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Classic Car Insurance

Editor's Remarks: Lancs Car Store can provide you with full insurance whilst your car is in our storage facility. When you take your car out on the road, you will need your own policy. Here we look at some of the common questions posed about classic car insurance to help you find a deal that’s right for you.

Do all car insurance companies offer classic car insurance or is this specialised cover?

Many (although not all) conventional car insurance companies have teams in place to offer cover for classic cars. However, there are also a number of specialist classic car insurance companies in the market that offer a number of additional features within their policies that may not be available elsewhere.

What do you need to qualify for classic car insurance? Is it based on the age of the vehicle, the value, or both?

Classic cars are usually divided into categories by insurers which are used to determine their values, premiums, and risks. The categories are:

  • Veterans: Vehicles manufactured up to December 1904.
  • Edwardian: Refers to cars manufactured from January 1905-December 1918.
  • Vintage: These are vehicles manufactured from December 1918-1933.
  • Classics: Cars typically manufactured pre-1975.
  • Cherished: Collectible or rare cars that are five- to 10 years old.

These categories will be used to assess the premiums you receive along with factors such as your driving history; your personal circumstances – such as if you are married and your occupation; your annual mileage; and your address.

Is there a benefit to classic car insurance? Or is classic car insurance just a name given to a policy when insuring an older vehicle?

Many conventional insurance companies that cover classic cars may only offer the same cover features that are available to modern vehicles. However, with specialist insurance companies you could benefit from a number of features tailored for classic car owners:

  • Agreed valuations: So you know from the outset what your classic car is worth in the event of a write-off or theft.
  • Laid-up insurance: If your classic car is a project, you may be able to find laid-up insurance which protects the vehicle against thefts and mishaps while it is off the road.
  • Rally / track cover: If you plan to enter your classic car into a special event such as a rally, track race or hill climb you will not typically be covered unless it is specified on your policy.
  • Wedding/hire cover: Many classic car owners allow their vehicles to be used by other drivers for special events such as weddings. If you plan to do this, you should look for hire cover on your policy.

How is a classic car valued by an insurance company?

With most conventional insurance companies, if your car were written off or stolen it would be subject to a market valuation. As values for classic cars are difficult to determine this could mean your vehicle is under valued and leave you out of pocket based on how the market fluctuates. However, with a specialist classic car insurance policy you may be able to get an agreed valuation so you will receive a fixed payment in the event of a total loss – although you should ensure that this valuation is guaranteed. Some insurers even offer increasing valuations which reflect the fact classic cars often increase in value year on year.

Does classic car insurance cost more than normal car insurance?

How much you pay for classic car insurance is determined by the steps you take to reduce your perceived risk to an insurer and the policy you choose.

It is sensible to shop around for classic car insurance – comparison websites can compare deals from more than 100 insurers, including several classic car specialists, with a single search, so this needn’t be a time consuming process.

Furthermore, several classic car specialists offer incentives to help bring your premiums down. These can include: limited mileage discounts, meaning you pay less based on travelling a reduced number of miles each year; owners’ club discounts, which reward you for joining an owners’ or manufacturers’ club; and advanced driving course discounts, if you complete an insurer-approved driving course.

Is there any other advice for drivers of classic cars?

The key to finding value for money car insurance for your classic car is to compare all of the deals available from both conventional and specialist car insurers. Weigh up not only the quotes you receive but also the levels of cover available so you can make a fair judgement about the best policy for your needs.

Don’t forget too that there are many additional ways to save money on classic car insurance including: increasing the security of your vehicle; raising your voluntary excess (although it should be kept at a level you can comfortably afford); parking your classic car in a garage overnight; and agreeing to pay premiums annually instead of monthly to avoid interest charges.

Veteran, vintage and classic cars in storage
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