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Options for classic car insurance.

The usual use of the term classic when describing a car is applied when the car in question is built after World War II but no later than the end of 1973. This definition is commonly also applied to vehicles over 10 years of age and considered worthy of being collectible.

Five famous classic cars are:

• Jaguar E Type (1961-1974) – Probably the most famous British sports car of all time. During its 14 year production run more than 70,000 were built, including a v12 version from 1971 until the end of production.
• Reliant Robin (1973 – 2002) – A household name in Britain thanks largely to the television sitcom ‘Only Fools and Horses’ and the comedy ‘Mr Bean’. Both series feature three wheelers that are often called Reliant Robins by the viewers but are in actual fact Reliant Regal Supervans. The actual Reliant Robin was re-launched a number of times over the years between first appearing and the end of production.
• BMC Mini (1959 – 2000) - The original Mini was considered a revolutionary car thanks to its it’s increased passenger capacity and small body and has influenced a generation of car makers.
• Volkswagen Beetle (1935 – 1985) – The original version of the VW Beetle is a cult classic that had a production run of over 50 years, it also at one time held the record for the most produced car in history, with over 21 million of them sold by the late seventies.
• Ford Capri (1969 – 1986) – The success of the Capri can still be seen today in the huge volume of parts still available and the number of owners clubs dedicated to it that can be found. During the 17 years it was produced over 17 million were sold.

What car insurance options are available for classic cars?

For car insurance purposes classic and vintage vehicles are divided into five categories:

• Veteran: Vehicles manufactured up to and including December 1904.
• Edwardian: Built from January 1905 and up to the end of December 1918.
• Vintage: Manufactured between the years 1919 and December 1930
• Classic: This will usually be applied to vehicles pre 1973 although exceptions occur.
• Cherished: Cars that are collectable or rare and aged between 5 and 10 years old

Not all insurers will be able to provide insurance for a classic car, but if you also have a conventional car that you use more regularly it would be worth asking your existing insurer for a quote as they may have a specialist department for classic cars and you may then also qualify for a multi-car discount. Be aware that the definition of a classic car may vary depending on the insurance company.

There are a large number of specialist insurance companies who would be able to offer a quote specifically for a classic car including but not exclusively:

• Adrian Flux
  Offer agreed value cover, laid up policies to protect classic projects, limited mileage cover, track and rally cover and wedding hire cover.
• Footman James
  Policies include agreed valuations, laid-up insurance, limited mileage agreements, and multi-vehicle insurance.
• Hagerty International
  Offer a range of benefits including agreed value, cherished plate cover, event and rally cover, limited mileage discounts, restoration coverage and salvage options.
• Heritage Motor
  Benefits here include agreed valuations, club member discounts, historic rally, sprint and hill climb cover, limited mileage discounts and multi-vehicle policies.
• Lancaster Car Insurance
  Offer discounts for members of car clubs and limited mileage discounts.
• Performance Direct
  Coverage available for vintage cars through to modern classics.

Some of the benefits offered by the specialist insurers are unique and may not be offered through standard car insurance policies. An example would be the agreed valuation option which is an agreement that guarantees the sum the car is insured for at the start of the policy rather than insuring it at ‘market value’.

The limited mileage discounts that are sometimes offered could cut premiums by up to 5% if you agree to drive less than 12,000 miles in your car for the year, this discount may even be greater if you can agree to drive to an even lower mileage limit. Car racing and other events are also popular in three wheelers so it would be best to check you’re properly insured if you plan to participate.

How to make a claim on your classic car insurance

It is important that you contact your insurance provider as soon as you can after the damage or theft has occurred – most insurers will have a 24 hour dedicated claims telephone line for just this case. You will typically be required to complete an accident report form and you should ask your insurer what supporting evidence or documentation they require to go along with it.

If your classic car has been damaged, consult with your insurer BEFORE you book it in for any repairs as they may be able to recommend you to an approved repair centre that may cut down on process times and avoid as much confusion as possible.

If you need to make a claim but are not satisfied with the service you receive from your current insurer, remember to shop around using a car insurance comparison website at renewal time.

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