Classic Car Insurance Advice
Classic Car Insurance
How do you go about insuring your classic car with the right type of insurance?
There can be some confusion when trying to insure a ‘classic car’, as the meaning of this can be very different depending on the insurer. In some cases with larger insurance companies they tend to insure classic cars at the same level as regular everyday cars.
There are three different terms that can be used to describe a ‘classic car’.
- Veteran Cars – manufactured before 1903
- Classic Cars – these tend to be at least fifteen years old
- Vintage Cars – manufactured between 1903 and 1933
It is very important that you choose the right insurance to suit your personal requirements, and your classic car. All these categories are usually covered in one classic car insurance policy. Tailoring your insurance to your own specific needs is the best way to ensure you have cover for every possible eventuality.
Do you take your classic car to any special events?
If so, does your insurance provide for this? Many events for vintage cars consist of rallies, in which you may be racing your vehicle or maybe you are just displaying your vehicle to the public. Make sure your policy is comprehensive in its coverage so it deals with any damage that could possibly occur to your vehicle at an event. The cost of repairing a classic car can be very expensive.
Tips for Classic Car Insurance
· Search for a specialist insurer, as they will have lots of expertise in the area and even may have connections with specialist garages in case of damage. They will also have more knowledge of the kind of comprehensive cover you need.
· The scarcity and condition of a classic car can vary and the owners’ perception of the value of the vehicle can be very different from the insurers’ evaluation in the event of a claim.
· It is commonly reported that classic car insurance is a lot cheaper than regular car insurance but it is important to be well informed of what you are getting.
· A guaranteed agreed valuation is highly recommended when insuring your classic car.
A classic car is generally the pride and joy of an owner so it is important to have an insurance that gives you the peace of mind that your car is in the best possible hands.
The opinions expressed are those of the author only. The material is for general information only and does not constitute legal, financial or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation by an FSA authorised company where the market is FSA regulated.