Sagicor General launches new policy for classic car owners


Owners of classic and retro cars now have a better chance of being able to afford all of the maintenance costs that goes with such vehicles thanks to Sagicor General Insurance Inc.
President and CEO of Sagicor General Insurance, David Alleyne said that their organisation is always looking to bring new policies on board for their clients and the creation of this product is one such move in that direction. At the time the Sagicor CEO was delivering remarks at the launch of their Classic and Retro Car Policy Product Portfolio yesterday at their headquarters.
“As part of our company’s mission, Sagicor General continues to explore and develop innovative products and services based on the needs of the communities in which we operate, which is precisely what led to the creation of our newest innovative product – the Classic and Retro Car Policy. The genesis of this product was based on a need to ensure that adequate coverage could be afforded to owners of both classic and retro vehicles.”
He said that there are many persons in this island who own these types cars, some of whom even own several of these vehicles.
“Many of the owners, three of whom are present today, are passionate collectors and owners of these vehicles. In some instances, owners of multiple classic or retro cars. In fact, both clubs boost a membership of over 200. When you think about this, it is quite impressive that this little island has so many classic and retro car owners,” he stated.
Unfortunately for these owners, the costs of maintaining them can be very high and this can include the price tag attached to insuring these prized possessions, stated Alleyne.
“The cost of ownership can be high given the maintenance involved in the upkeep of these valuable and in some cases historic assets. Insurance is one such item. 
“I hesitate to tell you what an annual premium would be to cover a 1939, 16-cylinder Bentley Special, valued at over BDS$850 000, if in fact companies would 
actually cover it,” he explained.
The President stated that it is with this in mind that they developed this policy. 
“By taking into account the needs of the owners, such as the fact that these vehicles are often rarely driven – usually only to car shows, the mileage, availability of parts, licensing etcetera, we developed a policy that will allow for owners to protect the substantial investment both in terms of time and cost.”

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