Owning Classic Cars: Insurance
From Classic Car Life
Finding the right insurance quote for a classic car can be a frustrating process. Therefore, it’s important to take a step back and consider your options. Plenty of insurance companies offer classic car insurance, so there’s no need to rush into any agreement. Analyse plenty of insurance quotes before coming to a decision.
Learn more about insuring a classic car below.
How to Find Insurance for Classic Cars
Generally, insurance companies will separate classic cars into three broad categories when deciding on an appropriate quote. Cars manufactured before 1903 are considered ‘veteran cars’, cars manufactured between 1903 and 1933 will be considered ‘vintage cars’ and theoretically, any car that has been on the market for longer than 15 years can be considered a ‘classic’ car.
Therefore, insurance quotes can vary on classic cars depending on which category your vehicle belongs to. Some insurance companies operate slightly different insurance policies, so it’s worth studying several quotes to decide which one reflects your car’s age, value and condition most accurately. Some insurers may not offer separate classic car insurance schemes, so in this scenario your vintage car may actually be insured at the same rate as a regular, modern day car.
Any classic car owner needs to beware the common misconception that classic car insurance is always cheaper than standard car insurance – this is not always the case, and opting for the cheapest deal is not always the best decision. Always read the fine details before agreeing to any insurance deal – the amount of cover offered may vary from company to company.
The availability of a classic or vintage car can make all the difference when searching for an insurance quote. If a car is extremely scarce on the market, insurance costs can vary dramatically compared with the costs of covering mass-produced vintage vehicles.
Finally, always enter into a guaranteed agreed valuation when you take classic car insurance. This is the value guaranteed by an insurance company should your classic car be damaged or stolen. Failure to secure a guaranteed agreement could lead to a tense situation where an insurance company refuses to pay out the full amount.
