Classic Car Insurance vs Standard Car Insurance

Posted on June 17, 2013 by Anne Jacobs

Yes, there is something special about owning a classic car and, therefore, it is important that you have appropriate car insurance but why take out classic car insurance on your vehicle instead of standard car insurance?

make sure your classic car insurance covers you for what you require

What are the differences between classic car insurance and standard car insurance?

Well, there are many similarities between both types of comprehensive policies but there are also a few differences so let’s have a look at them.

It probably does not come as a surprise to the vast majority of you to read that when you buy a new or second hand modern car its value will drop as soon as you have purchased it – especially a brand new one. This is often not the case when you buy a classic car – in fact quite the opposite. What you tend to find with a classic car is that it is likely to increase in value – especially if you subsequently spend some time and money restoring it.

In the case of standard car insurance, the insurance company will pay out the market value should the vehicle be written off in an accident or stolen. In the case of a classic car you should consider agreeing the value of the car with the insurance company even if it costs more to insure. At least in doing so, you will know the figure that the classic car insurer will pay out. In order to arrange an agreed valuation you may need to obtain a valuation report carried out by an expert independent valuer. It would be sensible to have this carried out each year to ensure that the level of cover is up to date and accurate.

Another difference between both ordinary and classic car cover relates to the number of miles that you travel each year. You will usually find with classic car insurance that the maximum number of miles that they will cover you for driving is 7,500 miles per annum. Therefore, you need to be aware of this and, if you are likely to travel more, you need to find out what, if any implications there are in this respect.

You should also check what the situation is as far as replacing any parts in your classic car. Does the policy cover you for replacing genuine parts?

Another difference between both types of policy is that classic car insurance does not permit you to accumulate a no claims bonus.

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Who Should You Take Out Your Classic Car Insurance With?

Posted on June 10, 2013 by Anne Jacobs

Deciding who to arrange your classic car insurance with is no different to arranging car insurance on your modern family saloon or hatchback car. Many people when taking out car insurance for the first time will either follow the recommendation of a friend or a family member such as their father or mother.

shop around for your classic car insurance

Take your time when selecting who to arrange your classic car insurance with

However, just because your parents have their classic car insurance with company A does not mean to say that you have to do likewise. By all means get a quote from company A but it would also be a good idea to shop around for alternative quotes.

Too many people are under the misapprehension that the cost of classic car insurance is the same between many companies. This is just not the case and, therefore, it would be a good idea to shop around for the best value deal.

However, remember that your decision should not just be based upon price but also things like the optional extras that may be available and the claims experience that other policyholders may have had. After all there is no point in taking out classic car insurance with the cheapest provider if the way that they deal with claims has been found by many people to not be of an acceptable standard.

So, how else can you look into how good classic car insurance companies are in respect of the above things? Well, just like when you want to buy a product, you probably go onto the Internet and check out a number of review websites to see what people have to say about the product – that includes comments covering “the good, the bad and the ugly”.

However, do bear in mind that review sites can often have more people leaving bad reviews rather than positive ones –this is only human nature. After all, we are more likely to complain about something than give praise.

So, when it comes to taking out classic car insurance, do your homework looking at price, claims experience, features and benefits and read/listen to what other motorists have to say about their experiences with their classic car insurance provider.

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Jaguar E-Type That Sold For £109,000

Posted on June 3, 2013 by Anne Jacobs

A 1961 “Jaguar E-Type “Flat Floor” Roadster has recently sold for £109,000 and is shortly to begin a full restoration project to return this classic car to its former glory.

When purchased, the vehicle was in a terrible condition so there is a great deal of work that is going to need to be carried out to bring it back to pristine condition. One of the reasons why the car looks like it presently does is due to the fact that it had remained in a garage for in excess of 30 years.

However, that is shortly to change when the restoration work is carried out by Classic Motor Cars (CMC) in Bridgnorth, Shropshire. They have been restoring Jaguars since 1993 so have many years experience.

This classic car was the 60th to be produced being one of the earlier 3.8-litre right hand drive models. It only has 65,000 miles on the clock. In total around 70,000 of these cars were produced. The reason that it is called “flat floor” is because it does not have a floor area that has been dropped which was a feature that was added on later models thus increasing the amount of legroom.

