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The chances are you’ve spent a lot of money acquiring your very own classic car or collectors car and now you’re considering classic car insurance.
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UK classic car insurance comparison
Having a vintage car is a great past-time but it can be important to get low-cost classic car insurance to let you enjoy driving it! Older classic cars tend to be well cared for, usually kept in a garage and are driven fewer miles than modern cars, so you may be able to get a cheap deal on your vintage car insurance if you compare classic car insurance quotes.
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ensurancecompare could help take the hassle out of finding classic car insurance by putting you in touch with UK classic and vintage car insurance providers, who could offer you cheap classic car insurance for classic car enthusiasts. Our panel will contact you to discuss a quote tailored to suit your needs. So why not put your mind at rest and fill in your details to start your comparison now?
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Classic Car Insurance Guide
Getting classic car insurance isn’t typically as straightforward as getting standard car insurance, but for a car that qualifies, it might be considered a must-have. While classic car owners could choose to insure their classic car with a general insurance provider if they wish, it’s not usually a good idea to do so. UK classic car insurance may be specifically designed for these cherished vehicles and covers specific risks relating to their ownership and use.
What Defines a Classic Car?
Classic car insurance typically has much lower premiums than standard car insurance, but not all cars could qualify for the title of classic. For insurance purposes, there could be several ways to define a classic car, or at least, to define those cars that qualify for classic insurance.
To qualify as a classic, a car typically needs to be at least 15 to 20 years old, and have a certain monetary value. A general rule that usually holds true is that a car could be considered a classic if it there’s an owners’ club dedicated to it, although of course this isn’t always the case.
For older classic cars, there could be some more clearly-defined categories and rules:
Cars that were manufactured before 1903 are termed veteran cars.
Cars that were manufactured between 1903 and 1933 are designated vintage cars.
Qualifying for Classic Car Coverage
In addition to the above restrictions on what defines a classic car, there are one or two more requirements a car owner may need to fulfil in order to qualify. The main requirement is that the classic car should not be the owner’s main car. As well as this, the owner should have a primary vehicle for daily use, which is insured in their name. Insurance providers require this because it’s a form of proof that the classic car won’t be used on a daily basis; this could be important because the lower usage level of a classic car is the main reason why premiums are much lower.
Note that for many insurers these aren’t requirements, but are simply things that the insurer uses to assess level of risk and premium costs. A classic car owner who doesn’t have access to another car may still be able to get classic car insurance, but may end up paying a higher premium.
Classic Car Insurance is Tailor-Made
In contrast to traditional car insurance, which is generally standardised across the board for all qualifying cars, classic car insurance policies are often tailor-made for individual owners, according to the car and how they use it.
One major difference is that insuring a classic car typically involves having the car valued by an independent specialist, and then basing the insured sum on this valuation. The sum the car is insured for is its agreed value, and this value is not affected by depreciation. Agreed value is an important part of a classic car policy, because it’s what ensures that a classic car owner may be fully reimbursed in the event of a loss.
Another major difference between standard and classic car insurance is that classic insurance premiums are calculated based on use. The more a classic car is used, the higher the premiums will be. Often these premiums involve setting a maximum annual mileage, which could be adhered to in order to continue qualifying for the premium rate. The highest maximum mileage obtainable is typically around 10,000 miles.
One thing that classic car insurance typically lacks in comparison to standard insurance is a no-claims discount, so for classic car owners, there’s no policy discount for not making a claim.
How to Compare Classic Car Insurance Policies
Making an accurate comparison of classic car insurance online may be difficult, because these policies are typically tailor-made for individual owners and their cars, and are based on use as much as on the car itself. However, there are some important points that classic car owners may look out for, to make sure the policy they buy is flexible enough for their needs.
Ideally the policy could provide coverage for buying authentic replacement parts when repairs are needed.
Many classic cars increase in value over time, so the policy may be one that allows for reviewing and altering the car’s agreed value.
A policy that could easily switch in and out of laid-up mode is useful. Laid-up mode is where the car is in storage or otherwise off the road on a long-term basis, and insurance for this mode may be cheaper than if the car were being driven, as it typically only includes fire and theft. Note that the car needs to be certified with a Statutory Off-Road Notice when it’s in laid-up mode.
Getting Cheap Classic Car Insurance
Classic car insurance might already be cheaper than standard insurance, but there could be ways to further reduce premiums. Owners of classic cars may be able to get their insurance cheap if they consider the following points.
Premiums are lower if the car isn’t used often, so choosing a lower maximum annual mileage could help keep costs down.
Keep the car for personal use only, rather than using it for shows, rallies, or other events.
If the car is only driven at a particular time of year, for example during the summer months only, switching to a laid-up policy when the car isn’t in regular use may save some money.
Many classic car clubs provide insurance discount deals for their members. Joining a club could provide car owners with an insurance discount as well as lots of useful information on the car.
Owners of multiple classic cars may qualify for a discount by insuring all the cars with the same insurance provider.