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In recent years, more than at any other time, there has been a vogue for owning and driving classic cars. What constitutes a classic car is often a matter of opinion. Obviously, some cars are deemed a classic because of their age, or because the manufacturer may have gone out of business, amongst other reasons. At it’s most basic however, if you have a car that is more than fifteen years old, and with less than 70,000 miles on the clock, you could have a classic in your garage.
Calling a car a classic is not solely determined by the age of the vehicle. It’s possible to insure a brand new vehicle as a classic car, providing you meet the insurance company’s requirements. If the car is actually vintage, or pre-1960, you won’t need to have an MOT certificate, but will need to prove the vehicle is still road worthy.
Getting Classic Car Insurance
Don’t go looking for classic car insurance yet, as insurance companies have strict policies in this area. Most vehicle insurance relates to things like accident, theft, and the age of the driver, but classic car insurance is generally based on how often the car is driven. Classic car insurance is cheaper, because the less often a vehicle is driven, the less likely it is that something will happen to it. When you go to insure a classic car, most brokers will want to know whether you own another vehicle, as this will determine how often you drive your classic. Insurers need this information before they can calculate your premium by determining how often the car is used. You can get much lower premiums on classic car insurance, providing that most of the time the vehicle is locked up and stationary.
Premiums and Risk
If you do drive your classic car from time to time, the insurer will want to know what distance you generally cover. Some companies will put a cap of between 5,000 and 7,000 miles on your classic car. Distance motoring takes its toll on a vehicle, particularly a much older car. If you do travel far in your classic, then it could make your premiums higher. According to This is Money, if your classic car was made before 1974, you won’t have to pay road tax. If you drive your classic car regularly, then you can expect the insurers to put a mileage cap on the policy.
Things to Consider
Driving a classic car often, or over considerable distances will make your premiums much higher. If there is a mileage cap on your car and you exceed that, it could invalidate any claim you make if you have an accident. Classic car insurance can be less than half the price of your regular premiums – if you can stick to the rules, and not drive it much! If your classic is a high performance car, and you drive it regularly, then you can expect your premiums to be a lot higher.
