5 Tips on Classic Car Insurance

Did you know that insurance for classic cars isn't necessarily the same as insurance for your everyday vehicle? If you're a collector, you need to pay attention to make sure you're getting a good deal on the correct coverage. Classic Car Insurance has five tips for picking the right policy.

1. When providing classic car insurance, a number of companies will only offer third party or third party fire and theft cover instead of full comprehensive cover. If you are keen to take out a wider policy, (perhaps your vehicle has a high value or you use it fairly regularly), it would be recommendable to look around for other firms who do offer this option.

2. One really useful tip for anyone keen to find the most cost-effective arrangement for their cover, is to agree the value of your classic car with your insurer before you take out the policy. Many insurers only offer market value in the event of a write off, and particularly in the case of classic cars, this may not reflect the actual worth. Keep a record of the agreement and also think seriously about updating this figure each year, as the value of classic cars tends to increase with time. Whilst your premiums may go up slightly, it will be more financially beneficial in the unfortunate event of an accident or vandalism.

3. When comparing each company, take the time to check the details of the policy for replacement parts. If your vehicle is of particular worth, there’s a good chance you might want your replacement parts to be authentic, so it’s worth looking around.

4. Check if you are covered for special occasions. If like many you enjoy using your vehicle for special occasions such as weddings or other social gatherings, it is important to check that that your insurance has no limitations in this area. Most companies are fairly thorough when it comes to this, but it is always important to check.

5. Find out what happens if you breach the mileage. Most insurers of classic cars have a maximum mileage cap, and while some may be fairly flexible in this area, exceeding this limit could in fact lead to your policy being void, leaving you with great financial burden, and rendering your spend so far a waste.

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