A simples guide

Do I need classic car insurance?

Is your ‘classic car’ your pride and joy? Is it a genuine classic or are you talking about that rusty old banger in the garage? Well, you might be surprised to learn that even if it is a dodgy tin can on wheels, it could still be a classic. That’s because the definition is pretty fluid, depending on who you ask.

At comparethemarket.com, we offer insurance for vehicles built from 1970 onwards, so if your car is any older you might need to consider specialist classic car insurance.

When does an old car become a classic car?

In truth, there’s not really a definitive answer. If you’re using car tax exemption as a cut-off point, then any car that’s aged 40 years or older is a classic. If, however, you ask HMRC for a definition, then it’s anything that’s at least 15 years old and worth a minimum of £15,000. Ask a random selection of insurance providers and they’ll probably all tell you something different.

In short, a classic car is like beauty – it’s in the eye of the beholder. But, as a general guide, here’s what the car connoisseurs say.

list of classic cars

My car’s pretty old. Do I need classic car insurance?

Because there’s no hard and fast rule about what a classic car is, it depends on the insurance provider. Most mainstream insurance providers will insure cars built from the 1970s onwards, so if you’ve got something older you might need to consider specialist classic car cover. 

What do I need to consider with classic car insurance?

One thing you should look out for is an agreed valuation. This means you agree up front with your insurance provider how much your car is worth, so that in the event of total loss you can be reimbursed.

And it goes without saying that if you’ve modified or restored your car, then you should let your insurance provider know. Not doing so could invalidate your policy, or you run the risk of short changing the value of your prized possession.

If you’re deciding whether or not to invest in a classic car, then bear in mind that parts might not come cheap. Let’s be honest, classic is just another word for old and old in the context of cars can mean it’s hard to fix and find parts for. So, while you have a hankering for something cool and vintage, the demands on your wallet might not be so welcome.

 

How can I lower the cost of my classic car insurance?

Classic cars don’t benefit from the security features we have these days, so it’s wise to think about getting your car fitted with an approved security system. This could help when you’re out and about – but you may need to speak directly with your insurance provider to get any saving reflected in your premium. Also consider getting a tracking device fitted. That means if the worst happens and someone makes off in your beloved classic, then you have a chance of getting it back in one piece.

It’s also worth knowing that if you limit your mileage, you could get some decent discounts (just make sure you’re honest about how much you’ll be driving your classic). You might also get some money off your insurance if you join a recognised classic car enthusiasts’ club – so get signed up.

How can I find the right classic car quote?

That’s the easy bit – you can search for a quote right here with us, at comparethemarket.com. You just need to tell us about you and your car, and if it’s a post-1970s classic car, we’ll do the rest.

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