Thoughts on classic and vintage car insurance

For a car to be classed as a vintage, the vehicle must have been produced before 31st December 1930 and in general vehicles build after World War II but not after 1973 are classed as ‘classic cars’. The term ‘classic’ is also commonly used for any car over 10 years of age and collectible.

Insurance for classic and vintage cars

Some conventional insurance companies are very wary about classic and vintage cars and as such refuse to offer a quote for them. This is where specialist insurance companies come into play.

In theory, specialist insurers are able to offer cheaper premiums than their conventional counterparts as they know the market and understand the needs of classic and vintage car owners. Some of the reasons why they can offer reduced premiums is that they understand these types of cars are well looked after, garaged and driven infrequently.

Many insurance companies will stipulate that drivers of such vehicles must be over 25 years of age, and those that will allow younger drivers will charge extremely high premiums.

Comprehensive classic and vintage car insurance should ideally include:

· Agreed valuation – This is the amount of money that is guaranteed to be paid out if the vehicle is stolen or damaged beyond repair.

· Increasing value cover – This allows your vehicle’s value to increase year on year.

· Limited mileage discount

Another important policy feature that should always be checked before buying a policy is your insurance company’s stance on authentic replacement parts.

Specialist car insurance companies

There are a number of classic and vintage car insurance companies including:

· Hagerty International – Offers a range of benefits including restoration cover, agreed valuation, rally and event cover, limited mileage, salvage options and cherished plate cover.

· Lancaster Insurance – Policy benefits include up to 65% introductory discount, limited mileage discount, classic car club member discounts and guaranteed agreed valuation.

· Footman James – Includes agreed valuation, motor legal expenses and personal injury cover against road rage and car jacking.

· Adrian Flux – Includes limited mileage discounts, agreed value cover, laid up policies to protect classic projects, track and rally cover and wedding hire cover.

· Express Insurance – Offers cover for track days and long distance rallies.

Insuring your classic or vintage car

Before you actually insure your vehicle be sure to use a car insurance comparison website as they usually have a huge range of insurers on their panel and this will help you gauge a fair price for your insurance. Then check the specialist insurers individually and this will ensure you are getting a good deal.