Classic Car Insurance – When Is It Available?

Classic Car Insurance – When Is It Available?

Classic cars – they’re a dream for many. Perhaps you’re considering a nice Aston Martin, or even a vintage Porsche. At the very least, that’s what most people will define as a “classic” vehicle. One from a simpler time. One with vintage class and style. But did you know that “vintage” and “classic” can simply mean a car that’s over 10 years old? That’s right! And what’s more: it means your “old banger” could actually qualify for classic car insurance.

classic car insurance

Classic Car Insurance – A Definition

Classic cars are valuable. Vintage models could be anything: a Ford Mustang from 1994, even something as ancient as the Model T from 1923. And for that reason, many collectors want to ensure that their investment is kept safe. That means using classic car insurance – a special type of cover designed to protect a specific type of vehicle.

It means that you can still use your vintage car. Whether you still intend to drive it to work, or simply take it out for a spin at the weekends. Regardless of what you want, you’ll generally feel better knowing that you have it covered.

But naturally, since these are classic cars we’re talking about…

…standard cover isn’t going to cut it for these beauties.

Of course, you still get all of the basics of standard car insurance with these vehicles. Especially if you’re planning on taking them out on the road.

With classic car insurance, you’re still going to have to choose between three different levels of cover. These are:

  • Third party cover (a legal requirement!)
  • Third party, fire and theft
  • Comprehensive car cover (contains all three – including damage done to your own vehicle.)

DON’T FORGET: These are not the only types of cover you can get. There is breakdown cover , track day cover, limited mileage discounts and much more.

But what’s the difference between classic car cover and standard auto insurance?

Well, in the UK at least… it is often much cheaper!

What’s the reason for this? Well, simply put:

Many insurers in the UK assume that classic car owners are much more careful with their vehicles. They treat them better and therefore the costs of insuring them are much, much lower.

How old is your car? It could be eligible for classic car insurance

This could of course depend on the insurer. Which is always why you should shop around and get different quotes. But when it comes to classic car insurance, the vehicle you currently drive may very well be eligible for this kind of cover. Which of course means that you may end up getting a cheaper deal.

In the UK, the HMRC considers a car to be “classic” if it is over 15 years and has a value of at least £15,000.

BUT – you may still eligible for classic insurance. Depending on the insurer, they may consider it a classic vehicle if it is over 10 years old – no matter its value.

The bottom line is – different insurers define “classic” differently. There may be some discrepancies between them.

Another important note to remember is this: classic car insurance tends to be more widely available to drivers who are over 25. In addition, it can be possible to get a fantastic deal if you’re older than 25, have below-average mileage and own a car over 15 years old.

So, what else can classic cars be covered for?

Classic car insurance can provide a whole host of different extras. This depends on the policy you choose, of course. So, it’s important to look over the documentation before you sign anything and make sure that you’re getting all the cover you need.

Classic and vintage vehicles often tend to be brought out and put on display. Especially at car shows – which means that they may be exposed to a large number of risks. So beyond standard car insurance, you can get cover for a whole host of things like…

  • Limited mileage cover (if you car has low mileage i.e. is only driven on “special occasions”)
  • Exhibition cover (self-explanatory… if you show off your car at shows)
  • Track day cover…
  • …and more.

So, if you have what you might consider an “old banger”… Think again. It may very well be a classic. Which naturally means it could be eligible for classic car insurance – saving you a considerable amount of bob in the first place.