Looking for Classic Car Insurance?
Are you looking for classic car insurance to protect your pride and joy, an ongoing project or simply because you love taking your classic car out for a spin at the weekend?
Maybe you collect classic cars or love the nostalgia a particular make and model inspires? Whatever your reason for owning a classic car, this quick guide highlights the pros and cons of classic car insurance and what to look out for.
Ways to save money on classic car insurance
Depending on the make, model and usage of your classic car, very often insurance for your classic car can be cheaper than insuring a standard car. Some of the reasons for this include:
Some insurers will only insure classic cars as second vehicles and it can be a great way to lower costs. Insurers assume that mileage and wear and tear is spread between vehicles and also offer multi-car discounts.
Many insurers place mileage restrictions on classic cars as standard, which in turn lowers premiums.
Manufacturers and owners’ clubs affiliated insurers can offer substantial discounts to members. Membership to an owner’s club can sometimes pay for itself and indicates a passion and care for your classic car which insurers look favourably on.
Cherished car policies can be offered by specialist insurers to true car enthusiasts. They can cover vintage, replica, imported, rare, kit and classic cars and as the name implies, reward careful owners who cherish their cars.
Different types of classic car insurance
The world of classic cars is incredibly varied. Many insurers have adapted to this by creating policies unique to the usage of individual classic cars. Specific types of classic car cover include:
- Racing car insurance
For classic cars used exclusively on the track
Covers classic cars whilst being restored
- Collectors Insurance
Includes multi-car discounts
- Touring car insurance
Some insurers include European touring as standard, but it can also be purchased separately
Insures classic cars against damage, fire and theft whilst they are off the road
What is a classic car for insurance purposes?
There are no hard and fast rules as to what constitutes a classic car in the UK. The closest we have is that cars over 40 years old are exempt from road tax. Other criteria such as age, pretty much depends on the insurer, for example some insurers state that the vehicle needs to be over 10-15 years old to qualify for classic car status, whilst others will only offer a classic car policy to vehicles over 30 years old.
Other factors which determine whether or not a car is classic include mileage, how it is kept and usage. Typically, insurers expect a classic car to do less than 5,000 miles a year and to be kept in pristine condition. Naturally they also specify that classic cars should be kept in a locked and secure garage.
The debate as to what constitutes a classic car is a fascinating one, with Paul Michaels’ (Chairman of Hexagon Classics) famously stating that to be classic, a car had to have ‘personality.’ Alternatively, HMRC determine classic status using the 15/15 rule, which is any car older than 15 years and worth £15,000 or more.
What do classic car insurers need to know?
When discussing insurance for your classic vehicle, 3 things primarily determine the type of policy you require and the price:
Classic Car Insurance – Useful FAQs
Modifications on classic cars do not create the same headache for insurers as they do on standard vehicles. Generally, any insurer knowledgeable enough to understand and insure classic cars, is not going to get hung-up on modifications, they may even appreciate the advantages of some modifications and adjust their quote accordingly. A good example of this would be additional security modifications such as locks and alarms not fitted as standard to classic vehicles.
Depending on the insurer, temporary or short-term cover is ideal if you only want to insure your classic car for a limited period.
So long as you are dealing with a specialist insurer, arranging insurance for a classic kit car is no different from insuring a classic car. What is important is the value and usage of the car. As long as you give as much detail as possible to your insurer, it should be possible for them to tailor a policy to your vehicle.
Multi-car or collectors’ policies can be advantageous, but it very much depends on the insurer and the make, model and value of the cars you are insuring.
Very often yes, although there are good reasons for this. Many classic car policies restrict mileage which reduces premiums, and/or are designed for second vehicles. Insurers will also consider the age and value of the car, so sadly if you just happen to own a very old car, it most likely will not qualify for cheaper classic car insurance.