Which Level Of Classic Car Insurance is suitable for you?

Having decided to buy a classic car, one of the things that you will need to arrange is some form of classic car insurance. When it comes to selecting this type of insurance you will find that you have a number of choices including different levels of cover.

Third party insurance will cover you for damage caused by your vehicle to other vehicles, people and property should you be involved in an accident but it will not provide any cover for your own car.

there are different levels of classic car insurance so you should be aware what each covers

Third party fire and theft will cover you for everything under third party cover plus insure your car against its theft or being set on fire.

Laid Up cover will protect your car whilst it is off the road having been declared SORN (Statutory Off Road Notification) and garaged perhaps whist it is being restored and will cover you for theft or fire damage.

Fully comprehensive insurance will cover you for everything that third party fire and theft provides but also will cover you for damage to your own classic car if involved in an accident even if that accident is your fault.

So, now you know the options, you need to decide which is best for you. Ultimately, you must make that decision but in doing so you may wish to ask yourself a number of questions some of which are detailed below.

If you are buying the classic car to restore it and it is not going to be taken on the public road network and is to be garaged would Laid Up cover match your requirements?

If the car is only worth £500, are you bothered about paying potentially hundreds of pounds for fully comprehensive cover when you may be able to arrange either third party or third party fire and theft cover for less and, if it were written off in an accident, would you just be able to dig into your savings account to the tune of £500 to buy a similar classic car?

However, if the car is worth £100,000, and you were involved in an accident that was your fault and your car were written off would you not have been better arranging fully comprehensive cover so that a replacement vehicle could be bought?

You also need to consider the cost and what your budget is for arranging classic car insurance as the various levels of cover are priced differently.

Hopefully, we have given you food for thought but you may wish to get some advice before making your final decision.

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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