InsuranceLecturer — If you have any type of classic car, choosing the right insurance is an important priority. You need to ensure that you are fully covered whilst hopefully keeping the premiums affordable.
When looking for specialist classic car insurance you generally cannot find it on the high street. Many insurers typically fail to offer the cover you need but there are specialist insurance brokers online where you are able to get quotes.
So what might you need in your insurance policy for your classic car?
Have you modified or restored your classic car?
If you have spent a great deal of money on parts, to modify your classic car means the value of it usually increases. Insurance providers often have no idea of the value of your car, and if the worst happened and it was written off, you may lose out financially.
However, if you have agreed values in your policy the insurance provider values your vehicle and insures it for the ‘true’ value.
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They may offer you salvage retention rights in your insurance and if so you may be able to buy back your vehicle in the event it is written off by the insurance provider.
This may be extremely useful if you have spent a lot of money on spare parts when modifying. Providing your car is not too badly damaged, you may be able to take off parts to use again or to sell.
Do you attend shows and rallies?
Many classic car owners take pride in entering their vehicle into rallies or shows. If you are one of the proud owners who do so then you may want to consider if your policy includes show/rally cover.
If you plan to take your vehicle into Europe, your provider may also include European cover and/or green card protection in your policy. This typically means that you do not have to apply for insurance upon reaching the border of each country you visit.
Do you travel a lot with your car?
If you only use your classic car every now and again and do not add many miles to the clock each year, you may wish to consider limited mileage cover when looking for specialist classic car insurance.
You are typically insured to drive up to a limited amount of miles each year and this may typically helps to keep down the cost of the insurance premiums.
