Classic car insurance is coverage for vintage and classic cars to provide breakdown and legal protection. It’s important to ask for the agreed value cover, which is a specialised classic car policies that cover the car for its true value as a classic, and not the current market value which may devalue it. In this article, it will answer questions about classic car insurance.
Classic car insurance
If you own or are looking to purchase a classic car, it is important to understand the options and rules for classic and vintage car insurance. Read below to learn more about how insurance classifies classic car insurance, the coverage and how age makes a difference.
What is a classic car insurance?
Classic car insurance provides coverage for vintage and classic cars. The car quotes received may be either the standard cover or the agreed value cover. The standard cover will be the car at its current market value, and that may be lower than its value as a classic car. If that’s the case, it’s important to look into the agreed value cover, which is a specialised car policy that covers the car for its true value as a classic, and not the current market value.
All pre-1973 vehicles are pre-exempt from road tax. For qualifying as a classic car, it’s generally:
- Age. In the UK, there is no fixed age for a classic car. For insurance coverage, a classic car is any car older than 15 years.
- Modern Classic. A car can be a modern classic despite its age.
- Insurer. It’s up to whether the insurer will classify the car as a classic. For this reason, it’s good to do a careful review and comparison of insurance policies.
How does classic car insurance work?
There is no standard definition for a classic car, besides being more than 15 years old and sometimes at least £15,000. For many individual insurance providers, they will have different criteria when deciding what is classified as classic car insurance.
While you can sometimes pick a normal full coverage car insurance, it could be that choosing a specialist classic car insurance policy is a smarter move. Classic car insurance will often assume that drivers use their classic cars less, and are kept in better condition. With these characteristics, classic car insurance is often cheaper.
Classic car insurance rules
Before you purchase classic car insurance from a provider, it’s important to understand the rules for how providers define a classic car, the age group limitations and other policies.
What age does a classic car have to be to get insurance?
In the UK, there is no fixed age group to qualify as a classic car. For insurance coverage, a classic car is any car older than 15 years. Because of that, a car can be classified as a modern classic.
In addition, it is up to the insurer for how they will classify the car as a classic. For this reason, it’s good to do a careful review and comparison of insurance policies.
How old does a car have to be to be considered a classic?
As mentioned above, there is not fixed age group to qualify as a classic car in the UK. Ultimately, it is up to the insurer to figure out how they will classify the car as a classic.
What makes a car a classic car?
For insurance coverage, a classic car is any car older than 15 years but there is often heated discussion around what makes a classic car.
There are categories for antique cars:
- Veteran – built before WW1
- Vintage – Built before 1930
- Post Vintage – between 1930 and the end of WW2
According to Admiral, classic cars have to resonate with people, and often contain nostalgia for the consumer. While looking for classic car insurance, it’s important to know your vehicle, environment and what type of insurance you’ll need for it.
Classic car insurance for drivers under 25
Classic car insurance for drivers under 25 year old driver is sometimes available, but is not widely advertised. For example, one available option is with Footman James. For insurance companies that do not state under 25 year old coverage, it’s recommended to call directly for more information.
Classic car insurance for a 17 year olds driver
Classic car insurance for a 17 year old driver is sometimes available, but not widely advertised. For insurance companies that do not advertise insurance for 17 year olds with classic cars, it’s recommended to contact them directly for more information. One example to reach out to is Footman James, which does offer Classic Car Insurance for Young Drivers.
Cheap classic and multi car insurance in the UK: Compare quotes and the market
The easiest way to get cheap classic car insurance is to use one of the many online comparing services. Stay tuned for some comparison sites below.
Multi car Insurance groups at Go Compare
Multi car insurance allows you to bundle all your car insurance together with a single insurer, either with multiple policies held together or a single policy for all vehicles. If you do this, you may be rewarded with a discount on your policy.
Read more: Go Compare
What is specialist car insurance?
Specialist car insurance is a group for car insurance that does not fit into the normal bucket. This may include the following types of car insurance: classic car insurance, learner driver insurance, imported car insurance, performance car insurance, among others.
When investigating insurance options for your vehicle, look for this section to see if they provide the specialised car insurance that you need.
Read more at MoneySuperMarket.
Is my classic car insured?
The easiest way to check if your classic car is insured is to run its registration number in the Motor Insurer’s Database (MID). The site will tell you if the car is insured, along with the make and model of the vehicle. For an additional £4, you can find out the insurer’s name or any other policy details.
Selected classic car insurance companies
Here is a list of some selected classic car insurance providers:
Car insurance at Lancaster Insurance
Lancaster Insurance was established in 1984 and specialises in arranging classic car insurance.
Read more: Lancaster Insurance
Car insurance at Adrian Flux Classic
Adrian Flux Classic has over 40 years of experience with classic car insurance.
Read more: Adrian Flux Classic
Classic car insurance at Footman James
Footman James is a leading specialised classic car and motorcycle insurance company with 30 years of experience.
Read more: Footman James
FAQ
Just like classic car enthusiasts, there are many more questions around their insurance and policies! Read below to learn more about classic car insurance and taxes, difference between vintage, and other topics.
How old does a car have to be to be exempt from car tax?
If your classic car was built or registered 40 years before January 1st of that year, it will be exempt from the car tax. This is a rolling date that will change depending on the year to always be 40 years prior.
For more information, check article on classic car tax the Gov.co.uk site.
Is it cheaper to insure a classic car?
Classic car insurance is usually much cheaper compared to normal car insurance. This is because classic car owners tend to take much greater care of their cars and the way they’re driven, so insurers reward their lower risk with smaller premiums. For example, the owner may only drive the classic car a couple days a year, or take greater care to keep their classic car in pristine condition.
What is a vintage car?
A vintage car is an old automobile and in the narrower senses of car enthusiasts and collectors, it is a car from the period of 1919 to 1930. Due to the specific date range, a vintage car differs slightly from a classic car, although the term may be used interchangeably.
How old does a car have to be to be vintage?
A vintage car must be from before World War 2, often specifically between 1919 to 1930.
What is the difference between a vintage and veteran car?
The difference between a vintage and a veteran car is the date the vehicle is made. A veteran car is made up to and includes 1918. A vintage car is made between 1919 and 1930, although the term is often used to describe any car made before World War 2.
References
https://www.confused.com/car-insurance/classic
https://en.wikipedia.org/wiki/Vintage_car
http://www.theopenroad.co.uk/Classic-Vintage-or-Veteran
https://www.gov.uk/historic-vehicles/vehicles-exempt-from-vehicle-tax
http://www.moneysavingexpert.com/insurance/classic-car-insurance
https://www.moneysupermarket.com/car-insurance/classic-cars/
http://www.admiral.com/magazine/features-and-competitions/what-makes-a-classic-car
