Cheap Classic Car Insurance

What is a classic car?

When picturing a classic car, you might think of anything from vintage beauties to modern collectibles. The criteria for what constitutes a ‘classic car’ is outlined by HMRC as a car over 15 years old, valued at a minimum of £15,000. However, it’s worth noting that although most classic car insurance providers follow this definition, they might impose limits or restrictions with regards to your policy options.

A classic car policy is designed for cars used mainly for leisure, with lower mileage and high levels of care; insurers recognise that these specificities play a part in how likely you are to claim. Getting classic car insurance means that your insurer understands the sentimental and monetary value of your vehicle, as well as the challenges presented by repair and maintenance due to their age and the rarity of replacement parts.

What are the differences between classic and standard car insurance?

Classic car insurance and standard car insurance are designed to protect your vehicle, but they cater to different types of cars and driving habits. Here are the key differences, and what classic car insurance offers that standard insurance does not:

Vehicle Age and Use:

Classic car insurance is specifically for cars that are considered to have historical interest, typically over 15 to 25 years old, depending on the insurer. These cars are often used less frequently, primarily for leisure or shows. Standard car insurance covers everyday vehicles, regardless of age, used for daily activities like commuting and errands.

Agreed Value vs. Actual Cash Value:

Classic car insurance usually offers an agreed value policy, where you and the insurer agree on the car's value when you purchase the policy. If the car is written off or stolen, you receive that agreed amount, which is crucial for cars that may appreciate in value. Standard policies typically pay out the actual cash value of the car at the time of the claim, considering depreciation, which might not reflect the vehicle's true worth, especially for classics.

Mileage Restrictions:

Classic car policies often have mileage restrictions, reflecting the limited use of such vehicles. Lower mileage usually equates to lower risk and thus lower premiums. Standard insurance does not typically limit mileage but may rate the premium based on estimated annual mileage.

Specialised Repairs and Parts:

Classic car insurance may provide coverage for specialised repairs and the use of authentic parts to maintain the vehicle's value and integrity. Standard insurance covers repairs but may not specify the use of original equipment manufacturer (OEM) parts.

Unique Offerings of Classic Car Insurance:

  • Policies are designed to cater to the unique needs of classic cars, including restoration projects and cars under construction.
  • Classic car insurance often includes protection for events like shows or club meetings, which standard insurance might not cover.
  • Some classic car insurers offer roadside assistance designed for classic cars, ensuring that in the event of a breakdown, the towing and repairs are suitable for a vintage vehicle.

Is classic car insurance more expensive, then?

It might come as a surprise, but classic car insurance often costs less than standard insurance. This is partly because classic car owners tend to really take care of them and store them safely. Insurance companies realise that this means they're more likely to be driven sensibly, less likely to be pushed to their speed limit, and that a classic car is going to be treated with plenty of love and care to keep them in tip-top shape. Classic cars also aren't used as much as their modern counterpart, so all of this adds up to a wallet-friendly premium.

However there are often mileage limits included in classic car insurance policies, and exceeding it without informing your insurer can be a problem. This type of policy tends to have tight rules in place to keep the risk of damage and accidents low, so make sure you check the mileage cap fits how much you actually intend to drive your classic car. And remember, going for the cheapest classic car insurance policy might not always be the best move - it's up to you to choose a policy which is suitable for your needs. Consider insuring your vehicle for an 'agreed valuation' instead of its market value to make sure you're fully covered.

Why compare with Cheap.co.uk?

To save you money, of course! By sifting through over 100 car insurance options, Cheap.co.uk can uncover deals for your classic car that you might not come across anywhere else. We do the heavy lifting by comparing top insurance providers, freeing you from the hassle.

Nobody enjoys parting with their hard-earned money, especially on something as sensible as insurance. Yet given how common accidents are, securing classic car insurance is essential. Whether it's guarding against past mishaps or future uncertainties, getting insured safeguards you against unforeseen events.

Get started on your savings journey with Cheap.co.uk’s user-friendly quote engine, and compare prices effortlessly today!

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