Classic Car Insurance
Have you managed to fulfil your lifelong dream of owning a classic car but not sure how to insure it? Classic cars are unique and require specialised car insurance. This can protect you when taking part in classic car races or even rallies where you can show your treasured classic car.
When driving any car, it is a legal requirement that you have adequate car insurance in place. This is the case for any classic car that is driven. Opinions between insurance companies differ with regards to classification of “Classic Cars”; however, they generally state that cars that qualify for “Classic Car” status are cars that are aged at least 15 years or older. They must not exceed an annual mileage amount which can range from 3,000 to 5,000 miles per year. The classic car has limited used, it can only be used for social, domestic and pleasure. Extra cover can be included which will insure you for using the car in rallies and competitions. You can also purchase specific classic car insurance to cover you for wedding hire.
Classic car insurance usually has an age limit imposed on the driver to be insured. Companies require the driver to be at least 25 years old and have no previous convictions for motoring offences. However, some insurance companies accept previous minor convictions but this might increase the cost of your premium. You are also required to keep the car in a secure environment which is usually in the form of a garage or privately owned land.
One of the main differences between classic car insurance and basic car insurance is the value aspect of the car to be insured. Classic car insurance quotations can be based on an “Agreed Value”. To achieve this status, your car’s condition will have to be assessed. This is usually done in photographic form; photos will be looked at to judge the interior and exterior condition of the car. If you purchase a classic car policy that has an agreed value clause, any claims made will be on the agreed value and not on the current market value of the car. This is an important part of a classic car insurance policy, should your classic car be stolen or involved in an accident causing major irreparable damage, the insurance company will have to pay out on the agreed value of the car. It’s worth pointing out that you might be charged a little extra for including an agreed value into your policy, however it’s important to remember that to a classic car lover, should you lose your beloved car, at least you will be recompensed for doing so in the best way possible,
When researching for classic car insurance, it is often better to check with a specialised classic car insurance company. Many of the larger insurance companies don’t offer specialised classic car insurance policies. They will provide cover but it is based on their standard policies which don’t fit into the upkeep of a classic car. Specialised classic car insurance companies usually offer more competitive premium prices. Most of the specialised classic car insurance companies have websites that can be contacted regarding quotations. Using the online service is a great way to compare premiums and terms and conditions of individual policies.
When checking for quotes in relation to classic cars, you will be asked for information regarding your previous driving history. If you have managed to build up a number of no claims discounts and have clean driving records, you will be entitled to a large discount regarding the cost of the premium.
If you choose to purchase classic car insurance online, you may be offered incentives such as a discount on your premiums for doing so. Many insurance companies now offer you discounts if you are a new customer, if you are a member of a classic car owner’s club and a further discount if you have owned your car for a minimum number of years. Discounts vary between insurance company and it is in your interest to check the various discounts applicable to the relevant classic car insurance policy.
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