When the vehicle came up for auction at Bonhams RAF Museum it was expected to sell for around £20,000 to £30,000 but achieved a sale price of more than triple the higher figure just mentioned.

Apparently, CMC will be carrying out a full restoration that will return it to the specification that it had when it left the factory following its original production. This car still has all the original parts albeit many of them are now rather rusty.

The restoration that is expected to take anything up to 12 months is possibly going to cost in the region of £50,000 so is the E-Type going to be worth in excess of £200,000 when restored? We wait to hear.

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Do You Need To insure Your Classic Car?

Posted on May 27, 2013 by Anne Jacobs

The legal requirement for insuring a classic car does not differ to that of insuring an ordinary family saloon. Quite simply, if your classic car is going to be driven on the public road network in the UK you need to have it insured. After all, why should a classic car be treated any differently?

classic car insurance provides important protection for your car

Surely you would want to insure this Rolls Royce?

So, what level of classic car insurance must you have? It must be a minimum of third party cover if it is being driven on the public road system. However, what you must also decide is if that level of cover is adequate to meet your requirements.

After all, third party classic car insurance only provides you with protection for damage that you may cause to another vehicle if you are at fault – not your own car. It will also cover damage to other property and other people but, should you be injured, you will not be covered for yourself.

When you consider how much your classic car is worth is that really a sensible level of cover to choose?

The alternatives are third party fire and theft or fully comprehensive car insurance with the later being the most expensive. The former will cover you for all that is covered under third party plus damage/loss caused to your own vehicle due to fire or theft. The later will also cover you for damage to your own car even if you are at fault in an accident.

The time when you do not need to insure your classic car is should you take it off the road to, for instance, carry out some restoration work in your garage. However, should you be going to do this, you could take out Laid Up cover that will cover your classic car should it be damaged due to a fire during restoration work or should it be stolen. You would need to declare the car SORN (Statutory Off Road Notification).

Hopefully, the above has made things a little clearer about whether you need to insure your classic car.

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The Benefits Of Price Comparison Websites

Posted on May 20, 2013 by Anne Jacobs

Nowadays, price comparison websites are used by an increasing number of people to purchase so many different products. Whether it is to choose a holiday, a book or a type of insurance such as classic car insurance, this form of shopping provides you with an opportunity to look at a range of options before making a decision.

classic car insurance is readily available through price comparison websites

You can arrange classic car insurance via a price comparison website 24 hours a day

There are a number of benefits with price comparison websites when it comes to selecting your classic car insurance. For instance, you can arrange this type of insurance from the comfort of your own home at a time to suit you. Therefore, if you have had a busy day in the office and don’t return home until say 8pm you can still go onto a price comparison website to sort out classic car insurance cover.

Although not all classic car insurance companies use price comparison websites there are many that do, so it is quite possible that you will be able to obtain a reasonably competitive classic car insurance quote. In today’s economic climate this is particularly important with many people being on a tight budget.

A huge benefit is that you will probably only need to key in the details requested once in order to receive quotes for insurance from numerous providers. This is much quicker than having to go onto the individual websites of numerous classic car insurance companies and repeat the same information time after time. It also saves you having to pick up the phone to numerous insurance companies and go through the same process.

Another benefit is that you can amend the information that you have keyed to look at various other options such as comparing the difference in cost between third party, third party fire and theft and fully comprehensive classic car insurance.

Having made your decision as to whom you wish to take out the insurance with you can even set up the policy online and pay for it via the Internet. Some companies even have the facility for you to print off the policy documentation.

So, if you have never used a classic car insurance price comparison website why not take the opportunity to do so now.

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Endangered Classic Cars

Posted on May 14, 2013 by Anne Jacobs

Many of you will remember those run-arounds that used to get you to work each day and do the weekly shopping in – the Marinas, Allegros, Maestros and Montegos. They go back to the 1970s and 1980s and were loved by many with millions being produced.

Regrettably, many now face becoming extinct which seems incredible.

The Ford Cortina was one of the most popular cars.

