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Classic Car Insurance Guide
Car insurance is a significant expense. However, it is a necessary evil; particularly for classic car owners.
The big mistake that many classic car owners make when they are shopping around for car insurance is simply opting for the cheapest deal available. However, this often turns out to be a mistake as many cheaper policy may not include additional features which you may expect to come as standard.
Things to look out for
Do you expect legal cover to be included as standard in your classic car insurance policy? If so, it is recommended that you check all of the details in the policy in order to make sure it is included as many cheaper insurers may exclude it as a cost saving measure.
You may also be forced to fork out a higher compulsory excess with some of the cheaper policies. This would mean that you have to contribute a larger amount of money towards to cost of repairs whenever a claim is made, which would obviously reduce the insurers financial obligation to you.
Agreed valuation
However, this is not the only way that some insurers are attempt to reduce their expenditure.
All insurance companies will ask you how much you believe that your vehicle is worth prior to offering you a car insurance quote. But when it comes to classic cars, this is particularly difficult to estimate.
Conventional vehicles which are the same age and mileage will all pretty much be the same price. However, the quality and state of repair of classic vehicles means that variations in the value of two examples of the same model can be particularly stark.
This often results in many cheap classic car insurance companies, who place less emphasis on quality, often disputing the overall value of the vehicle. This can result in the policy holder losing out significantly when a claim is made.
The only way to avoid this is to arrange for an official valuation to be carried out by an independent party. These can be arranged by the insurer, who can send a specialist to come out and survey the vehicle so as to come up with an overall value based on the specifications and condition of the classic car.
Authentic replacement parts
The overall value of your classic vehicle could be reduced if you do not ensure that any replacement parts which are required are not identical to those which were part of the original design specification. It is therefore best to avoid opting for the cheapest parts available.
Additionally, it is recommended that you avoid any modifications being made to your vehicle at all. This includes even minor changes such as changing the gear stick or seat to version which would not have been included in the original.
If these changes have already been made and your insurance company has not been informed, then this could invalidate your car insurance policy and mean that would not be eligible to benefit from any possible claims. It is therefore vital that you inform your insurer about any changes, even though it could lower the overall value of your vehicle.
Get cheap classic car insurance
However, this doesn’t mean that you shouldn’t benefit from the cheapest deals possible given your requirements; with their being a number of things you can down to lower the quotes on offer:
· Reduce your mileage- The more miles you complete, the more likely it is that you will be involved in an accident and be forced to make a claim on your car insurance company. It is therefore recommended that you keep your stated mileage allowance as low as possible so as to benefit from the cheapest possible premiums. However, remember not to set an allowance that you know you will exceed as this will invalidate any claims you make. It is a difficult balancing act.
· Park securely- Cars which are parked in a secure location such as a locked garage or even a private driveway are statistically less likely to be either stolen or vandalised than a vehicle which is left exposed on the side of a public street. Insurers are more than aware of this and will therefore offer cheaper premiums to people who park in more secure locations.
· Stick to the rules- Do not do anything which would warrant a driving penalty, as these can have a potentially devastating impact on your premiums as insurers will assume that you will be an unsafe driver.
· Purchase online- Many insurance companies will now offer discounts of up to 5% off the cost of premiums to customer who purchase online. This is due to the potential for them to reduce admin costs.
· Compare deals- You will stand a better chance of finding the cheapest deal available to you which matches you requirements if you shop around and compare deals available through as many different car insurance companies as possible. The quickest and easiest way of doing this is to utilise online price comparison websites.
