Classic Car Insurance

Classic Car Insurance: Protecting Your Pride and Joy

Owning a classic car is about more than just driving; it's about a passion for history, design, and craftsmanship. Your cherished vehicle deserves a bespoke insurance policy that recognises its unique value, which is why a standard car insurance policy often isn't the best fit. Classic car insurance is specifically designed to protect these irreplaceable assets, giving you the peace of mind you need to enjoy every mile.

At The Comparison Expert, we understand that your classic car is a treasured possession. This guide will help you navigate the world of classic car insurance, explaining its key features and benefits so you can find a policy that truly values your investment.

What is a Classic Car?

The definition of a classic car can vary between insurers, but it is generally based on more than just age. Insurers will typically look at a combination of factors, including its age, its usage, and its value and condition. While there is no fixed rule, a car is often considered a classic if it is 15-25 years old or older, not a vehicle for daily use, but rather for leisure drives, shows, and events. It is also expected to be well-maintained, in excellent condition, and to have a value that goes beyond a standard vehicle of the same age. Secure storage, such as a locked garage, is often another key consideration.

Key Features of Classic Car Insurance

Unlike standard car insurance, a specialist policy offers crucial features that protect the unique value of your vehicle. Perhaps the most important feature is 'Agreed Value'. With this, you and your insurer agree on a value for your car at the start of the policy. In the event of a total loss, you will be paid this pre-agreed amount, not the depreciated market value. Policies also often come with a limited mileage, typically 2,000-5,000 miles per year, which reflects the occasional use of a classic car and helps to lower your premium. Another benefit is 'Lay-Up Cover', which protects your vehicle against fire, theft, and accidental damage while it is off the road and in storage or undergoing restoration. Finally, 'Salvage Retention' is a feature that allows you to keep the vehicle's remains if it is deemed a write-off, which is vital for enthusiasts who want to salvage parts.

Why Choose a Specialist Policy?

For many drivers, a specialist classic car policy is not only more comprehensive but also more affordable than a standard policy. This is because insurers recognise that classic car owners are a lower-risk group. They take meticulous care of their vehicles, drive less frequently, and often have a clean driving record. Your passion and careful nature are rewarded with a premium that reflects your low-risk profile. By comparing policies from specialist providers, you can find a deal that includes all the features you need, from multi-car discounts to cover for spare parts and European touring.