Classic Elite
How to obtain a Classic Car insurance Quote
If you have not owned a classic car before it is important to realise that there are basic differences between what is known as a standard car insurance policy and the cover offered under one defined as classic car insurance, from a specialist car insurer.
As a classic car owner it matters not if you drive a perfect condition MGA from 1970, a beat up old triumph Herald from the 60′s, it is essential that you find the best classic car insurance cover for your cherished motor, that covers your individual risks at prices that won’t break the bank!
Different car insurance companies have different definitions of the age and type of vehicles that can be covered under this type of cover..
The major variation between a standard policy and those offered by the classic car specialists is in the way that you use your classic vehicle, and in particular, how much you drive it.
The large mainstream insurers and price comparison sites will offer cover for older cars but will charge an additional premium because of its age. More importantly you will only be offered the current market value replacement if the car is covered under a mainstream policy and is deemed to be a write-off when you claim.
You will also probably not be offered the salvage and a repairable classic car may often be deemed a write-off because the cost of repair is uneconomic to the Insurer.
If you purchase a specialist classic car policy you will be offered a choice of either an agreed valuation of the classic cars worth or a policy based on market value.
An agreed valuation amount is the amount that the insurance company will pay out in the event of a claim that results in a write off. This is a major benefit of insuring classics under specialist policies because it ensures that you are not just properly covered but will also receive the specialist repair services that your classic will require should you claim.
It should be noted that even agreed valuation polices can change and you should ensure that the value is guaranteed for a certain period of time to avoid fluctuations in market values.
If you make changes to your lifestyle and you will be eligible to apply for all sorts of non standard specialist car insurance that is tailored to a particular genre or lifestyle group or club.
Classic car insurance policies are now based primarily upon usage limits and consequently tend to reflect the fact that classic cars are used differently than a normal everyday car, although the all types of use will still apply.
Types of Use
1. social, domestic, pleasure
2. business and commuting
3. for hire and racing
Many a beloved classic motor will stay under wraps in the garage for many a month and is only brought out and paraded for special occasions and events.
Most specialist motor underwriters therefore appreciate that you may need a more tailored and flexible type of car insurance for a classic car, one that allows you to fit the policy around what is effectively your lifestyle risk. Your risk levels are calculated upon the way you use the classic car and the number of miles distance you cover in that car each year.
These so called rating factors are adapted to play a much larger role in the calculation of a classic car insurance premium than the traditional factors that weigh heavily in standard car insurance premium calculation, such as Age or Gender.
Price has tended in the past not to be a large driver in the classic car insurance market, where quality of cover for cherished vehicles has always been seen as the primary marketing message. Underwriters have appreciated that the classic car is quite often considered as a ‘baby’ within the family unit and may in the past have taken advantage of the object irrationality when considering price.
It is now possible to obtain tailored online cover for even the most obscure car marque and the introduction of online underwriting has introduced a welcome level of competition into what had become a stagnant market. Group and affinity market buying power has also helped stimulate growth and push premium prices down through bulk buying power schemes. Whatever aspirations you may hold as a classic car owner it appears that with technology you are more increasingly likely to be judged financially by your lifestyle than its trappings that you must insure.
The Internet has made it very easy to compare Classic Car Insurance that were previously only available from specialist car insurance brokers on the high street.
You can find classic car providers offering bespoke schemes for your particular classic by searching for your model type e.g Volvo classic car insurance.
To compare classic car insurance online visit the UK’s leading classic car insurance specialists or call 0800 089 0182
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