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.
Because vehicle insurance firms do not have to stick to these date marks when categorising their cars, firms have very different qualification dates from one another. You may ask for a quote from one insurer who tells you that you have a vintage car, while the next may class your vehicle as a veteran model.
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.
One way of reducing your monthly insurance outgoings is to keep your car in as good a condition as you can. The better shape your car is in, the lower your premium is likely to be. So investing in a little repair and maintenance prior to applying for your car cover could pay off sooner than you think.
Sometimes the amount agreed on the valuation of a vehicle is not met by the insurer when a vehicle is stolen or written off. Before signing any policy agreements, you should ensure that the agreed valuation figure is guaranteed, so that you are safe in the knowledge that your insurer has promised to pay this guaranteed sum.
Getting an agreed valuation can cost a little extra, but it is worth it in economic terms should anything happen to your car. Insurers usually charge a small fee for obtaining a guaranteed valuation, and this can be paid outright or added to your policy.
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Author: Alex McKoy
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