The classic Ford Cortina

For instance, it is believed that there are only 369 of the popular Hillman Avenger about at the moment. There were 175,247 Morris Itals built but only 174 remain. Do you remember the Rover SDI? – well there are now only believed to be 310 on our public road network.

It would be interesting to find out why this has happened. Is it because these, what can now be referred to as classic cars, were of a poor construction as they were produced at such high volumes or is it that they appeared on the scene at a time when people just did not bother to maintain their vehicles?

You must have seen hundreds of Austin Metros on the roads in years gone by yet when was the last time you saw a restored one? You can probably count the occasions on one hand. Even Princess Diana had one. There were around 1.5 million built but only 1,930 remain.

Do you remember the Austin Allegro? Well, based on the number of these classic cars that were built, it is the most endangered of all this era of vehicles. During the period 1973 to 1982 there were 642,340 made yet there are a mere 291 on our roads today.

The Austin Princess is believed to only have 121 owners whilst the Vauxhall Viva has 1,057 happy and proud owners.

One of the most seen cars on our roads back in that era was the Ford Cortina. There were 4.15 million built yet only 5,411 can be seen on the roads or at classic car shows.

The above figures do not make impressive reading.

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Is Third Party Classic Car Insurance Worth Having?

Posted on May 6, 2013 by Anne Jacobs

When it comes to arranging classic car insurance you have a number of options with third party classic car insurance being one of them. Bearing in mind its limited cover, a question that often crops up is, “ is it worth having?”

third party classic car insurance does not cover damage to your own vehicle

Would you just arrange third party classic car insurance on this valuable car?

The short answer is that it most definitely is assuming that you cannot afford either third party fire and theft or fully comprehensive classic car insurance. These two options provide a grater level of cover than just third party cover.

So, let’s have a look at third party classic car insurance in a little more detail: -

There are numerous insurers that offer this level of classic car insurance so there is plenty of choice. This, potentially, means that you may be able to get this type of cover at a very competitive premium.

Third party classic car insurance provides a very similar level of cover to that of third party insurance on an ordinary car. It tends to be the cheapest level of cover with the exception of laid up cover.

As with most things in life – you get what you pay for. For instance, third party classic car insurance will provide cover for any damage caused to another vehicle, another person and other property but no cover is provided for damage to your own classic car either through being damaged in an accident or it being stolen.

The potential issue with third party cover is that, if your classic car is particularly valuable, and it were damaged as a result of you being responsible for an accident you will not have any cover. This will leave you responsible for paying for the repair work to your own classic car.

Therefore, you need to ask yourself if you should not consider either third party, fire and theft or fully comprehensive classic car insurance. Yes, either of those is more expensive than third party classic car insurance but is it not worth paying more for that extra peace of mind?

Ultimately, the choice has to be yours.

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Lotus Cortina For Sale For £250,000

Posted on April 29, 2013 by Anne Jacobs

How many Ford Cortina’s used to be seen on roads here in the UK all those years ago? They were one of the most popular cars ever built.

The Lotus Cortina classic car is highly sought after

A Lotus Cortina being put through its paces

Well, a Lotus Cortina that had been designed by the great Colin Chapman, recently came on the market at a staggering £250,000 – yes, a quarter of a million pounds!

The classic car has an independent rear suspension by Elan and is no doubt in impeccable condition. Originally, the car had been built with the intention of showing just how excellent the Lotus Cortina may have proved to have been. The development costs were closely monitored by Ford as a result Lotus was made to create a lower priced A-frame solution in respect of the suspension at the rear of the car. However, this was later discarded with, due to being so expensive.

The world-renowned racing car driver Jim Clark actually had the pleasure of driving the Lotus Cortina when it came off the production line and it is believed that he was very impressed with it – so much so that he decided to retain it for driving about town when he was not driving at high speed on racetracks.

After that, it has, at some point, been in the hands of Tom Walkinshaw Racing but when the company ceased trading back in 2003, the classic car was auctioned off realising a reasonable £40,230.

Original features include Elan drive shafts that have been modified plus one of Jim Clark’s steering wheels. It is claimed by Roy Kent from The Old Racing Car Company to be a unique car as it was, in effect, a blueprint of the vehicle that Colin Chapman actually wanted constructed.

