Classic car insurance can, perhaps surprisingly, prove to be far less expensive than regular car insurance. Essentially, insurers take account of their sentimentality to their owners, since this means that they’ll be looked after with much greater care.
Such cars are not only maintained with greater care in the garage, but they’re driven with greater care on the road. Inevitably, this means that they’re less likely to be involved in an accident because they’re out on the road for less time (assuming, of course, that time on the road is proportionate to rates of accidents). They cost less to insure because insurers expect fewer claims to be made by their owners.
A limited mileage use can often be part of a classic car insurance policy. This benefits the owner, as they will pay less for insurance if the majority of the motor’s time is spent on display or in the garage rather than being driven around. Motorists will be charged less for their insurance if they haven’t exceeded the mileage limit.
Before insuring your classic car, it is recommended that you get an up to date valuation. It is often the case that classic cars increase in value annually, so it is worth making insurers aware of this prior to purchasing the policy. Despite it costing to get a valuation (some insurers do offer free valuations), when making a claim, you will be assured that your classic motor is fully covered.
Some classic cars are extremely rare, if this is the case then repairs and maintenance can be very expensive. Often replacements parts have to be imported from other parts of the world and this will add to the cost of your insurance if you ever need to claim.
With all these things taken into consideration, it’s worth shopping around for the car insurance deal that best suits your needs. Premiums differ from company to company, but there are some out there that specialise in covering classic cars – it’s likely that these will be able to offer you a better (and cheaper) deal than the regular insurance companies.
Money Supermarket offers further information on classic car insurance and details on car insurance groups as well performance car insurance.