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   Classic Car Insurance

The definition of a classic car is a subject of some argument. The enthusiastic car collector and restorer tends to consider a classic car to be of at least 25 years of age. The classic car journals admit to lengthy debates over the title ‘classic' and none of the aficionados ever seem to fully agree. Insurance companies mainly take a different view. For motor insurance policy purposes, the definitions generally adopted are:

  • Any car manufactured before 1903 is a ‘vintage' vehicle.
  • Manufactured between 1903 and 1933 it is classed as a ‘veteran'.
  • Classic cars generally have to be at least 15 years old.
  • The classic car does not have to be a glamorous super car.
  • They do not even need to be especially valuable.

Some of the most popular classic cars on the road today include the following:Mini Cooper S (original model, Citroen DS, Ford Cortina 1600 E, Jaguar E-Type, Jaguar Mk 2 and the the ever popular MGB GT. All of them can be considered to be ‘special' in their own way and most people would consider these to be genuine classics.

However, the insurance provider may also agree that a restored Ford Anglia 105E or even an old Skoda fall into the category of classic cars. It mainly depends on its condition and degree of restoration. Some of the major insurance companies do not differentiate been classic cars and any other model on the road and use the same assessment process to set the premium before issuing a policy.

This is clearly not so good for the enthusiast who has spent untold hours lavishing care on a cherished car as it does not take into consideration the time and money spent in sourcing and purchasing rare replacement engine and body parts. Often, the most difficult part of organizing the correct level of classic car insurance is agreeing on the definition with your chosen insurance company.

Like any other insurance policy, the cost of the premiums varies from company to company. The age, driving experience and claims history are similarly taken into account, as are factors such as the intended use of the car, its intended annual mileage (some insurance companies specify an annual mileage limit) and other things such as whether it is to be garaged or kept in a secure area or not.

You may be wise to seek out one of the many insurance companies who specialise in proving insurance policies for classic cars as they are more likely to provide a specialist policy at a cheaper rate. When you decide on the right company for you, it is imperative to agree a guaranteed valuation with the insurance provider before taking up the insurance policy.

Some companies make an administration charge for accepting this valuation but it may turn out to be money well spent in the event of a claim against the policy as it will avoid disputes over repair or replacement costs. Bear in mind the fact that your restored car is more vulnerable than standard vehicles as it almost certainly will have many desirable body parts needed by other restorers and it may become a target for unscrupulous traders.

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