A Beginners Guide For Classic Car Owners

Published: February 8, 2018

Updated: October 2, 2018



If you have just purchased a classic car, you will have to think of not only where but also how you will be insuring it.

As an owner of a classic car it does not matter whether you drive a beat up old Morris Minor from the sixties or a perfect condition Ford Capri 3 liter from the seventies or a sleek E-type Jaguar in British racing green, it is imperative that you seek for the best classic car insurance for your vehicle which will protect your risks at an affordable price.

If you have never owned a classic car before, it is necessary to understand that for a specialist car insurer there are some differences between a standard car insurance policy and an insurance policy for a classic car.

First, you need to determine whether your car qualifies for an insurance cover under a classic policy. One way to ascertain this is by asking the former owner whether it was insured under a classic car insurance policy and what insurance company insured it.

Various car insurance firms have various definitions of the type and age of the vehicles that can be protected under this kind of policy. What may be covered for one insurer may be exempted by another. Good enough, many online classic car insurance firms give out this information on the first page of their site, hence it is quite easy to browse the internet and know how you qualify with different companies.

You should examine if the age of the car qualifies and also if there are policy restrictions for your personal driving situation such as your age that will disqualify you from applying for a cover.

The main difference between a standard policy and policies offered by classic car insurers is in the manner with which you drive your classic car and mostly how often you drive it. Price comparison sites and the big conventional insurance companies will provide cover for older vehicles but will charge an extra premium as a result of its age. They will also increase the premium if the replacement parts for the vehicle are expensive.

It is important to note that you will be offered the current market price replacement if the vehicle is protected under a mainstream policy and is considered to be a write-off when you make a claim.

With a standard auto insurance policy on a replacement like-for-like basis, the value of the car is usually determined by the market value as at the time of a claim, and usually taken from one of the auto price magazines. The amount which you are likely to get for a write-off will be determined by the prevailing market value of your vehicle which is an annual depreciating amount. If you own a classic car and you insure it under a standard policy, it will inevitably result in under insurance and under valuation of the real value of the car. You are likely not to be offered salvage and a repairable classic car may be seen as a write-off because the repair cost is not economical to the insurance company.