FREQUENTLY ASKED QUESTIONS

What is the definition of a classic car?

The Inland Revenue define a classic car as having a minimum value of £15,000 and being a minimum of twenty years old.

However, for insurance purposes, there is no "hard and fast" rule as it varies between various classic car insurers with some saying a car that is ten years old can be classed as a classic car through to some insurers insisting the vehicle must be at least 20 years of age.

Therefore, it is prudent to check with the insurer in this respect.

What type of classic car insurance can you get?

There are the usual three types that you can choose from that are also available with ordinary car insurance - third party, third party fire and theft and comprehensive but there is a fourth option with classic car insurance and that is called "laid up cover." At some point you may have to spend some time restoring or repairing the car and thus take it off the road whilst the work is undertaken. Laid up cover provides cover for the car in the event of fire, damage or theft as long as the car is garaged and the vehicle is declared SORN.

What is "agreed value"?

If you were just to insure your classic car for the market value that may not reflect its true value whereas, if you were to agree its value with the insurer following an expert's valuation that is the sum that will be paid out. Obviously, the premium may well be higher using such a valuation.

Are you limited as to the number of miles per annum you can drive the car?

Yes, insurers have different levels of mileage that you can choose to be covered up to ranging from around 1,000 to a maximum of 7,500 and this is reflected in the premium. Check with the insurance company if there is an option to exceed the maximum miles permissible.

What does it cost for classic car insurance?

There are numerous insurers of classic cars so competition between insurance companies is likely to have a positive impact on premiums. Furthermore, classic car insurance tends to be cheaper than ordinary car insurance because classic cars are not driven as many miles as ordinary cars and tend to be better looked after.

Can you build up a no-claims bonus?

No this is not an option with classic car insurance.

Are you covered if you attend classic car shows?

In the UK classic car insurance normally covers you for these events but if you were to travel abroad to one an additional premium is likely to be payable.

Does a member of a classic car club receive a discount on their premium?

Many insurers do provide a discount.

Is classic car insurance cheaper if an alarm is fitted?

Many insurers would provide cover at a lower premium if suitable security devices are fitted such as immobilizer, alarm and/or tracking device and if the vehicle is kept in a garage overnight.

Are you covered for travelling abroad?

Normally you are for up to 90 days a year but see above re attending classic car shows abroad.

How long does it take to arrange cover?

This can usually be done immediately either over the telephone or online so you could soon be driving your classic car around re-assured that you are covered.

Is it possible to pay classic car insurance premiums monthly?

Yes, but many insurers charge you interest for doing so.

Who can drive the car?

Only named drivers on the policy.