If you are the proud owner of a classic car then you may be deliberating on whether you should have it insured or not. Any type of insurance is about weighing cost against risk and sometimes with a classic car it can be tempting to assume it isn’t at much risk, especially if you only drive it occasionally. The truth is, a classic car is often irreplaceable and it would be incredibly foolish not to protect it properly. Often classic cars attract a lot of attention but unfortunately it’s not always the attention you want, with thieves and vandals often being attracted them.
How Classic Car Insurance is Different
If you haven’t insured a classic car before then you probably won’t be aware of the unique options that are available with a classic car policy. Classic cars are unique in that, unlike modern cars, they do not depreciate in value as they age. In fact a lot of classic cars will continue to gain value as they get older. This means that when insuring your classic car, you ensure that you know the value of your vehicle.
Because the value of classic cars can be a contentious issue, many owners will opt for an agreed valuation policy. What this means is that prior to taking out the policy, both you and your insurance provider agree on a valuation for your car. This is ideal as it prevents there from being any disputes should you need to make a claim and gives you the guarantee that you’ll receive the full value of your car should it be written off.
Another option available with a classic car policy is a limited annual mileage agreement. Since many classic car owners only use their car infrequently, many of them opt to have a limited mileage clause in their policy. This means that your car will be covered provided you do not exceed the agreed annual mileage. This is an excellent way for you to save money on your policy as it means your car is at less risk which in turn means your insurance provider is less likely to have to make a payout.
It’s also possible to have your car covered even if you do not drive it. Many people enjoy maintaining and modifying classic cars without actually driving them. If this is the case then you can get what is known as laid up cover. This is a special type of cover that’s designed to protect classic cars when they’re not on the road.
Now that you’re aware of the options that are available for classic car cover, why not take the first step and get some quotes. By filling in some basic information in the form on this site you will receive quotes from several different providers who specialize in classic car insurance. This means you can compare them side by side and make an informed decision as to which one best suits your needs and budget.