If you are a vintage car owner, you may be having trouble obtaining an affordable vehicle insurance policy. However, there are a range of specialist motor insurers who can offer lower premiums than some of the larger main stream insurance companies. Read our guide to classic car insurance and see if you could save on your policy.
The age of your car is obviously a determining factor when it comes to motor insurance. If your car was produced at least fifteen years ago then it can be termed a classic car, but if it was produced before 1993 and after 1903 then it is termed a vintage model. If you have an even older vehicle than this, it is termed a veteran car.
The definition of the term Classic Car can actually vary from insurer to insurer. The dates used as cut-offs when determining car insurance categories are different at each insurance company, so you need to be sure of the age of your vehicle before you go shopping for car insurance.
This difference in premium pricing highlights the importance of gathering as many quotes as possible before signing on the dotted line. The difference in classification could save you money if you find an insurer who terms your car a classic car rather than a vintage automobile.
Some of the larger car insurers do now offer some form of classic car cover. However, their level of cover can be rather general, and you may find that their insurance premiums can be higher than that of some specialist firms. So it is recommended that you do not just limit your search to the big insurers only.
You can lower the cost of your policy by ensuring that your car is in as good a shape as possible. Having your vehicle serviced and repaired as fully as possible before applying for insurance could result in reduced insurance premium costs.
When you find a policy you like, make sure that you take out a guaranteed agreed valuation before signing that policy. This is the official value awarded by your insurer should your car be stolen or damaged beyond repair. This amount needs to be guaranteed to ensure that your insurer will pay out this full amount.
All that needs to be done to get a guaranteed valuation figure is for you to talk to your proposed insurer before you sign any cover policy documents. It is then their job to value the car and guarantee you that valuation amount. This may cost you a small sum, but skipping this step could prove to be a very big false economy.
