Classic Car Insurance vs Standard Car Insurance

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.

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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