I bet that if you own a classic car, it is the vehicle you always dreamt of owning as a child, or one that you have taken on as a refurbishment project. Either way, there is always a lot of sentimental value attached to a classic car, so if something were to happen to your Mini Cooper or Jaguar MK2, you would like to ensure that you are fully covered by a classic car insurance policy.
The difficulty with insuring a classic car is that there is no fixed definition or category that your vehicle needs to fall into. HMRC classes any vehicle over the age of 20 and with a value of £15,000 or more as classic, whereas for classic car insurance policies, the definitions include: a car over 15 years old, it does not have to be very valuable, and it does not have be ‘glamorous’. The definition will vary between insurance providers, so it is essential that you confirm whether you vehicle counts before requesting a quotation.
You might be surprised to hear that more often than not, classic car insurance policies are actually cheaper than conventional ones. This is usually down to the fact that it is assumed that classic car owners are more likely to take special care in the maintenance of their vehicle. However, by taking the cheapest insurance policy, you might be losing out on certain factors that could be of benefit to you.
If you are looking to save money on your annual premium it is always worth doing a price comparison to establish the most competitive price. Another tip is to consider how often you drive your classic car, is it your main car? Or do you reserve it for trips through the country at the weekend? A limited mileage policy is an excellent way to lower the cost of your classic car insurance as the premium often drops to reflect the reduced use.
There is no doubt that your classic car is a cherished asset, so if there could be anything to add insult to injury if your car were to be written off, it would be being compensated with just a few hundred pounds. It is essential that you remember to have the value of the car agreed before you take out the policy as this will ensure that you receive the true value of the car should anything happen. Unlike standard modern cars, classic cars often increase in value each year, so update the agreed value with your insurance provider each year.