What You Need To Know When Insuring Your Classic Car
Did you know that classic cars are cheaper to insure than ordinary cars?
Many insurers recognise that older vehicles have lower speed limits and that, generally, classic car owners ensure their cars are taken care of.
We are the better drivers, of course 😉.
Classic car insurance, sometimes referred to as 'heritage car insurance', is designed for older cars primarily for leisure.
So, classic car owners and their vehicles are perceived by insurers as being low risk.
We have put together some tips for you.
Classic car owners VS ordinary car owners
As a classic car enthusiast, you will be someone who will always take pride and care in your vehicle. After all, it is one of your most prized possessions!
Insurance companies will know this.
Unlike your modern car, classic cars are unlikely to be used on the road as frequently.
For this reason, insurance companies may ask you to agree to a low mileage limit, as this reduces the risk that can come to your car.
Additionally, fitting a vehicle tracking device is another layer of security that can protect your car and help you get a lower cost on your classic car coverage.
Insurance premium
To calculate how much insuring your classic car will cost, insurance companies will consider multiple factors about your vehicle.
The premium of your classic car insurance will usually depend on:
What type of car do you have
How often you're driving it on the road
Your age, driving claims, and history.
Often you will have to agree to conditions like a low annual mileage limit to secure lower premiums.
If your insurance policy does specify a mileage cap, make sure you stick to it or contact your insurer to arrange an extension.
You don't want to end up driving uninsured!
Cars with modifications can be expensive to insure.
You can secure lower costing insurance by keeping the car as close to the stock condition as possible.
Cover in restoration
Not every classic car owner will be taking their classic vehicle to the roads.
You may choose to keep it in storage or restore it, as many do annually.
You will still require insurance.
The only time you will not is if you were to SORN it. 'Statutory Off-Road Notice'.
Most garages and restoration companies will have insurance that protects them, and this insurance can often include your vehicle when it is in their hands.
However, it would be best if you still were insuring your classic car yourself.
Luckily, 'restoration and storage cover' for classic cars is often cheaper than full insurance protection.
This type of insurance will protect your car when it is not on the road.
Join a Classic Car Club, and save on your insurance!
Joining a classic car club is a great way to lower your premium.
Insurers often have professional agreements with classic car clubs whereby being a part of the group, you receive a discount on your insurance.
A membership to Classic Car Club will give you access to services that can bring down your premium.
Services include using their highly secure storage facilities and points to spend on driving classic cars in their private fleet.
Additional to the potential insurance discounts, there are multiple benefits to joining a classic car club, such as:
- Building connections with other classic car enthusiasts who may share technical knowledge
- A network for finding uncommon car parts
- Support valuing a car if you are looking to buy or sell a vehicle
- Support restoring an original registration or other forms of vehicle registration help
So, joining one of the classic car clubs in the area is something to look into.
Clubs in the area include:
- Classic Car Club London
- Bicester Heritage's Scramblers Club Bicester, Oxford
- Oxford Classic Motors Club Oxford
- This Is Your Garage Oxford
Specialist brokers to get insurance from
So who do you go to for classic car cover?
You probably wouldn't want to rely on your regular car insurer but instead, opt for a specialist classic car insurance.
We have relied on brokers in the past; they often find the best deal and don't cost you anything extra (they take margin elsewhere).
They will be able to help negotiate the best possible price for your classic car coverage.
We've compiled this handy list of classic car insurance brokers in the area who can help you find the best insurance policy for your classic car.
- Country Insurance Services ltd. – Kidlington, Oxfordshire
http://www.county-insurance.co.uk
- Sandra Tomes t/a at Pearson Insurance Services – Cuddington, Buckinhamshire
http://www.pearson-insurance.co.uk
- M.W Brokers Limited – Reading, Oxfordshire
You can go to the 'British Insurance Brokers Association' for further advice on choosing and enlisting a specialist broker in your area.
Are you looking for an experienced classic car restoration technician?
I'm your guy (Ray Smith), contact me here or connect with me on LinkedIn.
