As the owner of a classic car, you’re going to want the best level of cover available for what is undoubtedly your pride and joy.
But you may be unsure as to what kind of insurance policy you’ll need to take out for your heritage vehicle – will a standard policy do? Or will you need to take out a specialised classic car insurance policy? What even makes a car count as classic to an insurer?
We’ll answer all of these questions and more to help you find the cheapest car insurance cover available.
In This Guide:
- How does a car come to be classified as classic'?
- Will I need a specialised policy to insure my classic car?
- Is it expensive to take out a classic car insurance policy?
- How can I get the best deals on insuring a classic car?
How does a car come to be classified as classic'?
HMRC classes any car that is at least 20 years old and is worth at least £15,000 as officially ‘classic’ or ‘heritage’.
But unfortunately, there are no such specific criteria when it comes to insurance companies’ classification.
You will have to check with the specific provider in order to see whether or not they see your vehicle as a classic, and thus what kind of policy they can offer, outside of those available to drivers of conventional vehicles.
Will I need a specialised policy to insure my classic car?
You may be able to get away with a standard fully comprehensive insurance policy when looking to get cover for your classic car. However, you should always take care to make sure that you’re getting the coverage you need, as owners of classic cars often have different requirements to those owning conventional, newer vehicles.
Classic cars are as much an ornament or a showpiece as they are a practical vehicle and this should be reflected in the kind of policy you take out. This is why we usually recommend taking out a specialist classic car insurance policy should your vehicle fall into this category.
Owners of classic cars often take them around the country or even abroad to rallies or car shows and again, if you do wish to do this, you should tell your insurance provider before you take out a policy as this too will affect the cost. The same goes for those who hire out their classic cars for say, weddings or photoshoots.
Classic cars are, of course, built with older parts, some of which may be somewhat hard to find in the event that they need replacing. Since you most certainly won’t want the insides of your heritage vehicle tampered with too much if repairs are necessary, you’ll want to make sure that your policy includes some kind of clause ensuring the authenticity of the replacement parts used. If you don't, it is quite likely you will be supplied with second-hand or remanufactured parts in the event of a claim.
Is it expensive to take out a classic car insurance policy?
One aspect of vintage cars that is likely to be favourable to the driver when it comes to insurance is the fact that those who do drive them tend to do so less than they would a conventional car. This keeps the mileage down and thus reduces the probability of an accident occurring.
And so although the car is likely to be rather more expensive than a small hatchback, the fact that will probably be used less is something that the insurance provider will take into account. The reduced mileage will go some way towards counteracting the increased value when the premiums are being calculated.
Some cheaper car insurance policies will specify a mileage limit. It is important that you stick to this, or at least that you inform your insurer if you are likely to exceed it, otherwise you may find that your claim is invalidated should you have an accident.
Another advantage of the reduced mileage is that with the right policy, you can quite easily build up a good no claims discount, further reducing your premiums as time goes by.
Given all of this, and the range of uses specific to classic cars as set out above, you are likely to find that by taking out a specialised policy, you will actually be spending less than you would by taking out a standard car insurance policy or a performance car policy! As always, shop around and read the small print to make sure you don’t get overcharged or pay for cover you don’t need while missing out on what you do.
How can I get the best deals on insuring a classic car?
Whether you’ve chosen to opt for a classic insurance policy, or a conventional fully comprehensive policy, make sure that you look at a range of classic car insurance quotes from specialised vintage insurance providers. Money Expert make this simple; click the button below to get started and see how much you can save today.