A classic car is one that is more than 15 years old and worth more than £15,000, but the exact meaning is up to the insurer.
You might think of a classic car as having a certain conventional look or features, but if you meet the insurer's requirements, you might be able to get classic car insurance on any vehicle, just because it's a little older than the normal.
Some insurers will only support a classic car if it isn't your primary vehicle, so you'll need another vehicle for daily driving. We have made it easier for our customers when searching for classic car insurance quote.
Classic car covers contain the following features:
A classic car insurance in UK that you use as a backup vehicle would not earn you a no-claims bonus (NCD). However, some insurers will take into account the number of years you've been accident-free rather than the number of years you've had an NCD. Each insurer will provide you a tailored package when looking for classic car insurance quotes.
Some classic car insurance plans would cover you for an agreed-upon value rather than the market value.
If the vehicle is stolen or written off, standard car insurance can only pay out the current market value. Since classic car owners have invested time and money lovingly restoring their cars to be worth more than the market value, this may leave them out of pocket.
Instead, with an agreed value agreement, the insurer agrees to a reasonable value with you before your cover begins, and that's what you'll get if your vehicle is stolen or written off.
In the case of a complete loss, agreed-value auto insurance plans pay out a pre-determined sum. It's mostly for cars that are worth more than the national average for a comparable model's age. If your vehicle is written off or stolen, they will pay you an agreed-upon price rather than the average market value.
They're useful for classic cars that have retained or risen in value over time, as well as modified or kit cars that have undergone costly modifications. The same can be said for vintage motorcycles.
Owners of high-priced new cars and high-performance vehicles will want to consider a guaranteed value policy as well. However, some insurers have a new replacement car service if the car is less than a year old, so you do not need it – check your policy details.
As an option, you might look at Gap insurance. It pays the difference between what the car insurance company would pay if your vehicle is written off and the car's purchase price.
Quality policies that everybody agrees on are hard to come by. Just 2% of 350 comprehensive insurance plans on Defaqto had negotiated value cover as a regular feature; the remaining 9 percent included it as an optional extra.
This means you'll have to shop around and compare classic car insurance with different insurers or use a broker to find the best price, but you can always classic car insurance comparison plans online to get cheap classic car insurance that is right for your needs.
If you're a member of a classic car owners' club or another group of enthusiasts, see if there are any established negotiated value policy insurers you might contact. They could offer a club discount or have an agreement in place.
If the first quote doesn't work for you, shop around. You know the value of your car better than the insurer, particularly if you've done work on it, so if the first quote doesn't work for you, shop around.
When purchasing an agreed value policy, you must demonstrate that your vehicle is worth more than the market value. The proof you must have varies by insurer, but it typically includes:
The cost of agreed-upon value policies is higher than the cost of market value policies.
Since they're less popular, there's less rivalry among insurers, which keeps premiums high.
In addition to being more expensive in general, adding the negotiated benefit to a basic policy as an optional extra would boost the price of the basic policy as well.
There are some things you can do to lower your insurance costs, such as increasing your no claims bonus or lowering your mileage, but if your premium is already high, these will likely have little impact.
You'll have to decide if your car is unique and worthy enough to merit an accepted value policy, or whether you'd be better off comparing regular market value policies.
A UK classic car insurance policy can be less expensive than a regular policy. Insurers understand that older vehicles have lower speeds and simpler mechanics than newer vehicles, as well as owners who take good care of their vehicles. As a result, they may identify them as a lower-risk group and charge lower premiums.
You'll be protected against fire, theft, and third-party damage, among other items. However, you'll be able to get extra cover for things like restoration, showcasing your vehicle, and racing on track days.
Classic car insurance will also cover repairs, which can be more costly for vintage vehicles than for newer models due to the difficulty in finding replacement parts.
Cover for restoration
It can take months or even years to restore your vehicle. If a specialist is restoring your classic car, they may have car trade insurance that covers your vehicle when it is in their care. However, it is not a legal requirement, and it does not have enough cover for your classic car. Instead, you can get classic car insurance to protect your rusted vehicle as it is being restored.
Cover for a vintage presentation
When showcasing your vehicle, you'll be covered for dents and scrapes, as well as third-party liability in case you collide with something or someone.
Racing on the track
You'll be covered for any damage or incidents if you take leisurely drives around famous racetracks to show off your classic or participate in time trials to put its muscle to the test. Depending on how many races or events you attend, the premiums are likely to be higher.
Going on a trip abroad
Most car insurance plans with EU cover would provide you with the bare minimum of cover allowed by law which is third-party only. If you're in an accident and it's your fault, you'll have to pay for your own repairs, which can be especially costly in the case of vintage cars. If the regular cover included with your policy isn't enough, read your documents carefully and ask your insurer for increasing cover to drive abroad.
Since vintage cars aren't always trustworthy, make sure you have classic car breakdown insurance. It may or may not be included in your classic car insurance policy.
When you buy classic car insurance certificate, some insurers sell breakdown protection as a policy add-on; carefully research the policy features and expense of the combined policy and compare it to standalone cover before making a decision.
Look for policies that include roadside assistance and local rehabilitation, as well as vehicle age restrictions. Some breakdown insurance companies refuse to cover vintage cars because they are more likely to break down due to their age.
You will save money on classic car insurance by doing the following:
Younger drivers, from 17- 25 year olds must be encouraged to join the world of classic car ownership. As older enthusiasts take their foot off the accelerator, younger blood refreshes the scene, but it also holds the classic car base growing.
But, with four-figure premiums for insuring a new vehicle, what chance do young drivers have of being able to drive a classic? Thankfully, insurers are beginning to sell affordable bespoke insurance plans for younger drivers.
Classic car insurance age means that car enthusiasts aged 18 to 24 can insure a vehicle that is more than 20 years old. So, if you grew up with a fondness for 1990s classics, you can now get one on a retro policy. A coupe like the Volkswagen Corrado or Toyota Celica could fit the bill.
Alternatively, you could go for an Austin Maxi or an MG Maestro, all of which are endangered species. Unfortunately, you won't be able to get something too extravagant because many insurers have a limit on the vehicles they'll cover.
Mileage may be restricted depending on the vehicle. Expect to cover between 3000-5000 miles each year.