Apparently, there is a growing interest in these cars with those in excellent condition fetching in the region of £50,000. However, when one with this history comes on the market, the increase in value is astonishing, as evidenced by its £250,000 price tag.

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Is It Worth Having Fully Comprehensive Classic Car Insurance?

Posted on April 22, 2013 by Anne Jacobs

There is a misconception that if you own a classic car that you are not short of a few pounds. Yes, that may be the case for some but for many, they need to carefully keep an eye on their expenditure.

if you only had third party classic car insurance and you were responsible for an accident you would not be covered

Surely you would want fully comprehensive classic car insurance if you owned this Ferrari 250 GTO?

So, when it comes to classic car insurance, it is worth debating whether having fully comprehensive car insurance is really the most sensible thing to do or whether you should look for some form of cover for your classic car that is not as expensive.

You have four options when it comes to insuring your classic car with those being fully comprehensive, third party fire and theft, third party and laid up cover.

Just like with insurance cover on an ordinary car you get what you pay for. Third party classic car insurance will only cover you for damage to other vehicles, property and people in the event of you being responsible for an accident whilst at the wheel of your classic car. You will not be covered for any damage to your own car.

Third party, fire and theft will also cover your own vehicle should it be damaged in a fire or be stolen. This level of cover is more expensive than just third party.

Fully comprehensive cover covers everything that is included within the previously mentioned levels of classic car cover but it will also include any damage to your own vehicle even if it is your own fault. It is the most expensive type of classic car insurance.

Laid up cover is a little different to the previously mentioned levels of cover as it is specifically designed to pay out whilst your classic car is off the road and garaged whilst you are restoring it and would be covered for things like fire and theft.

As to whether it is worth having fully comprehensive car insurance has to be a decision that you make. Having said that, your classic car is likely to be worth a reasonable sum and think of the amount of time and money that you may have invested in restoring it. At least with fully comprehensive car insurance you have the peace of mind of knowing that it is fully insured against most eventualities.

Is the extra cost not worth it for that peace of mind?

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Interesting Classic Car Racing Stories

Posted on April 15, 2013 by Anne Jacobs

We thought we would share a couple of interesting racing stories about classic cars that you may find interesting.

The first one surrounds a gentleman being re-united with a classic car that he used to own fifty years ago. Chris Stewart from East Grinstead who is now 73 years of age used to own a Morgan +4 that was given to him by his father when he turned 21.

racing a Morgan +4 is thrilling as well as using it about town.

A Morgan +4 is great to race as well as for getting about the city

He raced the classic car in various places around the world having last raced it in Germany in 1963. He has also raced other cars such as a Maserati, Porsche and Jaguar but the Morgan +4 was one of the best sports cars and his favourite. He last saw it when in Germany where he was undertaking his national service. In fact the benefit of being stationed in Germany was that it would give him the opportunity to race on a weekend.

He had been impressed with the gearbox on the Morgan +4 and found the car to be most reliable and not expensive when racing it.

Anyway, after tracking down the classic car via a fan club he drove it for a number of hours a few days ago and thoroughly enjoyed being re-united with it after half a century. At the moment he drives a Mercedes sports car from the 1990s.

The second story surrounds a Mini Cooper MK1 dating back to 1964 that, two years ago, was discovered in Somerset by the edge of an orchard looking a lot the worse for wear. Peter Crewes, a mechanic from Torquay, who is also keen on racing, has arranged for the classic car to be restored with the help of a couple of local firms who have helped with the paintwork and tuning the engine.

A Mini Cooper MK1 is easy to park, so great about the city but also fun to race.

A Mini Cooper MK1 makes an excellent racing classic car

The car has been turned into a 1960 to 65 touring car and has already taken part in a number of races both in the UK and overseas. In fact, he has done so well racing it that it is presently in first spot in the Anglo-French Mini Classic Series. There are about thirty French and British Minis that take part in the events with some valued between £30,000 to £50,000.

The series will finish later in the year with two of the remaining rounds scheduled to take place in France in September and October.

We will continue to keep you updated about similar things.

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