Luxury car insurance is written for owners of prestige, performance and classic cars, where the value or the repair bill sits well above an everyday vehicle. If the car is financed, the lender will want comprehensive cover in place before settlement, and many owners want a manufacturer approved repairer. Fortis Risk Solutions compares agreed value terms and repairer choice, and reads the conditions on garaging and track days, so you know what the policy expects. If the car is damaged or stolen, we help you lodge the claim and deal with the insurer on repair method and value. For a collectible car, have a recent valuation and a list of modifications ready. Call 03 7046 3766 or send an enquiry.
What Prestige Motor Insurance Covers
Luxury car insurance, also called prestige car insurance, covers high-value luxury, performance, classic and prestige vehicles against financial loss from accidents, theft and other insured events.
Prestige car insurance adds broader cover, specialist repair options and claims handling built around what owners of premium vehicles expect.
Whether you own a luxury sedan, a high-performance sports car or a limited-edition vehicle, prestige motor insurance protects it better than a standard motor policy. Many owners pair it with prestige home insurance. It sits within our personal insurance range at Fortis Risk Solutions.
Prestige Motor Insurance: Cover Sections and Benefits
What Prestige Motor Insurance does not cover
Prestige motor insurance is written around an agreed value and a defined group of drivers. Step outside either and the policy may not respond. The usual exclusions are:
- Track days, hill climbs, sprints and any competitive or timed event, unless the insurer has agreed to them in writing
- Drivers not listed on the schedule, or drivers outside the age and experience criteria
- Driving while unlicensed, disqualified, or under the influence of alcohol or drugs
- Mechanical, electrical and electronic breakdown, and the failure of a component through age
- Wear and tear, stone chips, paint fade and deterioration of leather or trim
- Modifications and performance upgrades that were never declared
- Use for hire or reward, including ride share and paid touring work
Depreciation is also excluded, which is why the agreed value matters more than anything else on the schedule. FRS reviews the agreed value, the driver list and any planned track use each year, so the policy still matches how the car is used.
How Prestige Motor Insurance premiums are set
Specialist underwriters rate the car and the owner rather than a standard vehicle table. The factors that count are:
- The agreed value, and whether the car is a modern performance model, a classic, or a limited build
- Parts availability and repair cost, including whether panels or trim are imported to order
- How far the car travels in a year, and whether it is a daily drive or a weekend car
- Where it is kept: locked garage, secure basement, alarm, immobiliser or tracker
- Driver profile, licence history and claims record, and whether cover is restricted to named drivers
- Club permit or limited use registration, which usually reduces the exposure
- The excess chosen, and any additional excess for young or inexperienced drivers
Choice of repairer is often part of the deal, and a marque specialist protects resale. FRS confirms the repairer arrangement before binding rather than at the point of a claim.
How to claim on Prestige Motor Insurance
The first decisions after an accident affect where the car goes and who touches it. Do not let it be towed to a general holding yard if the policy allows a nominated repairer. The FRS process:
- Make safe: Make the scene safe, check for injuries and call emergency services if anyone is hurt
- Exchange details: Exchange licence, registration and insurer details with the other driver, and photograph the damage and the road position
- Report: Report theft, attempted theft or malicious damage to police and keep the reference number
- Do not admit liability: Do not admit liability at the scene and do not agree to pay for the other party’s repairs
- Notify: Call FRS the same day and confirm where the car is being taken before repairs are started
- We lodge and manage: FRS lodges the claim, arranges the assessment with a marque specialist where the policy allows, and follows the repair through to handover
Details are on our make a claim page.
Prestige Motor Insurance compared with standard Comprehensive Motor Insurance
| Question | Prestige Motor | Standard Comprehensive |
|---|---|---|
| What it covers | Performance, luxury and classic cars on an agreed value, with a choice of repairer | An everyday car, usually on market value |
| Who buys it | Owners of high value, imported or collectable vehicles | Most private drivers |
| Typical trigger | Damage needing a marque specialist, theft of a collectable, storm damage in storage | A car park knock, hail, theft from the driveway |
| Sits with | Prestige home, personal liability, collections cover | Home and contents |
Market value settlements are the sticking point on a rare car, because there is little to compare it with. An agreed value fixes that number up front, and prestige motor insurance usually pairs with a prestige home policy so the car, the garage and the collections sit with one underwriter.
Prestige Motor Insurance - Client Case Studies
Cases from the Fortis Risk Solutions broking team. Client names have been removed.
Client case: Accidental Damage to Own Vehicle
The client situation: When the driver (our client) turned left from a main road into a service lane on a highway, she did not notice a passing car and collided with it at high speed in her newly purchased vehicle.
Her own vehicle was severely damaged and, given the high cost of repair, was assessed as a total loss.
Damage to her own vehicle and the third-party vehicle was close to $200,000 in total.How the policy responded: The Comprehensive Private Motor policy helped cover the cost of replacing the insured vehicle with a brand-new vehicle of the same make and model, subject to the applicable excess and policy terms.
The insurance company handled all the remaining compensation to the third-party vehicle owner, so our client did not have to go through that costly and time-consuming process herself.How we handled the case: At renewal we secured competitive insurance terms and premium for the client’s replacement vehicle after the total loss. It was her first incident in five years of driving in Australia, and we compared all the potential insurers to obtain the more competitive terms and premium for her.
How Fortis Risk Solutions helps: A claim does not end at the payout. We go back to the market at the next renewal so one accident does not set the premium for years.
Every policy is different and the outcome of a claim depends on its terms. As your broker, Fortis Risk Solutions compares insurers and policy wording before you buy, and lodges and manages the claim for you when something happens. Talk to us about your own cover.
Prestige Motor Insurance FAQs
It offers higher levels of cover, specialist repairers, genuine parts and claims handling built for luxury and high-value vehicles.
Many prestige policies allow repair by manufacturer-approved or specialist prestige repairers, subject to the insurer's terms.
Yes. Agreed value is commonly available, particularly for high-value, performance and collectible vehicles.
Yes. Many policies now address EVs specifically, including battery systems and the specialised repairs they need.
Prestige vehicle policies differ widely in valuation method, repair standards and exclusions. As your broker, FRS helps you:
- Set agreed values that match market conditions
- Access specialist prestige insurers and policy wordings
- Hold repair quality to manufacturer standards
- Manage complex claims and loss negotiations
Any car you also use for work sits better under a policy for vehicles used for business. We also arrange pleasure craft insurance and aircraft insurance for clients who own boats or aircraft.
With a luxury or performance car, the questions are about value and repairs. Agreed value sets the amount for a total loss when the policy starts, subject to its terms, rather than leaving it to market value on the day. Ask who repairs the car: some policies allow a manufacturer-approved repairer and genuine parts, others do not. If you take the car to club events or the track, check whether that use can be added. We can check which insurers offer each option.
Talk to a broker about Prestige Motor Insurance
Call 03 7046 3766 on weekdays between 9:30am and 6pm, email admin@fortisrisksolutions.com.au, or send an enquiry and a broker from our Box Hill or Hawthorn office will come back to you about prestige motor insurance. Tell us what the business does and what the lease or contract asks for, and we take it from there.