Classic Car Insurance

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What is Classic Car Insurance?

Classic car insurance is a special type of insurance tailored for vehicles that are considered “classic” or “vintage”. The definitions for what constitutes a classic car can vary among insurers, but generally, these vehicles are older, often limited in production or of historical significance, and may appreciate in value over time, unlike most modern cars which depreciate.

Insurance for classic cars will also come with various other niche addons that would only benefit a classic motor.

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Classic Car Insurance

What our Comparison Expert Says

‘If you are the proud owner of a classic car, then you are likely gaining a valuable asset. Like any appreciating asset, correct and proper insurance is essential to ensure that should the worse happen, you’re covered correctly! We’ll connect you with classic car insurance providers who will help you find the right policy at the right price.’

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What Is The Difference Between Classic Car Insurance & Standard Car Insurance?

Standard car insurance will insure you for a wider range of risks than a classic car policy will. For instance, you’re unlikely to get classic car insurance if you use the car for commuting or general everyday use. You will be able to insure the car for these purposes, but you’d need to have a standard car policy.

Classic car policies on the other hand come with a number of other benefits often not found on a standard car policy.

Policy Benefits Specific To Classic Insurance

There are a number of considerations that can benefit you as a classic car owner purchasing insurance.

If you own a classic car or are considering purchasing one, it’s essential to speak with insurance providers who specialize in classic car coverage. They can offer guidance tailored to the specific needs and nuances of insuring such a unique asset.

Is My Car A Classic?

There is no clear cut answer to whether your car is a classic car or not.

The HMRC typically considers a car to be “classic” if it is at least 15-20 years old, but this can vary. It’s important to note that the specific age criteria, as well as other considerations (like the car’s condition, rarity, or historical significance), can influence whether an insurer deems a car to be a “classic.”

That said, there are a select few cars that, if driven in the sense of a true classic (low mileage weekend car), can be classed as a classic at a slightly newer age.

Many drivers think their car is a ‘classic’ well before it is. If your car is less than 10 years old, it’s very unlikely you will be applicable for classic car cover.

How Are Classic Car Insurance Quotes Worked Out?

Classic car insurance quotes are calculated based on various factors that assess the risk associated with insuring the vehicle. Here’s a breakdown of how these quotes are typically determined:

  1. Agreed Value: Unlike standard car insurance, which considers the current market value of the car, classic car insurance often works on an “agreed value” basis. This is a value agreed upon by both the owner and the insurer, representing the car’s worth. The agreed value can influence the premium, with higher values generally leading to higher premiums.
  2. Vehicle Age and Rarity: Older vehicles, especially those that are rare or have historical significance, might command higher premiums due to the difficulty (and potential expense) of sourcing parts and expertise for repairs.
  3. Mileage: Limited mileage policies are common in classic car insurance. The less you drive, the lower the risk and, consequently, the lower the premium. If you intend to drive the classic car regularly, it can result in a higher quote.
  4. Storage: Where and how the car is stored plays a role. A car kept in a secured garage is typically cheaper to insure than one parked on the street, as it’s less susceptible to theft and environmental damage.
  5. Usage: The purpose for which the car is used can influence premiums. Cars used solely for exhibitions or club events might have lower premiums than those driven more frequently.
  6. Driver’s Profile: As with standard insurance, the driver’s age, driving experience, and history (claims, convictions, etc.) will impact the premium. A driver with a clean record is likely to get a cheaper quote.
  7. Membership in Classic Car Clubs: Some insurers offer discounts to members of recognized classic car clubs.
  8. Security Measures: The presence of security systems, like alarms or trackers, can reduce the risk of theft and may result in a lower premium.
  9. Vehicle Modifications: Any modifications to the classic car can influence the premium. Insurers often want to know that the vehicle remains close to its original state; however, certain safety or security modifications might be viewed positively.
  10. Excess: The amount of voluntary excess (the amount you agree to pay in the event of a claim) can influence the quote. A higher excess might lower the premium, but it also means you’ll pay more out-of-pocket if you make a claim.
  11. Cover Options: The type and breadth of coverage you choose will also factor into the quote. Comprehensive coverage will generally cost more than third-party only or third-party, fire, and theft coverage.

