Classic car insurers have different definitions of a classic car with some saying that a modern classic car must be over 15 years old whilst other classic cars must be over 30 years old. But whatever the age of the cherished vehicle, you will need specialist Classic Car Insurance to cover the cost of theft, repairs, flood or fire.
Classic Car Insurance – what cover do you require?
A classic car requires different cover to a standard car insurance policy. Classic motors tend to be used more for leisure and show purposes rather than commuting to work or making deliveries. There is also the fact that many owners keep their cars stored away until the warm weather comes out. For whatever purposes, classic cars have very different purposes and will require different cover to a standard policy.
For instance, your policy needs to be able to replace and repair authentic car parts specific to your model – how easy these parts are to get hold will impact your premium.
Furthermore, if the classic automobile is used for trading shows, there can be a policy in place to cover any damages as a result.
Classic Car Insurance – how to reduce the cost
There are some very clever ways to reduce the cost of your classic car insurance. For example, insurance companies prefer if you keep your vehicle somewhere safe because it’s at less risk of being stolen. So if you can keep your vintage car covered over night or stored in a garage, it will reduce the cost of your premium.
When assessing your car insurance policy, how much mileage your accumulate each year will also be taken into consideration. Therefore, the cost will be reduced the less your drive your car and if you can limit your mileage to a specific amount agreed beforehand, we should be able to get you the best deal possible.
The condition of your vehicle is very important, as insurers are more generous to those owners that look after their cars well. Those vehicles in bad condition are a greater risk of an accident or in need of expensive repairs so they are likely to pay a higher premium as a result.
If you have more than one vehicle, you can benefit from multi-car insurance policies. Both of the vehicles don’t have to be classics – you can insure one modern car and an old car under the same policy.
A very important point to discuss is the value of your classic car. Some of the insurers offer ‘Agreed Value Cover’ which means that since classic cars can be worth more over time, you can agree this with the insurer and might be able to receive a better premium or higher compensation if the vehicle were stolen. To prove that the car is worth more, you may need to provide information from external sources claiming its worth and any receipts of modifications that have been made.
Classic Car Insurance for young drivers under 21 and 25
You can apply for classic car insurance for young drivers too. If you are under 25 years old and drive a classic vehicle, insurers can offer you the same high levels of customer service to ensure you receive a free no obligation quote.