Classic and vintage car insurance
Understanding classic and vintage car insurance can sometimes be confusing. It is generally understood that for a car to be classed as ‘vintage’ the vehicle must have been manufactured between 1919 and 1930, however defining ‘classic’ cars has often been left a grey area. Typically vehicles manufactured after World War II but no later than 1973 are considered to be ‘classic’ cars. However cars that are over 10 years old and are worthy of being collectables are also known as ‘classics’, whilst ‘cherished’ cars refers to rare or collectable models aged between 5 and 10 years old.
However securing value for money car insurance for these collectables can often be a daunting and difficult task as most conventional insurers do not typically cater for these niche cars and as such charge high premiums due their high repair costs and the increased risk of theft. So what car insurance options are available?
What to look for with classic or vintage car insurance
Before starting your search for car insurance it is important to establish which category your car should be in. There are five broad classifications which are:
Veteran: Manufactured up to and including December 1904.
Edwardian: Manufactured between January 1905 and up to and including December 1918.
Vintage: Manufactured between 1918 and 1933.
Classic: Typically manufactured before 1973 however there exceptions to this rule.
Cherished: This applies to vehicles that are classed as collectables or rare models that have been manufactured between 5 and 10 years ago.
These classifications are broad, and will vary depending on the insurance company. Some insurers however can be very selective about the cars they insure and may not offer insurance at all. This is why specialist car insurance is so important.
Luckily there are a growing number of specialist car insurance providers which generally offer more competitive rates for classic and vintage cars than conventional insurance companies. This is because they tend to have much more experience dealing with the needs of classic car owners and as such take into account the fact that these types of cars tend to be well looked after, are usually kept in a locked garage and cover only limited mileage.
As with all car insurance, the cheapest policy is not always the right policy and this applies even more so to classic and vintage car insurance. Before purchasing a classic or vintage car insurance policy it is important to check that it includes:
An agreed valuation – This is very important when it comes to classic or vintage car insurance as this will be the amount that your insurance company will guarantee to pay out in the event of your car being written off or stolen.
Increasing value – Look for an insurance policy that allows you to increase the car’s value annually because most classic cars are worth more with age.
Limited mileage – Most classic and vintage cars are driven very infrequently, so agreeing a limited mileage with your insurance company can help secure a discount.
When arranging your insurance policy it is essential to discuss with your insurer replacement parts. Most classic and vintage car owners will insist on having authentic replacement parts so it is important to ascertain if your insurance company can accommodate this.
Before purchasing a policy it is recommended that you use a two pronged approach. Firstly, use a comparison website to compare car insurance quotes from both conventional and specialist insurers, as this will help give you a benchmark for the price you should pay. Then search for specialists online. Once you have found an appropriate policy it is a good idea to call the insurer to discuss the points mentioned above, this way you can ensure that you are getting the right protection for you and your car.
Which companies offer specialist classic car insurance?
There are several specialist insurers on the market including:
Adrian Flux – Includes limited mileage policies, agreed value cover, laid up policies to protect classic projects, track and rally cover and wedding hire cover.
Express Insurance – Offers cover for track days and long distance rallies.
Footman James – Includes agreed value, motor legal expenses, personal injury due to road rage and carjacking and cover in EU countries.
Lancaster Insurance – Policy benefits include: up to 65% introductory discount, limited mileage discount, classic car club membership discounts, guaranteed agreed valuation and personal effects cover.
Performance Direct – Offers comprehensive, third party fire and theft and third party only schemes for everyday and popular classic cars.
Hagerty International – Offers a range of benefits including agreed value, restoration coverage, event and rally coverage, limited mileage, salvage options and cherished plate cover.
How to make a claim on classic car insurance
As with all car insurance policies it is important to contact your insurance company as soon after the event as possible – most insurance companies have a 24hr claims service. You may be required to complete an accident report form but remember that you may have to supply additional supporting evidence so make sure you ask your insurer what evidence they would like.
If possible, provide as much evidence as you can, including photographs of the location and any witness contact information. Don’t book your car in for repairs without consulting your insurer first as many insurers have an approved repair centre. If you are happy to use such a centre then you may find your claims process will be much quicker and simpler.
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