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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.
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Getting Started with Classic Car Insurance
Classic car insurance can sometimes also be referred to as heritage car insurance and is tailored for older cars that are predominantly used for leisure purposes.
When does a car become a classic?
The definition of a classic car varies and depends on the purpose of the definition. For example, cars that are between 20 and 40 years old are deemed classic in the context of insurance and registration purposes. By definition, a classic car is kept to its original design and with its original specifications, essentially without any added modifications. The DVLA defines a classic car as any car that is 40 years old or more. In terms of road tax benefits, vehicles manufactured more than 40 years before January 1st of that year are automatically exempt from paying road tax after April 1 of their 40th year. Alternatively, HMRC defines a classic car as anything 15 years old or older worth no less than £15,000.
There is always a degree of debate over the ‘official’ definition of what makes a classic car, however, there are numerous characteristics that many people agree on when classifying such vehicles.
Age alone does not influence whether or not a car is a classic as many cars over the age of 15 are not perceived as a collector’s item and fail to retain their worth over many years. If you have a classic car based on set criteria, you may be able to save some money on your car insurance as a result.
Classic car insurance doesn’t necessarily differ too much from other policies, however, classic car insurance is often less expensive because typically a classic car is expected to be driven fewer miles and looked after better due to being a cherished investment.
Affordable classic cars
The range in price for a classic car varies vastly with some affordable options that are more frequently available compared to the more luxury investment classics. Annually many car-savvy publications comprise their list of affordable classic recommendations for classic car enthusiasts on a budget. Makes and models that often frequent such lists include 1965-1973 Ford Mustangs, 1991-2002 Dodge Vipers and 1971-1989 Mercedes-Benz SL.
On the other hand, some of the most expensive classic cars ever include a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe sold for a whopping £114.4m at an auction in May 2022. The most expensive Ferrari ever sold was a 250 GTO, which was purchased for a huge £52m in a private sale in November 2023.
The most popular classic car brands and models in circulation include Chevrolets, Mustangs, Austin Healeys and some select Porsches.
How much does classic car insurance cost?
Alike other forms of car insurance, classic car insurance premiums will depend on the make and model of the car and how often you intend to drive it. Other factors such as the driver’s age, claims history and where you intend on keeping it will also factor into the offered premium.
It’s worth noting that should your policy specify a mileage cap, you must stick to this set amount. Failure to adhere to this pre-agreed mileage limit could void your insurance policy should you have an accident and instead you should ensure an extension is obtained to cover the additional mileage.
What happens if I get caught driving without car insurance?
Car insurance is a legal requirement and no driver should be behind the wheel without a legitimate policy. Here in the UK, driving without car insurance can incur substantial punishments including six points and a £300 fixed penalty. In addition to the above, If the offence is taken to court drivers can face disqualification from driving entirely and an unlimited fine.
The financial protection offered when driving with insurance acts as peace of mind should you get into an accident that causes damage to people or property. In instances where someone is involved in an accident without car insurance, hefty expenses can be accumulated in addition to the typical penalties applied due to driving without insurance.
What does car insurance cover?
When choosing a car insurance policy it is essential to consider exactly what coverage suits your personal needs. There are lots of additional extras that can be added to a car insurance policy such as access to a hire car should your car require repairs, personal accident cover and a protected no-claims bonus.
Generally, if your car is involved in an accident, car insurance should cover the following as an industry standard:
- Injuries to you or other people involved
- Damages to your car
- Damage to another vehicle
- Property damage
Car insurance can also cover you if your car is damaged by fire, or attempted theft, or if it’s stolen. Car insurance is a huge market with various brands and a wide range of policies, not all policies are created equal and with this in mind, you must read the fine print concerning your policy. A thorough read of your quote should provide the relevant information you need when considering any exclusions or limitations.
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Classic Car Insurance for Timeless Rides
Your classic car is more than just a vehicle—it’s a passion. Get insurance designed for timeless cars, with affordable options that match your driving habits. Make sure your precious investment is always protected.
“Classic car insurance is often less expensive because typically a classic car is expected to be driven fewer miles and looked after better due to being a cherished investment.”
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What is Classic Car Insurance and how does it work?
Also called heritage car insurance, classic car insurance is a specialised type of insurance designed specifically for cherished vintage and collectable vehicles. Unlike standard car insurance, this type of car insurance recognizes that classic cars are more than just transportation, but rather valuable investments and passionate hobbies.
Different insurers have different definitions for what passes as a classic car. However, if your vehicle is between 20 and 40 years old, with a significant collector value, while maintaining its original design and specifications, it might be classified as a classic car. Ideally, your classic car should also be used as a secondary vehicle, doing less than 5,000 miles a year.
Because classic cars spend less time on the road and are less likely than regular cars, classic car insurance is typically cheaper than standard car insurance. With this type of insurance, you can get tailored coverage that understands the unique nature of classic vehicles. Classic car insurance recognises your vehicle’s appreciating value and provides value coverage. This way, you and your insurer have an upfront agreement on the car’s value, and in the case of a total loss, you will be paid the agreed-upon value of the car.
What does classic car insurance cover?
Classic car insurance typically provides comprehensive protection similar to standard car insurance, with some special considerations. The standard coverage includes coverage for damage from accidents, fire and flood, theft protection, third-party liability, and personal injury protection.
However, coverage options unique to classic car insurance include agreed value protection, specialized repair options, coverage for rare or hard-to-find replacement parts, coverage for automotive memorabilia, protection during care restoration projects, and many more.
How much does classic car insurance cost?
Insurers typically charge lower premiums for classic car insurance than for standard car insurance. This is because they spend less time on the road and are thus less prone to accidents. Many insurers put a mileage cap on their classic car insurance policies to ensure this. Classic cars are also usually better maintained, which limits their risk level.
However, like regular car insurance, your premiums for your classic car insurance policy will depend on factors, such as your vehicle’s make and model, the car’s age and condition, the car’s estimated value, mileage, the driver’s age and driving history (unspent driving offences usually lead to increased premiums), claims history, and storage arrangements.
What do I need to get classic car insurance?
To get classic car insurance, you will need to provide your insurer with certain important information. These include:
Vehicle information: You’ll need to provide information about the exact make and model of your vehicle, as well as the year of manufacture, its current condition, its original specifications, as well as any history of modification. You’ll also need to provide the car’s odometer reading and its current estimated value.
Personal details: You’ll need to provide your driving license, no-claims bonus information, and any other additional driver details, including your driving history. Even if the insurer does not explicitly ask, you are legally required to disclose any unspent driving conviction while applying for car insurance, as this helps the insurer better assess your risk potential. Failure to do this can be considered insurance fraud.
Additional requirements: Insurers might also require you to provide additional information such as proof of secure storage for the car, evidence of regular maintenance, documentation of the vehicle’s value, ownership of another vehicle which is your primary, daily-use vehicle, and proof of commitment to limited mileage. It is important to get a professional valuation and maintain detailed maintenance records to ensure you receive appropriate coverage for your classic car.
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