Introduction: passion, heritage and hidden risks
Owning a classic automobile is more than an aesthetic pleasure: it is a heritage investment sometimes comparable to a work of art. When this mechanical jewel drives the roads of the Mille Miglia in Italy, is displayed at the Pebble Beach Concours d’Elegance, or competes in a rally in Switzerland, the risks multiply: accident during a regularity stage, theft in transit, fire at customs… Any of these events can turn passion into financial nightmare.
How can an HNWI owner, accustomed to international mobility, best protect such a rare and precious piece? Let’s break down the key elements of truly adequate insurance coverage.
1. Understanding the specific nature of classic automobiles
1.1 A value far beyond the standard market price
Classic automobiles are appraised not only for their condition, but also for their rarity, provenance, and the authenticity of their parts. Some Ferrari 250 GTOs exceed €50 million at auction, and a Mercedes-Benz 300 SL Gullwing easily reaches over €2 million.
A standard comprehensive policy rarely reflects this patrimonial dimension or market fluctuations. That is why an agreed value policy is essential: insurer and owner pre-set a guaranteed value, usually updated every year.
1.2 Specific usage: rallies, exhibitions, transport
Unlike a modern luxury car, a classic automobile:
- is driven infrequently, but sometimes intensively for short periods (historic rallies, demonstrations),
- is transported frequently (by truck, container ship, or air freight),
- may remain immobile for months, exposed to temperature and humidity changes.
These characteristics call for targeted coverage: storage and immobilisation, transport, paddock risks, and protection when not in use.
2. Major risks during international events
2.1 Transport and logistics: the most critical phase
Market data show that over 60 % of claims involving classic automobiles occur during transport (source: Fédération Internationale des Véhicules Anciens, 2024).
A poorly secured crane, air-freight vibrations, or customs mishandling can all lead to loss or damage. Essential safeguards include:
- a door-to-door “nail-to-nail” transport policy, covering the automobile from garage departure to safe return,
- declared value insurance ensuring fast indemnification in case of damage.
2.2 Regularity or speed rallies: hidden policy exclusions
Many insurers exclude any timed competition, even moderate ones. Yet prestigious historic rallies (Tour Auto, Targa Florio, Carrera Panamericana) often feature timed sections.
Owners must therefore:
- verify whether competition is covered, and
- arrange a specific rally extension, often priced as a short-term premium.
2.3 Exhibitions and concours d’elegance: the “silent loss” risk
Scratches, crowd bumps, or minor damage during staging can have a major impact on market value. A single paint chip can cause several thousand euros of depreciation.
3. International legal and regulatory framework
3.1 Europe: green card and multilateral conventions
In Europe, the green card (International Motor Insurance Card) remains the essential proof of liability coverage. But it only protects against third-party damages, never the intrinsic value of the automobile.
Some countries also require temporary rally endorsements. For example, Italy asks for specific evidence of coverage for sporting events on closed roads.
3.2 Outside the EU: customs and local obligations
In the United States, each state sets its own liability rules. In parts of the Middle East, certain emirates require a customs bond equal to the declared value of the automobile. Such conditions must be anticipated well before transport.
3.3 The post-Brexit United Kingdom
Customs formalities have lengthened, increasing the risk of delays and uninsured storage periods. A door-to-door policy explicitly covering temporary warehouse stays is now indispensable.
4. Building truly bespoke coverage
4.1 Agreed value insurance: the cornerstone
This guarantees compensation on a contractually fixed value (for example, €1.8 million for an Aston Martin DB4 GT).
Key points:
- annual updates with an independent expert,
- inclusion of any value increase following restoration or major concours victories.
4.2 Expanded worldwide liability
Even on a private rally, a minor incident (injuring a pedestrian or damaging a historic building) can trigger multi-million-euro claims.
A worldwide liability policy, often embedded in a family-office insurance solution, provides critical protection.
4.3 Comprehensive cover while not in use
This covers:
- fire, water damage, or theft during storage,
- third-party damage (for example, from a forklift in the paddock).
4.4 Premium international assistance
Specialist towing, express delivery of rare parts, emergency air repatriation—these high-end services must be integrated in the policy.
5. Spotlight on IFO Global’s approach
Managing a fleet of classic automobiles for HNWI, VHNWI, or UHNWI clients goes far beyond simply taking out a policy.
At IFO Global, we act:
- from the planning stage: market-value appraisal, customs anticipation, selection of approved transporters,
- during events: providing a single point of contact reachable 24/7,
- after any claim: immediate support for swift indemnification, thanks to privileged agreements with niche insurers.
Our role is not to replace insurance carriers but to coordinate all stakeholders—experts, transporters, rally organisers—eliminating overlaps and grey areas that often lead to disputes.
6. Real-life cases where standard cover fell short
Case 1 – Air-transport mishap
A collector shipped his Bugatti Type 35 to California for Pebble Beach. The crate dropped 30 cm during unloading. The transport insurer refused compensation because the agreed value had not been declared in advance.
➤ With a fully coordinated door-to-door solution, indemnification would have been automatic.
Case 2 – Regularity rally in Switzerland
A Porsche 356 hit a guardrail during a timed section. The classic auto policy excluded all “timed competition,” leaving €80 000 of repairs uncompensated.
➤ A rally extension—systematically included by IFO Global when relevant—would have covered this.
7. Practical tips before setting off
- Complete photographic inventory before every transport.
- Double-check the agreed value (independent expert plus insurer).
- Automatic value-increase clause to reflect market rises.
- Written notice to the insurer before each rally or international exhibition.
- Verification of customs coverage for all transit and warehouse locations.
Conclusion: preserving passion and heritage
A classic automobile is far more than a car: it is a piece of history and a significant patrimonial asset. Sending it around the world without tailored insurance is like exhibiting a masterpiece without a frame or protective glass.
At IFO Global, we know that every collector has a unique story. Our mission is to turn a potentially risky passion into pure pleasure, thanks to bespoke coverage, centralised management, and truly global responsiveness.
If you wish to discuss your specific situation, our advisors are available for a confidential, personalised assessment, ensuring that your next automotive adventure remains what it should be: a pure moment of emotion and freedom.