Can I Get Cheap Classic Car Insurance?

Yes, classic car insurance can often be cheaper than standard car insurance for several reasons. However, the actual cost depends on various factors.

Here’s why classic car insurance might be less expensive and how you can ensure you get the best rate:

  1. Limited Usage: Classic cars are typically not used as daily drivers. Many policies will have limited mileage restrictions, reflecting the fact that these cars are driven less frequently, thus reducing the risk of an accident.
  2. Careful Ownership: Classic car owners often take exceptional care of their vehicles, keeping them in garages and maintaining them meticulously. This care reduces the risk of damage or theft.
  3. Specialist Repairs: Classic cars might require specialist repairs to maintain their value, but because they are not frequently driven, the likelihood of needing frequent repairs (outside of restorations) might be reduced.
  4. Club Membership: Many insurers offer discounts to members of recognized classic car clubs, as membership often indicates a higher level of care and involvement with the classic car community.

How To Reduce The Cost Of Classic Car Cover

Classic car policies are often cheap enough as they are, however, if you want to ensure you’re getting the best value for money, here are some additional ways in which you can further reduce your costs.

Remember, while cost is essential, the cheapest policy isn’t always the best. Ensure you have adequate coverage for your needs, especially given the unique value and considerations for classic cars. Always read the policy terms and conditions carefully.

Frequently Asked Questions

Whether you can drive a classic car daily on a classic car insurance policy largely depends on the terms and conditions set by the insurance provider. Here are some factors to consider:

  1. Mileage Restrictions: Many classic car insurance policies come with annual mileage restrictions. These limits are set because classic cars are typically not used as daily drivers. If you exceed the agreed-upon mileage, it could invalidate your policy in the event of a claim.
  2. Usage Restrictions: Some classic car policies may stipulate how and where you can use your vehicle. For instance, they might allow use for club events, exhibitions, or occasional recreational use, but not for commuting or everyday tasks.
  3. Risk Assessment: Classic car insurance often assumes that the car is being driven less frequently than a regular car and therefore has a reduced risk of accidents. Using a classic car as a daily driver changes this risk assessment.
  4. Cost Considerations: While classic car insurance can be cheaper due to the factors mentioned above, using the car daily might increase the premium because it changes the risk profile. It might even make the insurance comparable to or more expensive than standard car insurance.

If you’re considering using a classic car as a daily driver:

  1. Check Your Policy: Before using your classic car daily, review your policy’s terms and conditions or discuss with your insurer to ensure you don’t breach any terms.
  2. Consider a Different Policy: If you plan to use your classic car more frequently, you might need to look into a standard policy or a specialty policy tailored for classic cars that are driven more often.
  3. Safety and Practicality: Classic cars might not have modern safety features, so daily use might pose additional risks. Also, consider wear and tear – frequent driving can accelerate the ageing process for classic vehicles.
  4. Maintenance: Classic cars often require more maintenance than modern vehicles, especially if driven regularly. Ensure you’re prepared for the time and cost involved in maintaining the vehicle’s condition.

If you wish to use a classic car daily and maintain a classic car insurance policy, it’s essential to be transparent with the insurance provider to ensure you have adequate coverage.

Only cars built more than 40 years or more ago are exempt from MOT’s.

However, if you have carried out substantial work on the, such as a full rebuild, then you may still need to MOT the car even though it’s older than 40 years.

Most classic cars do generally need a MOT and it is a good thing to have regardless.

When you agree a value on your classic car, you are agreeing with your insurer what the vehicle is worth as opposed to using market value.

If you have ‘agreed value’ as part of your insurance policy, in the even your classic is written off, you will be reimbursed the agreed value as opposed to fighting for more than market value.

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