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Insuring a Classic Car: Buyer’s Guide

Classic cars enthusiasts can spend hours on paying care and attention to their vehicles. They wash and polish them; the collectors’ car is their pride. But when it comes to insurance, they don’t always spend so much time shopping around. Although it’s true that classic car insurance is cheaper than modern car insurance (reasons are classic cars are better maintained and driven fewer miles meaning fewer claims), it is still worth it making sure you get the right and the cheapest quote.

What Is a Classic Car?

As far as HM Revenue & Customs is concerned, a classic car is one which is over 20 years old and its value is over £15,000. Insurers often have a different definition of a classic car – one which is at least 10, 15 or 20 years old, is owned as a second car and its annual mileage does not exceed 7,500 miles.

Make sure you check the policy details thoroughly before you buy classic car insurance as the level and conditions of cover may vary widely between providers. And their understanding of a classic car may be quite different as well.

What Is the Cost?

There are numerous car insurance companies that provide classic car insurance. Some of them specialize in classic cars cover, while others do it along with their modern car insurance products. A good starting point is to get quotes compared on comparison websites such as GoCompare.com, CompareTheMarket.com or Confused.com.

As with car insurance for modern models, prices vary a lot and can be anything between £300 and £3,000 per annum. Remember to read the small print and know what the policy covers!

What Is Covered?

A comprehensive classic car insurance policy is in most aspects the same as a comprehensive cover for newer models. However, there are some very very significant differences.

In the event of a write-off, insurers usually pay out the “market value” of the car. However with the amount of time and money invested in a vintage car, its true “market value” can be unknown.

Another detail to consider is whether or not the insurer will pay for authentic parts if any car parts need replacement. Your classic car is valuable to you so you’ll probably insist on authentic car parts.

How Can I Save On My Classic Car Insurance?

Join a classic car club: members may be given a discount on their premium of about 15% or more.

Comprehensive insurance may not be necessary; consider third party only or third party, fire and theft.

• If you don’t drive it, declare your classic car as being off the road by completing a Statutory Off-Road Notification.

• Fit your car with security devices – this may also put your premiums down.

You may also want to read about: Multi Car Insurance

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