Notice to Policyholders – Collectors’ Vehicles Policy

Collectors’ Vehicles Policy

We would like to inform you that your Collectors’ vehicle policy has been updated with effect from the 1st June 2024. This is a summary of the main changes made.

1. The section ‘Changes we need to know about’ has been clarified so that you can understand better what information you need to share with us.
2. We have defined ‘Constructive Total Loss’ and ‘Total Loss’ which relates to when the damage to the vehicle is such that the repair costs exceed the sum insured.
3. The limit for automatic authorisation of minor repairs to your vehicle has been increased to €250.
4. Separate section included for ‘Breakage of glass’ previously under section 1.
5. New section 6 ‘’ While your vehicle is under the control of another person’’ has been included. We have clarified that if there is a claim arising when your vehicle is in the custody of another person, for the purpose of service, repair, carpark, or car valeting service, we will cover your loss, but we will have the right to recover the amount paid from the person responsible.
6. The Limits of Indemnity per accident under the liability section have been increased to €6.45m for injury and €1.3m for damage.
7. The cover applicable for when you take your vehicle abroad has also been clarified and we have also extended the definition of ‘designated states’ being the countries in which liability is automatically covered by including new countries.
8. We have clarified that any liability, loss or damage caused by a deliberate act involving your vehicle will be excluded.
9. The exclusion relating to liability resulting from pollution or spillage has been reworded to make it clear that only accidental spillage is covered.
10. Liability cover for accidents occurring outside a public road is now the same as that for accidents occurring on a road.
11. The policy now makes it clear that drivers need to always have a valid driving licence and only allows a grace period of 60 days from the date of expiry for it to be considered valid under the policy. No cover will otherwise apply.
12. We have reworded some of the policy conditions to make it clear that:
    a. When cancelling the policy, you must notify us within 90 days and before the expiry of the policy.
    b. If fraud is detected in a claim the policy will be deemed void and no refund of premium is payable.
    c. We can change the terms and conditions of the cover applicable on renewal of the policy and that you will be notified of any such changes prior to renewal.
    d. You are responsible to ensure that the vehicle’s tyres are in a roadworthy condition and shall not drive the vehicle if there is a risk of further loss or damage.
13. The address of the Office of the Financial Services Arbiter has been updated.

Important
It is the policy wording document that defines the insurance in precise terms and remains the legally binding document. Should you have any difficulties or questions about the revised wording please contact us.
The policy wordings may be found here: Motor Policy wordings