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BUSINESS
AUTOMOTIVE
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CANIO MARCHIONE Seen with a 1968 BMW 2002Ti GR2, which his garage restored for a group 2 FIA race
February 2016. A beautiful coupé, such as an Aston Martin DB7, which is younger than 30 years, can be seen as a classic car by aficionados, but not in front of the law.” At 30 years and one day old, a car will automatically get classic car status (which means there is no need to re-register the car).
CUSTOMISED POLICIES “The owner will pay €25 of annual taxes instead of hundreds of euros for a younger car [depending on the engine capacity] and the frequency that you have to go for a contrôle technique [roadworthiness testing] at the SNCT [inspection agency] will not be annually, but every 2 years,” explained Hilger. The LOF has been working with the SNCT to develop a “light” test for classic cars that would be more permissive in some areas--emissions, for example--but would instead focus on the safety elements such as lighting, brakes, steering, suspension, corrosion, etc. The essential things that should prevent you from causing or having a crash, basically. Winter 2018
So, let’s imagine you have found your beloved old car. What happens if you have a road accident? How do insurance companies help you? I spoke with Franck Marchand, chief financial officer and chief actuary of Groupe Foyer, an insurance firm, and with Eric Profeta, auto product manager at AXA Luxembourg, another major insurer, to see if you can be decently covered by your insurance company. “We do take care of our clients very closely, and we have a specific product for the classic car owner,” Marchand said. “Usually with classic cars, prices are on the rise, unlike recent cars. Clients can come to Foyer and have their vehicles checked by our team of six specialists to give them a correct evaluation. Vintage car owners drive less and are very cautious behind the wheel of their car and we reflect this in their premiums. Also, a lot of our classic car enthusiasts have more than one vehicle and wish to be the only driver. As a result, the more cars they have, the less premium they will pay.”
A bond often develops between a classic car and its owner, and insurance companies do acknowledge this, as Profeta said: “Most of our clients have an affective relationship with their cars and we had to adapt our products accordingly. Classic cars often break down or get light cosmetic damages, and we have adequate solutions to keep our clients happy and help them in their ownership. We are part of this community and we have been partners with the ACL [Automobile Club of Luxembourg], the LOF and even a few of our agents participate at meeting and exhibitions. It’s a fascinating little world!” “Luxembourg has, depending on sources, between 5,000 and 7,000 classic vehicles,” noted Hilger. Why such a big variation in the estimate? Some of them (like tractors or old motorcycles) haven’t seen the road for decades and they are not sure if they still are really around. But, if your dream is to find an old vehicle trapped under layers of dust in an old barn (like I do), there might still be hope for you!