When you’re buying car insurance for your classic always remember that it’s a bespoke purchase and needs your full attention. It’s not the same as getting insurance for your daily driver.
Although very similar to your standard car’s policy the process needs to be much more considered, handle it with your cars best interest in mind. As the saying goes ‘we don’t own classic cars we are just their guardians’. This is very true especially if you’re thinking about insurance.
It’s a much safer option to go with a specialist in classics, even a specialist in your chosen marque’. There are plenty around nowadays who will help you to protect your cherished, hopefully appreciating asset.
Insurance is something none of us enjoy paying. I can assure you though, having worked in the crash repair industry and seen this first hand, that the owners who take the care in the beginning are the ones who have a much less pain during the claim process. Hopefully that dreaded day never arrives but no matter how careful you are it can’t be avoided for some.
You probably won’t find your classic on the menus of the comparison sites and the service certainly isn’t tailored enough for most classic cars. Specialist classic car brokers have a better track record than price comparison websites, they are committed to serving the individual needs of their customers, they also know the right insurer to approach for your car. I would never go any other route for one of my own cars.
Whether you own a ‘modern classic’ Peugeot 205 or an antique Rolls Royce my advice to you is get an agreed value, and get an accurate one.
An agreed value means that the insurer agrees in advance that if there is a total loss they will pay the agreed amount. I’ve known of cases where classic car owners without an agreed value battle for 6 months over the value of a car and finally make an agreement which still isn’t great.
Most classic car policies will include this but in many cases there is a charge. So check the cost and also the terms. Most ask for a specialist or owners club to provide the value for you.
Always track the market too, make sure you monitor any changes. Get your agreed value revised as time passes and the values inevitably change. Some of the modern classics have appreciated by over 50% annually at times and you don’t want to find yourself unable to get a ‘like for like’ replacement with your payout.
This is by far the most important area of your policy.
When completing your vehicle details for your policy, be as honest as you can. I’ve known of cases with modern classics where the insurance claim has been voided due to undeclared modifications. I understand it’s tempting to keep the policy cost down but insurance is one of those expenses that nobody likes, it just seems like wasted money, until you need it. Then it’s the most important thing in your world!