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Classic Car Insurance

If you`ve invested in a classic car then the chances are that you will want to protect your investment by ensuring that you have the right insurance in place. Classic car insurance can differ from standard insurance so it is important to make sure that you select the right product.

If you have been a classic car enthusiast for a while and only drive during the summer months then you may have previously only insured for this period. It is worth noting that the law has been changed and, if your car is taxed then you need to have insurance. If you will not be driving your classic car at all then you may want to apply for a Statutory Off Road Notification (SORN) so that you are exempt from both tax and insurance requirements.

Classic car insurance

One of the benefits of classic car insurance is that it is often cheaper than standard motor insurance as classic cars are usually better maintained and used less frequently than other vehicles. It is important, however, to make sure that you choose an appropriate policy. There is no standard insurance definition of a classic car and what counts as one varies between insurers. Some count cars over 10 years old as a classic others insist they must be 15 so it is important to check. Many standard motor insurers can cover classic cars, however, there is also a specialist classic car insurance market so it pays to shop around.

Whilst a classic car insurance policy has many similarities to a standard motor insurance policy there are some important differences. Most modern policies pay the market value of your vehicle if it is written off. Specialist policies for classic cars differ in that they operate on an agreed value basis. This means that you agree the value of the vehicle when you take out the policy. This is especially important for classic car owners as it is not always easy to assess the market value of a vehicle.

It might be necessary to provide evidence of the vehicle`s value, often by way of an independent expert valuation. It is a good idea to ensure that the value is reviewed regularly as many vintage cars increase in value rather than depreciate as time goes by.

Many classic car owners want to ensure that if their vehicle is damaged and requires replacement parts that those used are authentic. If this is important then it is a good idea to ensure that the policy provides cover for genuine replacement parts.

Limitations on cover

Most insurers set out a maximum annual mileage that the policy will cover. This is usually in the region of 7,500 miles per annum. If you will be driving more miles than this then you should check the insurer`s position in advance. Whilst some policies allow for further miles with notification, on others the policy will be invalidated.

Whilst classic car policies will usually cover special occasions such as shows and rallies they would not normally provide cover if the vehicle is hired out, for example, for weddings. This is because private car policies contain a "hire and reward" exclusion so specialist cover would be required.

One final point to note is that you do not get a no claims discount with classic car insurance so it is always a good idea to check that your insurer is still competitive when you come to renew your policy. And, with your insurance organized you can then check classiccar.com to find out what classic car events are on so you can show off your pride and joy.

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