Do you spend your days fixing up your favorite old VW Beetle? Driving around country lanes in your Austin Mini? Have trouble finding a reasonable car insurance policy? Trust me, you are not alone. If you own a classic car, it is worth your while spending a bit of time researching to find the best classic car insurance policy. Many insurance companies now provide specialist insurance for classics, which are often tailored specifically to your needs.
There is no official fixed definition of a 'classic' but taxation cut off dates often provide an indicator. All cars built before 1st January 1973 are exempt from paying annual road tax and display a 'historic vehicle' sticker. Some insurance companies will only offer 'classic' insurance policies on vehicles after this date, but many will consider yours if it is over 10 years old.
Two major advantages to classic car insurance:
- Limited mileage policies: it is often the case that you will have another vehicle as your main form of transport, and your classic one often acts as a hobby or 'weekend' vehicle. It is often understood by insurance providers that you will not cover as many miles in your classic car, and therefore a limited mileage policy can save you some pennies
- Agreed value classic cover: if your cherished car is – heaven forbid – stolen or damaged, typical insurance policies will only offer you the market value for your car. A classic insurance provider will agree a value for your vehicle before you commit to any policy and allow you to be safe in the knowledge that you will not be left with empty pockets.
