Insurance for Vintage Cars
If you are a classic cars fanatic, your vehicle is probably your pride and joy. Maybe you only take it out for country drives at the weekend and keep it safely locked away in your garage the rest of the time.
Cleaning and taking care of your baby are all high on the list of priorities and insurance should be no exception.
Classic cars are defined as those which are more than 20 years old with a minimum value of £15,000, at least to the taxman. In contrast, insurers do not take a standard approach in terms of their definition or the price of insurance – for example some cars which are 10 years old are deemed classic. It is essential to check these types of definitions, particularly when you are thinking about the age of your car, before buying cover.
You will find both specialist vintage car insurers as well as mainstream insurers that cover this category on price comparison sites such as MoneySupermarket. Often you will discover that insuring your classic car can be cheaper than insuring a more modern car.
In the event that you write your car off, it is probably best to agree the amount an insurer will pay out beforehand as the ideas about value can differ greatly – it may even be worth getting a private valuation by an expert before you approach an insurer.
Perhaps you’ve had your car for a long time and can’t bear to part with it? If this is the case you should check that your insurance is still relevant as the value of classic cars increases rather than decreases with age. You will also want to make sure that if parts need to be replaced, you have insurance which covers this as authentic parts can be expensive.
Finally, in order to reduce your classic car insurance you should think about becoming a member of a classic car club or simply not taking it out too far, both of which can lower your premiums.