that cars need to be around 20 years or older to be deemed a “classic”. And that’s just for insurance purposes, depending on each provider. When it comes to defining a vehicle’s status for any other reason, the lines become a bit blurred beyond the Seventies.   A difficult to define label The further back you go, the more clear-cut the distinction. For example:

• Veteran – built before the First World War
• Vintage – built before the 1930s
• Post vintage – built between 1930s and the end of the Second World War

Go off age and a 1997 Honda Accord automatically accompanies a Seventies MGB in the “classic” realm, and while journalists from Practical Classics magazine might make the case for the former in a one-off feature, it’s unlikely to turn heads in the same way. A more helpful classification model is price – cars which are plentiful and not in demand depreciate in value. Vehicles which begin to go up in price are normally worthy of the “classic” badge.   Tax exempt? This is when age isn’t just a number. When tax exemption for older cars was first rolled out, it was relevant to vehicles which were 25 years’ old plus. Now it’s only relevant to cars built before 1973.   Insurance implications HMRC defines cars over 15 years of age, with a value of £15,000 or more, a classic. However, if your car is even just ten years old it could be deemed a classic in the eyes of your insurer, depending on the provider. Classic car insurance normally comes with lower annual mileage, so you’ll need to take this into account if your “classic” is your main mode of transport and you’re likely to exceed to this.  Also, think about the value of your car so you don’t underinsure it. You may not have paid much for it ten years ago, but cars that don’t fit the “classic” image are suddenly in high demand, particular early ‘90s hatchbacks like Golfs and Ford Fiestas. Whether you treasure a modern classic or collect multiple prestige vehicles, talk to the experts at Anami Luxus today.

If you live in a city, or own a car in central London, you'll be familiar with the battle for the last parking space. When the International Parking Institute conducted their 2012 Emerging Trends in Parking Study, it found that 30% of the cars clogging up already traffic-heavy city centres were just trying to find somewhere to park. And as with so many other modern-day dilemmas, it seems that technology may have the answer once again, with several innovations on the horizon to make parking spaces easier to come by.   1. Smart access Supervisors and barriers are expensive, which means that they’re often only present in larger car parks which can afford the outlay and on-going costs. But as more affordable smart access solutions enter the market, smaller car parks are being offered a viable way for to open and close electronic gates remotely, without relying on expensive security options.   2. Pre-booking Once upon a time, you would only consider pre-booking a car parking space if you were travelling by air or rail and needed to leave your car for an extended period. But the convenience of having a space waiting for you has since strayed into city centre domain, with websites such as YourParkingSpace guaranteeing you won’t be one of the 30% wasting time hunting for a parking spot.   3. Parkopedia The leading parking information site may not be as well known as the largest developer of parking apps, but Parkopedia has teamed up with Ford to develop the Ford Sync Applink. This will show drivers of selected Ford models their closest parking space according to their location.   4. Space sensors In this case, car parking spaces can practically “speak up” to passing cars to let them know they’re free. A smart device is installed in the ground of a parking space, ready to communicate with driver apps when they’re nearby. Westminster Council already boasts a network of 3,400 sensors installed with the help of Smart Parking.

Once a futuristic pipe dream, electric cars are now a staple of modern-day streets and motorways. Whether you’re considering a hybrid like the Toyota Prius, or going fully electric with a high-end Tesla or Nissan Leaf, you’ll be weighing up the environmental and financial benefits with challenges such as access to power points and the distance you can cover between charges. Add insurance implications into the mix, and deciding whether or not to go green can get more confusing than ever. Offering both private motor insurance and specialist electric car cover, Anami Luxus takes a look at the options when it comes to insuring electric cars.

• A growing industry Far from the niche market it once was, more trusted, mainstream insurers are offering electric car insurance than ever before. More choice of providers means your broker can find the policy that perfectly fits your needs, without having to ‘make do’.
• Value for money Is it more expensive to insure an electric car than a diesel or petrol model? A hard question to answer, as with all vehicles the model is individually assessed for likelihood of claims. Electric vehicles tend to be smaller and less powerful, technically making them safer to drive – while many insurers consider electric car buyers to be at a lower risk of accidents because their responsible, conscientious values are likely to translate into safer driving skills.
• Key considerations Recently developed tech presents some unique issues for insurers. For example, hybrid and electric engines run much more quietly than petrol and diesel ones, possibly increasing the risk of a collision with a pedestrian or cyclist.Specialist parts will also be costlier to replace than components of more common models, while repairs might need to be carried out by mechanics with specialist training.
• Charging Owning an electric car can also present risks which wouldn’t otherwise occur. Electric vehicles are charged via a cable, so while charging you have duty of care to members of the public who could trip and injure themselves – therefore your liability limit may need to be higher.

