People who buy classic cars are often hearkening back to their own youths or have a particular affection for the period of time in which the car was made. This makes these cars sentimentally priceless to those who love them. However, the age of these vehicles and their financial value also makes it essential to have them insured properly. It is for this reason that choosing the right classic car insurance policy is very important.
What is Classified as Classic
The definition of a classic car is in flux constantly. There are no universally accepted guidelines that can be pointed out. However, any vehicle that is worth over £15,000 and over 20 years in age is most often considered a classic. The definition differs from insurance provider to insurance provider, as well, sometimes making it a bit of a challenge to obtain classic car insurance on a car that is not viewed as a classic by everyone. You should always check with individual companies before requesting quotes on a policy for your car. Classic vehicles typically need more care and maintenance than contemporary cars. For this reason, it is not usually a good idea to opt for the cheapest policy you can find because it will most likely not provide your car with the coverage that it needs.
Keeping Classic Insurance Costs Down
If you follow the guidelines set by your insurance company, your classic car insurance could actually be less expensive than that for a modern car. These guidelines typically ask that the car be maintained well and driven infrequently. This means that it is far less likely that a claim will have to be made for damage to the vehicle. Just as with other varieties of car insurance, classic insurance varies between providers. Many providers of insurance for classics ask that the car be driven only within a set number of miles per year and they verify that this restriction is upheld. The less your car is driven annually, the less your premiums will be. Going over the number of miles that are agreed upon can invalidate your policy, so make sure that the limit can be increased just in case you get close to it. Also get together with the insurance agent and discuss the value of the car that will be insured. You can have a professional appraise the car’s monetary value and have that value guaranteed so that your agent will accept it and provide coverage for that amount. Because many classic cars increase in value as they get older, it is a good idea to have the value of your car re-evaluated every year. By doing this, you ensure that you do not end up with a classic car insurance policy that does not cover the full cost of the car.
Use Insurance Comparison Sites
When looking for classic car insurance, don’t overlook using an online comparison site for UK insurance. You may very well find a cheap car insurance policy with the coverage that you need through this kind of site. Simply enter a bit of personal information and some details about your car and you can quite quickly receive a large number of affordable quotes to compare. Some comparison sites include quotes for coverage on classic cars – you may even find companies offering cheap classics policies that you could not find locally. Also look into the sites of the companies themselves, when you find some quotes that sound good. As with any type of insurance, do a bit of research into the companies that you are considering before purchasing a policy, just to ensure that they are trustworthy and willing to pay claims in the event of an accident or other covered damage.