Discover the distinctive worlds of automotive excellence

Not all cars are created equal. Whether you’re drawn to the timeless elegance of a Classic, the thrills of a High-Performance car, or the luxurious allure of a Prestige vehicle, each represents a unique driving experience. Let’s explore what sets them apart:

Classic vehicles

• Definition: cars aged 20+ years, admired for their history, craftsmanship, and rarity.
• Key Traits: vintage designs, mechanical charm, and nostalgic appeal.
• Examples: 1967 Ford Mustang, Jaguar E-Type.
• Ownership Purpose: passion projects, restorations, and investments.

High-performance vehicles

• Definition: cars built for speed, agility, and thrilling driving dynamics.
• Key Traits: precision engineering, powerful engines, and track-ready handling.
• Examples: Porsche 911 GT3, McLaren 720S.
• Ownership Purpose: perfect for enthusiasts seeking adrenaline and unmatched road
  performance.

Prestige vehicles

• Definition: luxurious modern vehicles that blend sophistication with advanced technology.
• Key Traits: exclusive designs, opulent interiors, and cutting-edge features.
• Examples: Rolls-Royce Phantom, Bentley Continental GT.
• Ownership Purpose: a symbol of success, comfort and refined taste.

Exotic vehicles

• Definition: high-performance vehicles recognised for their exceptional engineering, unique design, and high price point.
• Key Traits: limited numbers, boutique manufacturers, advanced technology built to be driven legally on the road, but capable of elite track performance.
• Examples: Ferrari 812 Superfast, McLaren 720S, Bugatti Chiron Super Sport
• Ownership Purpose: track & performance use, taste, and exclusivity.

Insurance solutions to meet your client needs

Each vehicle type deserves unique coverage:

• Classic Vehicles: cover that values rarity and restoration.
• High-Performance Vehicles: coverage for performance modifications*.
• Prestige and Exotic Vehicles: comprehensive cover.

The 360 Prestige Motor team is here to assist in providing the right protection for your clients collections and individual vehicles. Contact our underwriting enthusiasts to chat through any opportunity prestigemotor@360uw.com.au.

This insurance is underwritten by Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ABN 11 132 524 282; AFSL 443540) ('Adica') and is distributed by 360 Prestige Motor Pty Ltd (ABN 45 666 683 978) ('360 Prestige Motor'). 360 Prestige Motor is an Authorised Representative (AR No. 1302637) of 360 Underwriting Solutions Pty Ltd (ABN 18 120 261 270; AFSL 319181) ('360 Underwriting') who is authorised to distribute this product under a binding authority from Adica. 360 Prestige Motor & 360 Underwriting only provide general advice and do not consider your objectives, financial situation or needs. To decide if this product is right for you please read the relevant Product Disclosure Statement. A copy of the Target Market Determination can be found at www.360uw.com.au.  *Reference to any features and benefits set out in this document are subject to additional terms and conditions, limits, sub-limits and exclusions.

There is evidence that a segment of prestige vehicle owners and automotive enthusiasts in Australia and globally exhibit reservations toward electric vehicles (EVs). This sentiment is rooted in various factors that influence their preferences and perceptions.

Many car enthusiasts value the tactile and auditory sensations associated with traditional internal combustion engine (ICE) vehicles. The absence of engine noise and gear shifts in EVs can lead to a perception of diminished driving engagement. As noted by Sharp Magazine, enthusiasts often feel that EVs lack the "soul" or "feel" that makes driving pleasurable.

Prestige vehicle owners often appreciate the mechanical intricacies and customisation opportunities that ICE vehicles offer. The simplicity and uniformity of EV powertrains can limit the hands-on experience and personalisation that these owners seek. This can result in a sense of detachment from the vehicle's operation and maintenance.

EV Sales Decline

• In Q3 2024, battery electric vehicle sales dropped by 25%, reducing their market share from 8.1% to 6.57%.
• July 2024 saw Tesla's sales decrease by 34.1% compared to the previous year, with Polestar experiencing a 70% decline.

Shift Toward Hybrids 

• In September 2024 Hybrid vehicle sales increased by 3.3%, capturing a 16.7% market share within Australia.
• In the same period Plug-in hybrid sales surged by 56%, indicating a consumer preference for vehicles offering both electric and petrol options.

Factors Influencing the Decline

• Incentive Reductions: The cessation of rebates in most states has made EVs less financially appealing.
• Resale Concerns: Buyers are wary of rapid depreciation and battery longevity issues.
• Charging Infrastructure: Despite improvements, "charge anxiety" persists due to inconsistent charger availability.
• Misinformation: Misconceptions about EV performance and maintenance costs deter potential buyers.

360 Prestige Motor offers protection for a wide range of your clients’ vehicles (including limited use EV’s), whether they’re an individual vehicle or part of a curated collection. Contact our underwriting enthusiasts to chat through any opportunity at prestigemotor@360uw.com.au

This insurance is underwritten by Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ABN 11 132 524 282; AFSL 443540) ('Adica') and is distributed by 360 Prestige Motor Pty Ltd (ABN 45 666 683 978) ('360 Prestige Motor'). 360 Prestige Motor is an Authorised Representative (AR No. 1302637) of 360 Underwriting Solutions Pty Ltd (ABN 18 120 261 270; AFSL 319181) ('360 Underwriting') who is authorised to distribute this product under a binding authority from Adica. 360 Prestige Motor & 360 Underwriting only provide general advice and do not consider your objectives, financial situation or needs. To decide if this product is right for you please read the relevant Product Disclosure Statement. A copy of the Target Market Determination can be found at www.360uw.com.au.  *Reference to any features and benefits set out in this document are subject to additional terms and conditions, limits, sub-limits and exclusions.