If you own a classic car, it is probably extremely precious to you. Classic cars are usually very valuable and may be driven, collected or bought as investments. In any case, it is vital that you get the best insurance available for your classic car so that it is kept safe from the dangers of accidental damage or theft.
Classic cars are labelled as ‘classic’ mostly due to their old age. For a car to be classic it usually has to have been manufactured 25-50 years ago. Cars over 50 years old may be considered ‘antique’ rather than classic. Other categories of ‘old’ cars include the ‘veteran’, the ‘vintage’ and the ‘post-vintage’, all of which refer to corresponding periods of manufacture.
Classic cars can be worth a lot of money as they are seen as a luxury or collectable item that are appreciated for their rarity. The harder to come by a certain model is, the more it is likely to be worth monetarily. Because it is likely that your classic car is worth a fair amount, it is very important that you have a great insurance policy that can protect it from any damage or theft that might happen to it.
Your classic car will need specialist insurance due to its rarity and desirability; standard insurance policies may not be able to cover the totality of what your car is worth as a classic model.
Classic cars can also be more costly to get insurance for due to the age of the car and its lack of modern features. Classic cars are oftentimes more fragile and less safe to drive than the cars we see on the market today, resulting in higher premiums being charged than on most modern vehicles. Specialist insurance will cover in the case of incidents such as mechanical failure, fire, theft or flooding at a fair price tailored for classic cars only.
Some classic car insurers will require that your car is of a minimum age (such as 30 years old); but this requirement is variable between providers.
Laid Up Insurance is for vehicles that are not currently being used on the road. This kind of insurance may be suitable for cars that are kept only for collectable or investment purposes, as is the case with many classic cars. Keeping your classic car insured while off the road safeguards it from any damage or theft that may happen when it is not being driven.
Laid Up Cover usually demands that your classic car is stored safely, be it in a garage, a locked building or parked on your private property.
Agreed Value Car Insurance is where the value of your car is calculated by an independent professional and your insurance provider offers you coverage for the agreed value of your vehicle in today’s terms. If you only have standard car insurance, the provider may well cover only what the model is worth as an old, standard vehicle rather than as a classic or prized one. Agreed Value Car Insurance enables you to secure coverage against the real value of your classic car as it is considered by the specialist classic car market rather than by its current market value.
In order to get car insurance with one of Proper Finance’s trusted insurers, you must: