The cover you get for a classic car is typically different to that of a standard vehicle.
With this mind, we explain the different types of cover you can get for classic car insurance below.
If you like to drive your classic vehicle on UK roads, you will require at least third party cover. This is the minimum and legal amount of insurance you need to drive as part of the Continuous Insurance Enforcement law made in 2011. This level of cover will pay for any damages that you cause to other pedestrians, vehicles or drivers however it will not cover you for any personal injuries or damages to your own vehicle that were your fault.
For more cover, you can upgrade to a third party, fire, flood and theft policy but this also does not cover your own vehicle and personal wellbeing. The highest level of cover you can get is fully comprehensive which includes third party, fire, flood and theft and also any damages to you and your vehicle.
What level of cover you require and how much you pay will depend on the purpose of your classic car, also known as the classes of use. Those that only drive their classic vehicle socially such as the weekends will require less cover than those that wish to drive their classic cars everyday to work on busy roads because there is more risk of being involved in an accident.
However, the price of classic car premiums is generally lower than standard vehicles. As prized possessions, insurers believe that classic car owners take better care of their vehicles by driving slower, more cautiously and only on special occasions – so they are at less risk of making a claim.
If you do not wish to drive on UK roads and just want to keep your classic car in your garage or drive way, you will not require any cover provided that you register a Statutory Off Road Notification (SORN).
This means that your car will always be kept off roads and will not need to pay road tax. The SORN can be removed at any time and you can acquire insurance if you wish to drive on UK roads again.
If you only want to drive your classic vehicle in the summer months or on a short holiday somewhere in the UK, you can apply for temporary car insurance cover.
This allows you to choose exactly how many days you wish to insure your vehicle for and because you pay on a daily basis, it works out to be a lot more affordable than paying for an annual policy.
The temporary cover can be extended at any time for longer periods but cannot be used as a long-term substitute to getting an insurance policy.
Your classic vehicle is likely to be made up of very authentic parts whether it’s a Jaguar, Aston Martin or VW.
So if you have had to purchase parts in the past that were from specific garages or imported from overseas, it is important to get specific cover for these parts.
If you have a receipt of the purchases, you can show proof to your insurer and so you can claim the exact amount that they are worth if they need replacing.
Agreed value cover refers to agreeing the value of your classic vehicle with your insurer before you take out a policy.
Unlike standard vehicles that can be worth less over time, a classic vehicle can actually be worth more as it becomes more rare and vintage. For this reason, it is essential to ‘agree’ the value of the vehicle with your insurer so that if it is damaged or stolen, they can compensate you the full amount rather than just what the car is worth as a piece of metal.
You can get your classic car valued at a dealership, garage or classic car club and then show proof of this to your insurer. It is typical to value your classic car every couple of years for your insurer but it can be done annually upon request.
Whether your classic car is on display at auto shows, exhibitions or you like to take part in classic car rallies, you can ask your insurer for specific cover for these purposes.
The cover you can get will allow you to claim compensation in the event that your vehicle is damaged during transportation or during a show. You can always call up your insurance provider a few days before an event and ask for cover specifically for that occasion.
Classic cars are very popular for weddings as the bride and groom leave or arrive at a venue.
If you like to rent out your vintage vehicle or escort people on their wedding days, you will need specific cover, typically known as hire and reward.
If you plan to drive your classic car overseas, you can get extra cover for that purpose.
You will be able to drive with third party insurance in all EU countries but it is worth getting extra cover. With different road signs and driving laws overseas, it is good to have the peace of mind in case if you are involved in a road accident.
By working with a panel of the UK’s leading car insurance providers in the UK, we are able to take your details and compare all the best deals and offers available.
Our team of insurance experts prefer to speak on the phone – that is why we are Call Wiser. With only a few minutes on the phone, we can understand exactly what you need for your precious vehicle and can tailor your classic car cover accordingly.
Whether its looking at your annual mileage or calculating your excess cover, we will work hard to get you the best price.
Every policy with Call Wiser includes free breakdown cover from the RAC and free handbag, wallet, mobile phone and claim assistance too.