Having a classic car is great for many reasons and we understand that getting the right insurance is important too. Your insurance is actually likely to be cheaper if you have a classic car than if you were insuring a brand new one! However, understanding which insurance you need isn’t always straight forward. As classic cars require specialist policies, there are several criteria they must meet. We’ve put together a brief overview of what you need to know.
Why do you need specialist insurance for classic cars?
Classic cars owners often require specialist extras with their insurance so having a specific tailored policy for your classic car means you can get the cover you need. This may include things such as repairs, key care and an agreed value in the event of a claim. Having an agreed value option is important because it can be difficult to estimate the worth of a classic car. Therefore, having a guaranteed value established means you know what you will be paid in the unfortunate event of an accident.
What is considered to be a classic car?
The specifications for a vehicle to be considered a classic car can vary between insurers so you will need to check directly. However, the general rules are:
- Car is over 15 years old
- Used as a second vehicle (often you must have another vehicle for primary use)
- Driven less than 5,000 miles per year
- Kept in mint condition (in a garage or on a drive)
Insurers will also consider what the car is being used for; whether it’s for social, domestic and pleasure, shows and events or whether it’s used for commuting. If the car is used for commuting, it may not fit a classic car policy.
What are you covered for?
Specialist classic car insurance typically covers you for all of the usual risks including accidental damage and theft as well as some additional factors. These additional considerations may include taking your car abroad, to classic car shows and for restoration. However, specific details will vary depending on your car and your insurer.
How else can you reduce your premium?
Join a classic car club! This can reduce your premium because it demonstrates how much you value your car so this makes you less of an accident risk. Not all insurers will offer a discount for this but it is worth checking. Clubs often have their own benefits too such as discounts with suppliers and access to specialist parts.
If you have any questions about classic car insurance or want to discuss a policy, please don’t hesitate to get in touch!