If you’re passionate about your classic car, having the right car insurance is crucial. Here’s what’s usually covered, what to consider, and how to choose the right policy to protect your piece of nostalgia.
It’s a type of car insurance that’s designed to protect high value older cars, that are only driven occasionally.
Depending on the cover level you choose, you could get financial protection against accidental damage, third party, and fire and theft claims.
You can also benefit from features that are tailored to the age, make and model of your car and what you use it for.
Classic cars that are in pristine condition, will gain in value the older they get, rather than depreciate like regular cars.
So, it’s vital to have the right insurance in place to ensure you don’t lose out financially if your car is involved in an accident or is stolen.
It depends on a few factors, as well as the insurer:
Cars that were made between 1919 and 1930 are referred to as vintage. Some insurers may offer a separate policy for vintage cars.
Vintage cars can be extremely valuable, so you’ll need to invest time and money in finding and buying the right vintage car insurance for your prized possession.
There is a huge range of car makes and models that count as classics. So, whether you own a classic Mini, Jaguar, Aston Martin or Triumph, there’s a policy available for your special pride and joy.
Some policies cover vehicles other than cars too e.g. vintage tractors and classic vans.
If your car isn’t old enough to be classed as a classic car, or is used as your main vehicle, you can get regular car insurance.
It’s a legal requirement to insure any car you drive but there are also other reasons why a classic car needs a specialist insurance policy.
In addition, it’s rare that you can use a no claims bonus on a classic car, so having a policy that’s tailored to the car and its use will work out cheaper overall.
Just like with regular car insurance, you must choose from these three levels of cover:
Some insurers only offer classic car cover to drivers who are at least 25.
It’s important to think about how you intend to use the car, so that you know which features to check are included.
Here are some of the main things usually covered as standard on a comprehensive policy:
Some policies also include third party trailer cover but restrictions on things like weight will apply.
Although classic car insurance is usually cheaper than regular car insurance for older cars, there are still things you can do to keep the cost down.
Some classic car insurance terms differ from regular car insurance, and some features are more significant to classic car owners. Here are some things to take into account:
Most insurers don’t allow a no claims bonus to be used on their classic car insurance policies.
This is because for most people it’s their second car, and is just covered for occasional use. You can benefit from a no claims discount on your main car.
If the vehicle is in an accident and written off, some insurers will keep the salvage while others will allow you to keep it and just deduct its value from the claim.
The salvage can be valuable for spare parts so if you want to retain it in this circumstance, you should ensure your policy allows this.
Although modifications are more common with classic cars, you must inform the insurer if the car has been modified e.g. adding power steering or air conditioning etc.
You should declare any modifications when you apply for a quote and when any future modifications are made after you take out the policy, or it could invalidate a claim.
No. Classic car insurance is intended for second cars that do very few miles and are usually in mint condition.
Unfortunately, insurance for cars that are simply older can be very expensive as there is an increased risk of a costly claim.
You could use a broker to compare quotes or consider upgrading your car to a newer one, to avoid paying a high premium on your car insurance.
Not usually no, due to only doing very low mileage and using the car occasionally.
However, some insurers may allow a no claims discount subject to certain terms and conditions so it’s worth shopping around.
Yes. If you have a vehicle you use for commercial purposes e.g. a classic wedding car, you can get specialist insurance for this.
It depends on the insurer as to whether you just need an add-on or extension to your policy, or a separate business insurance policy.
It’s essential to have the right cover e.g. public liability so that you’re protected against costly claims that may arise.
Yes, but depending on its age, the rate is much less.
For example, veteran and vintage vehicles that are 30 years old or more have an annual motor tax rate of €56.
Classic car insurance is usually cheaper than regular car insurance for an older car, for a number of reasons, including:
These factors lower the risk of an insurer having to pay out so you get reward with a lower premium.
Regular older cars that are used as a main car are expensive to insure because:
You must get the right type of insurance for your car, even if it means paying more. Speak to a broker or insurer if you’re unsure what kind you need.