A newbies guide to Classic Car Insurance covers
If you’ve just bought your first classic car you will need to consider classic car insurance.
As a classic car owner it matters not if you drive a perfect condition Ford Anglia or a beat up old Austin Healey from the 60′s, it is essential that you find the best classic car insurance cover for your cherished motor, that covers your individual risks at prices that won’t break the bank!
If you have not owned a classic car before it is important to realise that there are basic differences between what is known as a standard car insurance policy and the cover offered under one defined as classic, from a specialist car insurer.
What might be easily covered with one provider may be excluded by another. Fortunately most online classic car cover providers provide this information on the first page of their websites, so it is fairly easy to surf around and check your eligibility with different insurance companies.
You should check that both the eligibility of the age of the car in question and also whether there are policy restrictions for your individual driving circumstances, such as your age that would prevent you from applying for cover.
The large mainstream insurers and price comparison sites will offer cover for older and classic cars but will charge an additional premium because of its age. They will also load the premium if replacement parts for the vehicle type are known to be expensive.
Consequently Classic car insurance premiums, which were always cheaper than standard cover, have become much more competitive in recent years, with the entry into the market of many of the larger insurance companies.
When searching for the right covers it is wise to get a range of classic car insurance online quotes from various different sources. Not all motor companies are the same, and neither are all classic policy conditions.
The problems occur much more frequently when non valuable classic cars are insured under this type of policy when they should really be covered under a more embracing standard motor insurance.
If you have decided that a classic car policy is right for your car, then when applying for quotes online always check that the policy is right for you, the owner as well.
More importantly you will only be offered the current market value replacement if the car is covered under a mainstream policy and is deemed to be a write-off when you claim.
With a standard car insurance policy on a replacement like for like basis, the value of the car is often set by the market value at the time of a claim, typically taken from one of the car price magazines such as the UK’s Glasses Guide.
The amount you will be probably receive for a write-off will be at the current market value of your car which is an annual depreciating amount. Inevitably, if you own a classic car and insure it under a standard policy contract, this leads to under valuation and under insurance of the true value of the car.
An agreed valuation amount is the amount that the insurance company will pay out in the event of a claim that results in a write off. This is a major benefit of insuring classics under specialist policies because it ensures that you are not just properly covered but will also receive the specialist repair services that your classic will require should you claim.
Classic Car insurance polices are therefore tailored to the needs of cars considered to be collectable and effectively the valuation is a rating factor for the condition of the car.
The other major difference between standard and classic policies is in the way that you are allowed to use your car under the terms of the agreement. Originally this type of vehicle insurance was designed for drivers who do not use their classic cars much.
Some providers will only cover a couple of thousand miles per year under the policy, but many specialist providers are now offering cover up to ten thousand miles per year.
As with all car insurance, what may initially appear cheap at policy inception could cause some unpleasant surprises when it comes to making a claim. There are many classic insurance providers available online and many classic schemes that are targeted at particular classic cars owners.
Shop around for Classic Car Insurance. Compare prices and insurance covers from both major high street brands and the smaller insurance specialists to ensure you not only get a good deal, but get the adequate levels of cover you require for your classic car, as well.
