Many classic car owners would not be shy about calling themselves an enthusiast — after all, love of anything usually involves a degree of passion! And while joining a classic car club brings its own social perks such as meets and days out, it usually brings financial benefits too. But the biggest savings from being a member can come on the cost of your insurance.
Many insurers see joining a car club as further proof of commitment to careful driving — and charge you less as a reward. Not all brokers or insurers will offer it, and the size of the discount will depend on other variables such as how often you drive, the age of the car etc. But if you're going to join a club anyway for the other benefits, cheaper insurance will be a huge bonus. Drive a modern car and if it's stolen or written off in a smash, getting an insurance payout is often simple, as most new cars bought and sold in the UK are easy to value — and insurers know how much it'll cost to replace.
The rules are different if you own a classic car. With older models — and particularly those that are in demand or have been extensively modified — knowing how much the car is actually worth is not easy to work out. The value of the vehicle can swing hugely, for example if collectors especially from overseas develop an interest in a given model. So when you sign up to buy the insurance, insurers tend to ask you to settle on an 'agreed valuation'.
This involves you agreeing the fixed size of any payout if disaster strikes, MINUS any policy excess. When you take out an agreed value policy, you don't usually just get to tell your insurer what you think your vehicle is worth and vice versa — you'll need some sort of official estimate of its worth. If you were to join one, many classic car clubs have valuers with thorough knowledge of your car type and model.
Their specialists will be able to give you a document, usually bearing the club logo, as evidence of market value. However, in most cases, an insurer will want a valuation certificate from an independent vehicle valuation expert.
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Because car prices fluctuate so much, if your classic motor's value moves up or down a lot, you'll need to have it reviewed regularly — at least once a year, which can cost you. You might also find insurers ask for photos of the vehicle and, if you've had a lot of restorative work done, ask for bills showing payment for this, as supporting evidence of the vehicle's value.
If your beloved classic is badly damaged, it may be so severe that it costs the insurer more to get it repaired than the payout for its market value. In other words, the insurer would be left out of pocket.
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When this happens, you can accept the car's a write-off and take the payout, or — particularly if you're keen on using what can be salvaged, if possible, for spare parts — buy the wreckage back off the insurer. This can set you back thousands of pounds depending on the model but, if you're an avid classic car fan, you may want to keep the vehicle's remnants. If this is the case, pick a classic car insurance policy that includes 'salvage retention' — not all do, and while many will include it for a small fee, plenty will include it as standard.
As with standard car insurance, you need to tell the insurer about any modifications, whether for cosmetic, performance or safety reasons. Given their age, many classic cars will have undergone alterations to be roadworthy. Generally, the most common mods include:. This is because anything which pushes up the vehicle's value needs to be taken into account, especially when it affects the cost of any payout in an incident. However, unlike with modern cars used for daily driving, where modifications are seen as higher risk by insurers, a modification is par for the course with a classic car.
Without them, many wouldn't be roadworthy — and insurers understand that they're being done not to make the car go faster, but to preserve it. So instead of being the norm, a modification is to be expected — this allows insurers to be able to reflect this in lower premiums. Normally with car insurance we suggest you use comparison sites which fire your details to dozens of insurers' and brokers' websites in seconds to find the cheapest quotes.
But here it's unlikely they will return accurate classic car quotes, as the potential for variation, such as the yo-yoing of a vehicle's value, makes it difficult for them to capture it all accurately. So in the spirit of your set of wheels it's a return to the old-fashioned way of doing things A number of specialist brokers offer policies for classic cars, plus unusual vehicles such as high-performance road cars, American 'muscle' cars, military vehicles or old campervans. These brokers will all search a host of different insurers for you.
This means their deal may be great for the first year but you'll need to remember to check 11 months in to see how their premium measures up against rivals at the end of the year. Don't forget to factor in the likely cost of car valuation with a new insurer too if you decide to switch. It doesn't mean your policy at renewal will always be expensive — it may even be one of the cheapest — but the issue of charging a fee for renewing a policy is not one that MoneySavingExpert.
Those listed below have been picked for breadth of cover, based on our research and reviews — it'll be worth checking as many of the following as you can for a broad range of quotes as they don't all search the same insurers. Its website also offers a useful car valuation tool to help you get an idea of your car's worth. Its website also includes interesting potted histories of some classic car makes. Its online application process was also one of the easiest and quickest to complete.
If you've time you could always try a general broker.
How to Find the Best Classic Car Insurance
But if you're looking to renew with your current insurer, it could be well worth it. Once you've called a batch of brokers as listed above and got the overall cheapest price, pick up the phone and haggle with your current insurer — if it can beat or match your best quote it saves the hassle of switching policy. Although this is a message we give out for when buying any type of insurance policy — always double-check the policy terms — it's particularly important for classic car cover because of its nature.
With all the different variables — mileage, type of use, age of car, modifications etc — your policy must be tailored to your exact requirements, so check. Claiming on your classic car insurance shouldn't be daunting and if you understand the terms and excesses on your policy you shouldn't be in for any nasty shocks. Follow these three simple steps in the event you need to claim If your classic car is stolen, you'll need to get a crime reference number to make a successful claim on a home or specialist insurance policy. Report the incident to the police as soon as you can to make sure your claim doesn't hit the skids.
Contact your insurer as soon as you can to avoid any administrative hold-ups; if it's a complex claim, it may take a while to be processed, so the sooner you start, the better. It'll always come in handy in any claim to be able to show proof of purchase or receipts for modifications if requested.
First, you need to complain to your insurance company directly. The ombudsman is an independent adjudicator which will make the final decision on a claim if you are locked in a dispute with your insurer. Cheap classic car insurance. If you go through it, it can sometimes result in a payment or benefit to the site. It's worth noting this means the third party used may be named on any credit agreements.
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Classic car insurance
For example, modifications are an important aspect of classic car ownership, as are repairs — they have to be just right, rather than done by the cheapest or nearest mechanic. To find out more about how classic car insurance through Carole Nash can help you save on the costs of your policy while keeping your pride and joy covered, call us today. Most comprehensive classic car insurance policies include third party only cover for driving in Europe. Check with your insurer, and if your cover is limited, you can look to increase your level of insurance. Some vehicles can experience a surge in value.
This can be due to a number of factors, such as being featured in a film or TV show. The most common is its nostalgic value. As time goes by and the car is no longer being made, people with fond memories of it will long to own one. Check the acceptable alterations here. Plus, the level of car care from the owner is usually higher. Classic car insurance also tends to increase at a much steadier rate. Whilst classic car insurance is usually cheaper than normal car insurance and the same factors are taken into account, insurers generally require it to fit a combination of the following:.
It all depends on the type of modification you add to your car. Whilst there are no set rules to define classic and vintage cars, there are a number of factors to be taken into consideration. Some people abide by the following breakdown:. Quote over the phone Quote over the phone Quote over the phone Classic Car Insurance Join the insurance comparison revolution.
I want to quote online I want to quote over the phone I want to quote over the phone Retrieve your quotes here. As seen in:. Cheapest Price Guarantee. We love Classics as much as you. Doing it the old fashioned way. Call: Call: Call: