Feature Article

The Trials and Tribulations of insuring your newly restored Classic Car

With modern cars becoming more and more complex, car enthusiasts are turning to classic cars to get their DIY fix. With Classic Car shows featured up and down the country, owners of these fine cars like nothing better, than showing how their hard work has paid off with a newly restored classic convertible.

 However, whether you are driving your car to and from shows or just keeping it under lock and key, classic car insurance is needed and deciding which type of insurance you need and obtaining it can prove to be problematic.

Generally, although not always, the cost of a classic car insurance policy is less than that of a more modern vehicle. This is because the insurers are aware that a vintage car will be better cared for, usually garaged and typically driven for fewer miles every year.

Unfortunately though, many insurance companies still get spooked by classic cars and start raising their premiums and some will only insure those over a certain age! Also the fact that the value’s of these classic cars can fluctuate year on year, some insurers will just not take the risk. The non-standard parts used in some car restorations, can also increase premiums as insurers, consider the repair costs to far outweigh the value of the vehicle.

Tips for Cheaper Classic Car Insurance

  • Being or becoming a member of a car club
    Joining a club will show that you are enthusiastic about your vehicle and will often result in you getting a discount on your insurance policy.
  • Keep it garaged
    If it's possible, store your car in a garage to keep it secure.
  • Increase your excess
    Opt for a voluntary excess or increase the excess above the required minimum, however make sure it is an amount you can afford to pay in the event of a claim.
  • Add security devices
    Fitting an immobilizer, alarm, tracker and other security devices to your car could benefit from even further discounts.
  • Use the internet to compare quotes
    There are a number of websites to compare policies for classic car owners.

It is quite unlikely for an owner to know the exact or the true value of his vehicle at a given point of time after buying it. The same applies to the insurer too who will have to calculate a price of the vehicle at a risk. If there is a fluctuation in the car's value at any given point of time, the owner will have to inform this to the insurer and request for a revaluation to be done. While many specialist insurers pack in this valuation service as part of the policy and do not charge extra, there are others who treat it as an optional cover and hence, charge a small fee for the same.


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