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What is Classic Car Insurance?
Classic car insurance is insurance cover for older cars, which owners mainly use recreationally. HM Revenue & Customs deems a car to be ‘classic’ if it’s over 15 years old, valued at more than its list price and worth at least £15,000. However, different providers usually have their own criteria for determining whether a car can be covered by classic car insurance.
What types of cover can I buy?
Similar to standard car insurance, there are varying levels of protection that you can purchase for your classic car. These include:
- Laid Up: This cover may be suitable for vehicles that are registered SORN (Statutory Off Road Notification), with no additional mileage. Depending on criteria, laid up cover can include accidental damage to the vehicle, damage to the vehicle by fire, theft of the vehicle and damage by attempted theft.
- Third Party: If you wish to take your classic on a UK road, third party cover is the minimum legal requirement. In the event of an accident, the insurer will pay for damage to the other person's vehicle or property as well as any injury. Third party protection will not offer protection against damage to you or your vehicle.
- Third Party, Fire and Theft: This cover includes the protection of a third party but you will also be covered if your classic car is damaged by fire or is stolen.
- Comprehensive: This is the highest tier of cover for your classic car and offers all the protection of third party, fire and theft along with protection against damage or loss of your classic vehicle.
What is the difference between classic car insurance and regular insurance?
All being equal, classic car insurance can often be less expensive than standard car insurance because insurers expect classic cars to be used less frequently and driven and looked after carefully. Importantly, though, this means that classic car insurance often comes with more stringent terms and conditions, such as a cap on mileage or a restriction on using the car for commuting. If you want more leeway, you’ll probably have to pay a higher premium.
Can I get classic car insurance?
The various definitions that different insurers apply to classic car insurance should work in the favour of most classic car owners looking for cover.
For instance, some insurers will offer classic car insurance on vehicles as new as five years old, while cover might be available for cars of much lower value than you would think.
The best way to find out whether you can get insurance for your classic car – and to find the cheapest classic car insurance for your situation – is to compare as many providers as possible.
Why compare classic car insurance with NerdWallet UK?
Our partnership with It’s Classic Car Insurance means you can get quotes from over 30 classic car insurers in three quick and easy steps.
You can tailor your quotes to make sure your policy fully meets your needs, and there’s the potential for discounts if you keep your mileage low or are a member of a classic car club.
Classic Car Insurance FAQs
Is a classic car cheaper to insure?
As classic car insurers expect classic cars to be better looked after, driven more carefully and travel fewer miles than a typical car, classic car insurance can prove cheaper than conventional car insurance. However, the cost of your insurance will depend on your individual vehicle and situation.
If you use your classic car for purposes other than leisure or regularly travel distances more typically associated with everyday use, you should always be up front about this with a classic car insurer. The cost of classic car insurance might also rise if your car has been modified, perhaps through a respray or upgraded interiors, that might increase the risk of theft.
When does a car become a classic for insurance?
There is no standard definition of when a car becomes ‘classic’ for insurance purposes. Because insurers can have very different ideas about the criteria a car must meet before it will be considered classic, it’s possible you could be rejected for classic car insurance by one provider but accepted by another.
What does 'agreed value' mean?
If you arrange classic car insurance on an agreed value basis, you are making sure you’ll be paid out a certain amount if your vehicle is written off or stolen. Without having an agreed valuation on your policy, the insurer will pay out according to the market value of a car when a claim is made, as happens with standard car insurance. However, by asking an insurer for an agreed value, you can hopefully secure cover that more accurately reflects the money and effort you might have put into the restoration and upkeep of your car.
Is it worth joining a car club?
Some insurers might be willing to give you a discount on your classic car insurance if you’re a member of a car club. The thinking is that if you’re serious enough about your car to join a car club, you’re also more likely to be the type of person who will take extra care over your vehicle and drive safely, and therefore pose a lower risk that you’ll ever need to make a claim.
Can you get classic car insurance for under-25s?
It is possible to get classic car insurance if you’re under 25, but you may need to meet certain requirements, such as having your licence for at least a year. You may also find there are particular rules around the type of car you can drive and where and how you’re allowed to use it.
As a young driver, to give yourself the best chance of getting classic car insurance, it might be wise to avoid brand new or younger classic cars, and cars that have been modified. Signing up to a Pass Plus driving course might also demonstrate your commitment to safe driving.
What can It's Classic Car Insurance offer?
It’s Classic Car Insurance offers a wide range of insurance policies for classic car owners provided by UK specialist insurers. By completing a quick and easy classic car insurance quote you will be presented with relevant insurers and can decide the right policy at the right price.
Classic car insurance can be cheaper than insurance for a modern car due to specifically tailored policies. It's Classic Car Insurance allows you to modify these specific requirements, such as agreed valuations, off-road cover and limited mileage, and make your policy unique to you.
Do classic car club members get discounted rates?
Being part of a classic car club can lead to reductions and discounts on your classic car insurance policy, sometimes of up to 15%. Many insurers recognise the passion and dedication of classic car club members and how cherished their vehicle is, and so will reward you with discounted cover as a result.
Can I use my no claims discount?
Most classic car insurance insurers won’t take into account any no claims discount you’ve built up on traditional car insurance policies or even have a specific classic car no claims element of their own.
The only way you might be able to use an existing no claims discount is to ask a specialist classic car broker about standard car insurance policies that might be suited to classic cars. However, always check the finer details of such policies to ensure they offer suitable cover.
Can I use my classic car for business purposes?
If you plan on using your classic vehicle for business use, you will need to make this clear to an insurer when arranging your cover. Because you’re using the vehicle for a purpose other than leisure, you’ll likely be asked to pay a higher premium.
Can I get a discount for low mileage, as my classic car is my second car?
It is common practice for classic cars to be used as a second vehicle, or perhaps only seasonally, when the weather is favourable, and most insurers will discount their premiums accordingly to reflect the lower mileage such vehicles are likely to travel.
Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more
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