Things you need to know about classic car insurance
Thinking of getting a classic car insurance quote? Can’t decide whether it’s right for you? Not sure if your vehicle qualifies?
Don’t panic! We’ve put together a quick guide on classic car insurance, which covers how it differs from normal car insurance and the benefits it can offer. But first of all the most important question..
Does my vehicle qualify for classic car insurance?
We get asked this the whole time and as with most things in life the answer isn’t as simple as it seems.
HMRC defines classic vehicles as being over 15 years of age with a value of £15,000 or more. That means your 18 year old, 3-series BMW should qualify for classic car insurance, but wait.. some insurance companies state that a vehicle must be at least 20 years old, while others require it to be at least 25 years old to be considered a classic.
And then you have the whole question of whether your vehicle is truly a classic. If there are lots of 3-series BMWs running around, exactly like yours, the chances are you’re going to struggle to convince an insurance company that it’s a classic car. However, if yours is a little bit special, then your chances are better and it’s worth at least getting a classic car insurance quote. Don’t cut corners on your Classic car insurance policy.
Also, you must make sure you meet the following criteria.
- Your classic car or bike can’t be your main vehicle; you must have another mode of transport for your day-to-day life
- Your mileage must only be around 1,000-7,500 miles a year.
- Usually, you must be 25 or older.
- For higher value vehicles and in some postcode areas, you must have a garage or secure building.
How does a classic car policy differ from normal car insurance?
Your first instinct might be to cover your classic vehicle on your normal car insurance, but choosing a classic car insurance policy offers you a number of very real benefits.
Lower car insurance premiums
Who doesn’t want to pay less for an insurance policy? Classic car insurance policies are on average significantly cheaper than standard car insurance. This is simply because, in the eyes of the insurance company, you’ll only be driving your classic vehicle a few times a year and taking great care to maintain its condition. Simply put: less risk = lower premium.
Agreed value replacement
Most modern cars continue to lose value, but classic cars and bikes, if well maintained and cared for, will increase in value over time.
So, what does that mean if it’s a write off? With traditionally car insurance policies, you would only get the market value of your vehicle, which is likely to be significantly less than your initial investment. Most classic car policies are written on an ‘agreed value’ basis. This means that once the value of your vehicle is agreed, it is guaranteed, so if it is written off, you will get the agreed value minus your excess. Most of our insurers can agree values based on just 6 good colour photographs. We do our Classic car insurance policy differently.
Specialist optional extras
Classic car insurance policies are tailored to classic vehicles and their owners, so many offer a number of additional cover options including:
- Use of your preferred specialist garage for any repairs
- Flatbed towing in case of accident
- Cover while it’s being restored or just laid-up
- Participating in track days
How we can help
If you’re in any doubt whether your vehicle qualifies for classic car insurance or are ready to get a classic car insurance quote, just give us a call. We’ve over 30 years’ experience of finding the right insurance to suit the right vehicle, whether it’s a classic car, classic bike, ex-military vehicle, camper van, vintage tractor or steam engine. There’s no obligation and we’d love to help you out. To find your perfect Classic car insurance policy.