Classic Car Insurance – Protection For Your Pride and Joy – Forbes Advisor UK


If you own a “classic” car, this just might be your pride and joy. It might have sentimental value, it’s probably a seepy automotive style, and it just might be a rarity on the roads. Chances are, this will turn more than a few heads.

He’s also likely to be worth a few pounds, and he probably receives a lot of care and attention to keep him looking and performing at peak performance.

All of this makes getting specialized insurance protection a no-brainer to protect your vehicle against damage and theft. So what should you watch out for when buying or renewing classic car insurance?

What counts as a “classic” car?

The word “classic” tends to be used a lot in today’s world, but when it comes to automobiles it has a fairly precise official definition.

According to the government (HM Revenue & Customs, to be precise), a car is considered “classic” if it is:

  • at least 15 years old and
  • has a market value of £ 15,000 or more.

But auto insurance companies have their own set of criteria for determining whether a car is classic, based on age, make, and model (you might even find that you’ve driven a classic car without realizing it. account).

This is important because the coverage provided by a conventional auto insurance policy will be different from a standard policy – more coverage in some areas, potentially less in others, and with conditions related to mileage and usage. And, in some cases, the conditions imposed mean that the premium for specialized coverage may be lower.

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Is classic auto insurance cheaper than classic auto insurance?

Yes, it can, as insurers tend to view classic cars as lower risk. They aren’t typically driven every day, they aren’t typically used for school runs or commuting to stores, and they often have lower speed limits.

Classic car owners also tend to keep their vehicles in top condition and in a safe place, such as a locked garage.

As a result, classic cars are less likely to be involved in an accident or theft, and their owners are less likely to make a claim. Insurers reward this lower risk with cheaper premiums.

What does classic car insurance cover?

Classic car insurance offers the same coverage as standard car insurance: you’ll be covered for the cost of repairs if your car is damaged in an accident, and you’ll be covered if your car is stolen.

Your civil liability in the event that you are found responsible for an accident that damages another person’s property or injures or kills them will also be covered, as will all your medical expenses.

But in addition to that, you can also arrange additional coverage for the following:

Restoration blanket Restoring a classic car can take months or years. If yours is being professionally restored, it may already have a cover in place to protect your car while it’s working there. But if they don’t, or if you restore your vintage car on your own, you can purchase insurance to make sure it’s covered during that time.

Since the vehicle is not on the road during this time, restoration coverage will generally cost less than full insurance coverage. But remember, even if your car is tidy in the garage, it still needs to be insured.

Here is what the government is saying about it:

You must have auto insurance for your vehicle if you use it on the roads and in public places.

You do not need to insure your vehicle if it is not on the road and declared off-road (SORN). This rule is called “continuous application of insurance”.

Otherwise, you can:

  • get a fixed penalty of £ 100
  • stall, impound or destroy your vehicle
  • face legal action, with a possible fine of up to £ 1,000.

Track day race If you plan to drive your car on racetracks – even if it’s only at a leisurely pace – you’ll need proper damage and accident coverage. Your premium is likely to be higher depending on how often you run or the number of events you attend each year.

Vintage car shows Make sure you are covered from dents and scratches if you plan to exhibit your classic car at fairs and shows. Liability coverage will also be included in the event that you damage someone else’s property or injure someone.

Driving abroad Car insurance policies usually provide third party coverage for driving in the EU. But if you are involved in an accident and you are at fault, you will have to pay for repairs to your own car out of pocket. Asking your insurer to increase the level of coverage for all perils may be worth it.

Outage cover Classic car insurance does not always include breakdown coverage as standard. If you don’t have coverage, compare the cost of including outage coverage as part of your existing policy versus the cost of purchasing a stand-alone policy.

Note that some providers will not offer breakdown coverage for classic cars due to their increased risk of breakdown.

Is there a mileage limit with classic car insurance?

Since classic cars are usually not driven every day, many classic car insurance policies will include a cap on the number of kilometers you can drive each year – staying in the cap can help lower the premium. Always check this limit when you compare policies to make sure it is high enough.

If, after purchasing your policy, you think you will exceed your annual limit, contact your insurer as soon as possible to arrange an extension.

What does an “agreed assessment” mean?

With an agreed valuation, your insurer pays a pre-agreed amount if your classic car is written off or stolen, rather than market value. This can be a good option if your car is worth more than the average for a vehicle of a similar model and age.

You should agree on this amount with your insurer before purchasing your policy, and by choosing this option, you may have to pay more for your policy.

How can I reduce the cost of classic car insurance?

As with standard auto insurance, there are a number of steps you can take to reduce the cost of conventional auto insurance:

Compare the prices The fastest, easiest way to cut costs is to shop online and find the most competitive quote. In addition to comparing the price of the policy, review the level of coverage provided to make sure you are getting the right coverage at the best price.

Remember to start over when renewing – don’t just accept your insurer’s renewal quote.

Limit your mileage Accepting an annual mileage limit on your policy will often result in a reduction. Just make sure it’s high enough for your needs.

Improve the safety of your car The age of your car may mean that it does not have the proper safety features. Simple steps like installing an alarm and tracking device and keeping your car in a locked garage can help deter thieves and limit premiums.

Avoid modifications Modified cars can be more difficult to insure, and providers that offer coverage are likely to charge significantly more. It is therefore better to avoid modifications. But if you do make any changes, be sure to let your insurer know when you make them (don’t wait for your contract to renew) so your coverage remains valid.

Join an automobile club Some insurers will offer a discount of up to 25% if you join a vintage car club because they see it as proof that you are committed to driving safely and taking care of your vehicle.

Annual membership fees will generally apply, but in return you will be able to take advantage of specialized rates from parts suppliers, as well as invitations to various events and track days.

Does my classic car need a technical check?

Classic cars over 40 do not require a MOT, provided you have not made any “substantial modifications” to the vehicle in the past 20 years. This includes the replacement of the chassis, body, axles or engine.

However, it is always wise to have your car checked by a mechanic regularly, as it is your responsibility to keep your car in running condition. If you don’t, you could be fined up to £ 2,500, a driving ban and three penalty points on your license.

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