Insurance For Your Classic Car Or Motorbike

Filed under: Classic News |
If you are an owner of a classic car or motorbike, then it is probably one of your most prized possessions which is why you’ve protected it with insurance, but do you have the right kind of insurance policy in place for your vintage vehicle? After all, you spend so much time, effort and money restoring and maintaining your classic vehicle, it’s only right that you put the same time and effort into ensuring that it is properly protected should it be involved in accident or damaged in any way. Classic cars are not the same as modern or traditional cars and therefore should not be insured like them. In today’s world of hundreds, if not thousands, of insurers offering an abundance of different insurance policy types it is easy to get confused when trying to insure your vehicle, especially if it is a classic. The definition of a classic car (as stated by HM Revenue & Customs) is a car that is; more than 20 years old and worth more than £15,000. Some insurers however, follow a different definition whereby a classic car is more than ten years old so it is important to check your prospective insurer’s definition of a classic car before you sign up to a policy. Classic car insurance will often provide the following protection over your vehicle: • The actual value of your classic vehicle- unlike general car insurance, classic car insurance will generally cover the true value of your cars worth (not the market value as it will likely be significantly less) in the event of it being written off. The exact value of your classic vehicle will have to be discussed with your insurer before you agree to taking out their policy. This great benefit comes with only with disadvantage; an increased premium. But for most classic car drivers it is worth having peace of mind knowing that you will receive the appropriate amount from your insurer for your pride and joy. • Replacement parts- should your vehicle need repairs after an accident, most classic car insurance policies will pay for authentic replacement parts to keep in fashion with the rest of your classic car. • Special occasions- due to the nature of owning a classic vehicle, you will probably want to go to classic transport events like rallies and shows, with classic car or bike insurance policies, events like this are covered. Hiring your classic car out for a wedding will most likely not be covered so it is imperative to check this with your insurer before you do so. • The final difference between traditional and classic car insurance is the way that mileage is considered. As classic vehicles are generally not used as everyday transport, their annual mileage will be significantly lower than most other vehicles. Generally speaking, classic car insurers will cap the maximum mileage at 7,500 miles a year. If you believe you travel a greater distance than this, you will be able to increase the annual mileage clause with a small contribution to your premium cost. If you think that you will drive substantially less than 7,500 miles a year then it might be worth researching short-term car insurance quotes. • Remember that unlike general car insurance policies, classic car insurance policies do not build up no-claims bonuses.Tags:,