Is It Worth Having Fully Comprehensive Classic Car Insurance?

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?

About Anne Jacobs

I am a full time insurance underwriter with a love for writing. I work in the UK at a classic car insurance company. My other hobbies are going to the gym and aerobics (when I am not looking after my 3 year old daughter Jessie.
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