Owners of the approximately 250 classic and retro vehicles in Barbados can now obtain affordable insurance for their prized possessions with the launch today of Sagicor General’s Classic & Retro Car insurance policy.
Addressing the media launch this morning at the company’s Haggatt Hall, St Michael location, President and Chief Executive Officer of Sagicor General David Alleyne said the policy was introduced on the premise that the owners of classic and retro cars were experiencing difficulty in obtaining adequate “annual” coverage for their aged vehicles.
“I say ‘annual’ because it has been a challenge for the owners to adequately insure their vehicles with a reasonable insurance premium,” Alleyne said.
Officials declined to say what the premiums were likely to be. However, Barbados TODAY understands the premium on one of the old models could be as low as half of the average premium paid on a vehicle manufactured in the current millennium.
Vice President of Business Development at Sagicor Mark Blakeley explained that while the premiums were provided regardless of the age of the car, the rates were determined by a number of factors, including mileage and the value of the vehicle.
“A common concern of many owners is that they must pay insurance premiums similar to that of cars that drive every day of the week,” he said.
Other unique characteristics of the policy, available exclusively to the members of the Barbados Association of Classic Cars (BACC) and the Retro and Classic Cars Barbados Inc, include the provision of coverage while the car is in the garage and unlimited coverage at car shows and club events.
President of the BACC George Ullyett welcomed the new policy, explaining that after having spent hundreds of thousands of dollars restoring their vehicles, it had been difficult getting them insured.
“So we are very, very happy that Sagicor was able to come up with that type of policy,” he said.
President of the Retro and Classic Cars Barbados Inc Adrian Mayers also welcomed the coverage, describing it as “a ground breaking step”.
He explained that the number of people showing an interest in repairing and owning classic and retro vehicles in Barbados was on the rise.
“This is quite evident in the shows and how well they are attended. And we have already seen interest in this policy because some of our members have already gone to Sagicor and worked out policies with them.”
The oldest cars in Barbados are a 1928 Chummy and a 1928 Buick.