Classic car insurance
> By Anita Shargall on Friday 09 June 2017
If you’ve got a classic car, you’ll need to think carefully about the type of car insurance you need.
In this Article
There is no standard definition of the term ‘classic car’ for insurance purposes. HM Revenue & Customs rules state that you can define a car as classic if it is more than 15 years old and worth at least £15,000 – but individual insurance providers may use different criteria when deciding whether to confer heritage or classic status on your car.
How much does classic car insurance cost?
Classic car insurance policies tend to assume that drivers use their heritage vehicles less often than they would a modern car – perhaps driving it exclusively during warmer months, and not in winter.
However, if your classic car insurance policy specifies an annual mileage cap, you must take care not to exceed this without contacting your insurer to arrange an extension to your existing cover. It’s important to stick to the terms of any insurance policy you have purchased; if you don’t, you may find yourself ineligible for a pay out should you need one.
Exactly how much your individual classic car insurance costs will, of course, depend upon your personal circumstances and the heritage vehicle you drive.
Top 10 most expensive classic cars
Ferrari 250 GTO
Mercdes Benz W196
Bugatti Royale Kellner Coupe
Alfa Romeo 8C 29000B Lungo Spider
Aston Martin DB4GT Zagato
Shelby 260 Cobra
Duesenberg Model J Long Wheelbase Coupe
You can find more details about this by visiting our most expensive classic cars page.
Will a classic car insurance policy offer me the same protection as a standard fully comprehensive policy?
While there are many similarities between a classic car insurance policy and an ordinary ‘fully comp’ policy, there are some important differences you need to be aware of.
Assessing the value of a classic car can be far more difficult than working out what a modern car is worth. Therefore, it’s a good idea to avoid buying an insurance policy that states it will simply pay out the ‘market value’ in the event that your heritage vehicle is stolen or written off.
If you can, agree a valuation for your classic car with your provider before buying an insurance policy. To help establish a fair figure, you could ask an industry expert or vintage car dealer to provide an expert opinion on the value of your heritage motor.
You might also want to consider that some vintage cars increase in value as time goes by. Be sure that your chosen insurer is willing to review and, if appropriate, increase the agreed valuation on your classic car on a regular basis.
Also, it’s important to check the replacement parts policy of your insurer. No doubt you’ll want to ensure that you’ll be covered for the purchase of authentic replacement parts for your heritage motor, should it need to be repaired.
Finally, if you plan to take your classic car around the country – or even overseas – to shows and rallies, make sure your insurance policy covers this. If your classic car is for hire (for example, for weddings) you will also need to ensure you have appropriate insurance cover in place.
Find classic car insurance quotes
MoneySuperMarket doesn’t offer a comparison service for classic car insurance, but there are a number of providers who might be able to help you. You could try a mainstream insurer or a specialist company to get cover, however you should always remember to shop around and compare quotes before making a decision.
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