If you’re the proud owner of an Austin Sprite, a Rover MGF, a Midget or an MGB, then while you’ll know all about the joys of motoring you may also know about the difficulties of finding competitive car insurance.
Why is it hard to find classic car insurance?
When assessing premiums, insurers take a number of factors into account such as your personal circumstances; your annual mileage; your driving history; and your address. However, they also pay attention to the car you drive.
For conventional vehicles, most insurers follow the Association of British Insurers (ABI) database which classifies vehicles from 1-50 (previously 1-20) with those in higher groups earning higher premiums. The database considers a number of factors such as how difficult car parts are to replace, the security levels of the vehicles, their performance capabilities and so on.
However, most classic cars are not ranked under this database. Take for example the Austin Healey Sprite, which ran from 1958-1971. None of its vehicles are classified by the database – indeed even the Austin Mini Sprite, released in 1983 is unclassified.
Instead, when it comes to classic cars, insurers use a different system because the older the car is, the more difficult it can be to find replacement parts and so on. As such, the vehicles are categorised based on age, such as:
- Veterans: Refers to vehicles manufactured up to December 1904.
- Edwardian: Cars built from January 1905-December 1918.
- Vintage: These are cars manufactured from December 1918-1933.
- Classic: A general term for cars manufactured pre-1976.
- Cherished: Collectible or rare cars typically five- to 10 years old.
So how can you get classic car insurance?
Some conventional insurers will cover classic cars – so it’s always worth using a comparison website to see what quotes are available. However, you may find that premiums are high or that the level of cover is not up to the standard you were hoping for – in which case you may want to consider a classic car specialist.
Classic car specialists claim they can offer cheaper premiums because classic car owners are more responsible with their vehicles and therefore less likely to make substantial claims. They may also offer a number of special incentives, including:
- Hire cover: So your classic car can be rented out for a specialist event.
- Laid-up insurance: If your classic car is something of a work in progress and isn’t roadworthy, laid-up insurance acts as basic cover to protect it against theft and mishaps.
- Track cover: In case you plan to enter your vehicle into a track race, rally or hill climb.
- Valuations: Perhaps most importantly, many classic car insurers offer agreed valuations so you know from the outset what your vehicle is worth in the event of a write-off or in case it is stolen. With conventional insurers the vehicle may be subject to a market valuation, which could mean your car is under valued.
There are also many discounts available such as:
- Advanced driving discounts: If your classic car is a performance vehicle, consider if completing an advanced driving course could help lower premiums.
- Limited mileage discounts: Most classic car insurers recognise that you may drive another vehicle for general run-arounds and so you may be able to agree to a mileage cap on your classic car to bring your premiums down.
- Owners’ club discounts: Designed to recognise that members of car clubs are often better educated about their vehicles and keep their cars in good shape.
Other ways to save…
Always remember to shop around for car insurance quotes at renewal time to see what’s available – most comparison websites list specialist classic car insurers in their listings so you should get a good overview of the market.
Also consider the following ways to save:
- Consider increasing your voluntary excess but keep it at an affordable level.
- Drive safely to build up a no-claims discount.
- Fit security devices such as alarms and immobilisers.
- Park in a locked garage overnight.
- Pay premiums annually to avoid interest charges.
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