There’s a lot to think about, but one thing is clear, you shouldn’t let insurance be a barrier to going green.

There’s far more that goes into mid net worth, high net worth and ultra high net worth insurance than the policy limits which defines them. Each step-up in classification, for the most part, brings with it a more personalised level of service, and fewer restrictions, as insurance providers understand that an increase in net worth can bring more complicated risk scenarios. As these above-standard needs are having to be met with a more robust insurance solution, which naturally comes with a higher premium, policyholders quite rightly come to expect a higher-quality level of service, including a faster claims settlement.   The service demands may remain, but the delivery expectations have changed Just like the older generation, HNW clients under the age of 35 still have high expectations of service – but just in a different way, as Lennox Bunting, London market manager at Zurich Private Clients explains, “The younger generation expects insurance providers to be available 24/7, with electronic access to policy documentation and more ways of getting in touch, like web chat. Whereas the older generation tends to favour the more traditional routes of getting in touch with us and may appreciate receiving documentation in the post.” He said. “That said, the younger generation does still want to develop a relationship with a provider that can grow with them.” A 2015 survey from Gallup showed that millenials are twice as likely to buy their insurance online and least likely to engage with insurers – an incentive if ever there was one to provide a digital route to HNW policies. This approach also offers a level of recognition into how digital risk is becoming evermore standard, which, as Bunting explains, is important if brokers are to adapt to this market, “Ever improving technology brings emerging risks that must also be understood and managed by all parties,” says Bunting. “For example, digital art with customer records kept in the cloud could be susceptible to data breach by cyber attack. Likewise, wearable technology that would hold personal information could be susceptible to a malicious attack. The issue around where liability for the insurer starts and stops is one we’re particularly alive to.”   Understanding still comes first The next generation of high net worth clients may look for speed of service and instantaneous document delivery, but effective insurance based on a good understanding of the client remains a priority, and is not something which can be sacrificed. Because of this, some clients may still need the more in-depth conversations with their insurance broker to establish their requirements and work to their lifestyle. Only then can the broker deliver the quality of service and flexibility in protection that can come with a high net worth policy.

The value of classic cars rose by 16% in 2015 according to one report, hitting record highs midway through the year. But experts agree that the market has somewhat levelled out of late, with the health of the market dropping significantly in 2016. Though still indisputably prosperous, a marked ‘cooling off’ has been seen since the frenzied auctions and sky-rocketing prices of previous years. Dietrich Hatlapa, Founder of the Historic Automobile Group International (HAGI), tells Classic Driver: “Generally speaking, demand hasn’t tailed off, but there has been a notable increase in supply”. With auction houses and private dealers putting on more sales than ever, sellers have been able to demand high estimates for their cars in an effort to populate catalogues. Of course, an increased supply eventually has an effect on prices; Gord Duff, Car Specialist at RM Sotheby’s, points to air-cooled Porsches and sports cars from 80s and 90s as an example which flooded the market in recent years until recently significantly cooling in price. Whilst previously sought-after models have somewhat oversaturated the market, collectors’ appetites for rarer but more recent sports cars and supercars, such as limited edition LaFerraris, GT3 RSs and 458 Speciales, is on the up says dealer Gregor Fisken. These purchases are especially likely to be popular with first time buyers, entering the collector’s market on ‘best-of-the-best’ cars. Of course, a period of economic uncertainty does not make ideal trading circumstances for any market, let alone a high-value luxury one. This summer’s news of Brexit represents unchartered territory for the UK and European financial markets. How might Britain leaving the EU affect the classic car trade? If any free trade restrictions come into play after we leave, buying or selling cars in EU countries could suddenly cost much more due to additional taxes and duties. Around 10%-20% of UK dealer and auction house sales are currently made to buyers outside the UK. Any dramatic change in exchange rates could also impact whether the UK or Europe is the best place to buy classic cars, for example to American investors. It could be argued that prestige cars are one of the few commodities which are not too closely linked with financial markets, as they are usually collected by passionate enthusiasts rather than investors who are simply focused on profit. Therefore a period of low return on investment, whether caused by Brexit or a slowdown in buying and selling for other reasons, is not likely to put off serious buyers. The majority of collectors will continue to operate on the market as it is also their hobby, with vehicles viewed as prize possessions rather than simple investments. Whether you own a prize heritage vehicle or a portfolio of beautiful motors, make sure you keep your investment secure with appropriate insurance. High worth motor policies recognise the higher value of your cars and the effort that is usually put in to maintaining them, and as such tends to offer more specialist options than regular car cover, including your choice of repair garage, retention of personalised plates and more. To find outmore, contact Anami Luxus today.