Classic car insurance tips

INSURANCE FOR CLASSIC CARS

Classic beauties are always timeless, well presented and sexy. No, we are not talking about Marilyn or Audrey, instead we are talking about classic cars and more specifically, insurance for these exquisite models.

If you have a classic car then as a driver and owner you know your love is limitless and never ending, for it won’t shout back nor argue, instead it just purrs along, giving you its undivided attention. Doesn’t such a loyal companion deserve equal care from you? The answer is yes and this guide is designed to help you become more familiarised with insurance for your classic love.

First of all there is a difference between classic car insurance and normal car insurance. The main difference being the restricted mileage classic car insurance has. Other features of this insurance consist of familiar extras which are sometimes included or optional such as loan car, windscreen cover and breakdown cover, it is important to check the specific classic car insurance policy that interests you.

There are three terms used to describe vehicles of the past era, and a classic car insurance policy can be used across all three categories. The first is ‘Veteran cars’, these were manufactured before 1903. The second is ‘Vintage cars’, manufactured between 1903 and 1933. Lastly is ‘Classic cars’ and these tend to be at least fifteen years old. If you are thinking of purchasing a car and are unsure if it is a classic or not, then check with your insurance company, especially as the definition of the term ‘classic’ can vary depending on the insurer. Usually, it is large insurance companies who do not provide classic car insurance packages, but will however; provide the same level of cover as those who drive a typical car seen on the roads every day.

Of course never rush into buying a classic car insurance, for that beauty may be hiding very dark secrets. Hence, there are a few things to remember. It is widely reported in the motoring press that classic car insurance cover is far cheaper than a modern car policy, but it is important to be well informed and vigilant. Secondly, the condition and scarcity of a classic car can vary greatly. An owner’s perception of the value of their beloved motor can very easily be at odds with the car insurance company valuation. Third, it is of upmost importance that you take out a guaranteed valuation when insuring your car. Lastly, is to search for a specialist insurer. This company is more likely to provide specialist classic car insurance cover, hence primarily providing a better rate.

Please note that a genuine agreed valuation is the value guaranteed by the insurance company should the classic car be stolen or written off. Make sure that the valuation is in fact ‘guaranteed,’ as some insurance companies have refused to pay out the full amount, despite the owner thinking they were fully covered.

There is also an option of ‘Salvage Retention.’ This is very important for owners of veteran, classic or vintage vehicles, as this policy allows the owner to keep the wreck after an accident as a potential to rebuild or source off parts. Carefully read the review conditions on this though, as some insurers add an extra cost to this or the vehicle has to be of a certain age. Many restorers of classic cars require cover for vehicles under restoration, so make sure your car is covered on and off the road. Other policies such as choice of repairer are also factors worth considering.

Last but no means least, always check with your insurer regarding the classic car insurance policy and the levels of cover purchased.

Fully insured, with sunglasses at the ready, have the drive of your life!