Insuring Your Classic Car

by HoTWire 20. September 2010 08:30

Rachael from dropped us a mail with some great advice on classic car insurance, which is a necessary evil for us all, so we'd thought we'd share it with you.

For many classic car owners, keeping their pride and joy safe is of utmost importance.  Many vintage car enthusiasts have dreamt of owning one since they were a child, so insuring your car is very important.  Car insurance can cost an arm and a leg at the best of times, but it's important to differentiate between insuring car for everyday use and a classic car.  Classic cars are likely to be cheaper to insure because owners are more likely to be more cautious with the car and will be better cared for, for example, stored in a garage and be driven for less miles/km throughout the year.  Regardless, classic car owners will still want to get a good deal.  Here are a few hints and tips on how to get the best deal…

Get your car valued by a professional.  This may cost a little money, but it's important to know how much your classic/vintage car is worth so you know how much to insure it for.  This will be the amount you will be able to claim for if you car gets stolen or written off. If your car is very rare you may need to get the valuation in a document so you have proof that you've had it valued by someone who is qualified to do so.

Make sure that your insurer will account for the valuation to increase over time.  The older the car, the more it will be worth in the future.  Point this fact out to your insurer before committing to a policy.  Vintage and classic cars can become worth more year on year so each time you renew your classic car policy you may need an up-to-date valuation. 

Remember that your classic car will be driven less than an every day car.  Some people never drive their car, meaning that their insurance could be significantly reduced.  You can choose a 'limited mileage' policy on your car if you only drive it occasionally.  Estimate how much (in miles/km) that you've driven your car in the past year and then tell your insurer that you won't do any more than this.  You can always adjust this limit throughout the year if need be.  This may save you a considerable amount on your policy.

Shop around.  Not all insurance providers will cover classic or vintage cars, so it's best to find a company who specializes in it.  They will then be able to guide you through your quote and tell you why they need to know certain information.  By shopping around you will also get a good idea of what the car insurance market has to offer and be more likely to find a policy that fits your classic car needs as well as your wallet. 

Inform your insurer if you make any changes to your car.  An example of this would be if you made changes to the engine and make it more powerful.  You would then need to make your insurer aware of the changes so they can incorporate it into your policy.  If you don't tell your insurer this may affect your chances of claiming any money should you ever need to make claim.  Insurers love honesty, so even if you make the smallest changes to either the engine or the aesthetics of the car, inform your insurance company as soon as possible.

Hopefully this will save you some money and some time with your next insurance purchase for you car.

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