Classic cars are very popular due to their distinctive style and being genuinely more unique than modern motor vehicles. Classic car owners take a lot of pride in their cars and in doing so; need to think very carefully about their car insurance.
How old for classic car insurance? A classic car is defined as a car that is more than 20 years old and, in the view of HM Revenue & Customs, if the vehicle is also worth over a value of £15,000, then it’s classic through and through.
Insurance for classic cars is often far cheaper than cover for newer cars because they tend to be driven less frequently and maintained / cared for to a higher standard.Take advantage of this when looking for a policy but also keep an eye on what you’re getting for your money.
When taking out a new insurance policy, there are a number of things the insurer will consider from the cars age and value to your age and driving experience. It is also essential, for your benefit, that you agree with an insurer the actual worth of the vehicle before you take out the policy so you know exactly where you stand. The insurer may request evidence which may involve you having the vehicle valued – this may seem a bit of an inconvenience but will prevent any disputes or surprises if you needed to make a claim. Keep this up to date if you can – vintage cars tend to increase in value as they get older as opposed to newer models decreasing.
Most classic car owners don’t tend to drive their classic cars as much as someone may drive a modern car – this is noted with insurers as another benefit of offering your classic car insurance policies and the annual mileage can be specified or capped off by them. Of course you can drive your car as much as you like, but check that you’re not missing a trick here.
When looking in to your classic cars insurance, consider the parts that might, or might not, need replacing at any point in time. Making sure the insurer will replace parts like for like is important to the value and originality of your car in keeping the authenticity. Not all insurers will offer like for like.
Your classic car insurance might also cover car shows; if these are something you like to participate in it is worth asking this question as well.
There are the usual options of comprehensive, third party or third party fire and theft covers – be sure to consider all of your options and how much each would cost you as a premium and in the event of something going wrong. Consider which is going to save you money in the long run.
The big difference outlined by insurers is that, with a classic car insurance policy, you cannot build up a no-claims bonus. Although the premiums tend to be cheaper anyway so it doesn’t make that much difference.
Finding the right insurance for your classic car is vital and can be time consuming but is worth all the time it takes to ensure you are insured for all eventualities.
Author Bio: Shirley Jones is a freelance writer. A keen reader, and inspired by the authors of fiction, Shirley is an up and coming author. When not writing professionally, you’ll usually find Shirley spending time with her partner and niece, if not reading or writing her book.