Classic Car Insurance
Classic car insurance is not the same as your typical car insurance policy. Insurance policies specifically for classic cars feature restrictions and guidelines that companies have in place to protect the vehicles that they are insuring. There are quite a few limits on which types of cars can be covered by a classic car insurance policy as well as rules on how the cars have to be handled and cared for. While these vary from insurer to insurer, it is important to take them into account before choosing a company to insure your classic or antique vehicle.
Standard versus Classic Policies
It is not impossible to have your classic car covered under a standard insurance policy instead of searching out a speciality provider. However, it is very costly. Standard insurance on a classic car features more restrictions, and offers less coverage. It is also far more expensive, costing up to 600% more on monthly premiums than a policy that is made specifically for classic vehicles.
Owning an Second Car
There are many companies that will refuse classic motor insurance coverage to an individual that does not have a contemporary car, as well. They usually want to be reassured that you will take care of the classic or antique car, instead of driving it as an everyday mode of transportation, since most classic cars are high in value and cost a great deal to repair
Car Owner Details
Any company that provides coverage for classic cars has requirements in regards to the owner of the vehicle, as well as anyone else who will be on the policy as a driver. Most providers require that the classic car’s primary driver be at least 30, though some have age limits as low as 25. This can make it difficult for young drivers who own a classic car to obtain this form of insurance. Classic car insurance providers have this age restriction to protect themselves from expenses because they feel that older drivers will respect the car more and be more responsible, making them less likely to get into an accident. If you are between 21 and 30, it may be worth it to contact a classic insurance agent anyway, as companies have been known to make exceptions for younger drivers who have a great driving history and have proven themselves responsible. Just like other insurance companies, providers of classic policies check into the backgrounds of people listed on a policy, meaning that your driving history, credit score, and accident history will be checked into whether you have had past insurance claims or not. However, where a standard company might just increase your premiums in cases where the driver has a colourful history, a classic insurance company could refuse to insure the car at all.
Classic Car Categories
Insurance companies that provide coverage for classic cars once had very strict guidelines, allowing only car models that were over 25 years old to fall into the category of classic. Many of these providers now allow collectible vehicles onto policies, as well, including muscle cars, vintage racers, classic trucks, hot rods, and exotic imports. It is important to check with the company that you are considering before assuming that they will cover your vehicle, though, because limitations on model cars vary.
Most classic insurance providers require that you demonstrate proof of safe storage and protection for your car to obtain a policy. Some accept carports and garages as sufficient, but some will require a storage area that can be locked. There are some providers that require owners to store classic cars in facilities made just for classic vehicle care, though this is typically for the most expensive or valuable models.
Driving Restrictions on Classic Cars
Virtually any insurance provider for classic vehicles has strict limitations on the distance that the car may be driver annually. This averages around 2500, but can go up to 5000, depending on driver history and model. Some companies require an odometer reading each year to verify that this restriction is not being violated. This limitation is meant to keep classics owners from using their valuable car as an everyday vehicle.
The value of a classic vehicle that is being cared for properly can increase quite significantly over time. For this reason, the owner and insurance company usually coordinate to decide on the current value of the car and how much it will appreciate over time, especially if it has been modified or repaired since it was manufactured. With this estimate, the insurance company can predict how much it will cost to repair or replace the car’s components.
Comparing Classic Car Insurance Policies
You can go online to compare insurance policies for classic vehicles just as you can for any other car. Just make sure that you find a UK comparison site that gives quotes for classics. You can find affordable insurance for your classic car and many discounts that apply to other car insurance policies can be applied to your classic policy, as well. Keep in mind that a cheap quote is not always the best one – make sure that you review the coverage included under any quote, so that your classic car will receive the protection that it deserves.