How To Buy Cheaper Classic Car Insurance Cover

Do you own a car over fifteen years old? If you do you may well be entitled to cover it under what is known in the industry as a classic car insurance policy. In the past there were many more restrictions on cover under this type of policy and specialist motor insurance brokers and insurance companies were very particular about the type, age make and models of the cars they wished to cover on their books.

Times have changed and technology has led to many more cars now fitting into a bracket that was once reserved for the glamourous, collector and vintage car owners. It is now possible to obtain both cheap quotes and classic car covers online from many providers including the majority of those famous high street brands, who have realised that nearly fifty percent of the cars on the road now fall within the strict underwriting parameters for classic car policies. Consequently premiums in this market, which were always cheaper than standard cover, have become much more competitive in recent years, with the entry into the market of many of the larger insurance companies.

When searching for the right covers it is wise to get a range of classic car insurance online quotes from various different sources. Not all motor companies are the same, and neither are all classic policy conditions.

When applying for a classic quote you should be aware of the varying limits of cover and restrictions that may be put on driving the vehicle. For example many of these policies will only allow you very limited road mileage each year, sometimes as little as 3000 miles per annum. This is fine if you have an expensive collectors car that is garaged throughout the year and only taken out for the odd cruise or rally. The problems occur much more frequently when non valuable classic cars are insured under this type of policy when they should really be covered under a more embracing standard motor insurance. Unfortunately, restrictive policy conditions often only come to light after an accident and a claim is made, rejected by the insurer and leaves the policyholder feeling missold and abandoned.

If you have decided that a classic car policy is right for your car, then when applying for quotes online always check that the policy is right for you, the owner as well. Many policies are designed to charge by the lifestyle of the insured and as with all car insurance there is a tendency for cover to be cheaper for older persons and women drivers. Many companies will not issue classic motor insurance to persons under the age of twenty five, although this is changing as well, and there are some very good providers out there who will cover drivers as young as twenty one.

If the value of the car is not particularly high and the replacement costs of parts and repairs does not warrant a specialist policy, you may well be better advised to seek out quotes from a mainstream insurance company. They often have additional online discounts and offers which the classic policy providers are not in a position to offer.

As with all car insurance, what may initially appear cheap at policy inception could cause some unpleasant surprises when it comes to making a claim.

Shop around for specialist car insurance and Classic Car Insurance.

Compare policy prices and insurance covers from both major high street brands and the smaller insurance specialists to ensure you not only get a good deal, but get the adequate levels of cover you require for your classic car, as well.

Originally published by our in house resident classic car expert Dave Healey
Cheaper classic car insurance article source

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Ferrari classic car insurance dispute will change classic car valuations for Insurance

When is Classic Car Insurance Market Value not Market Value?

Below is a recent lesson on why it is so important to get an agreed valuation certificate for your cherished classic car. The value of classic cars can go up dramatically as well as depreciate, so it is essential that the agreed valuation is updated frequently. It is even more essential that classic car insurance companies are aware of what they are covering!

A Ferrari owner is disputing the payout given to him under a classic car insurance policy from Royal and Sun Alliance (RSA), better known for their More Than standard car insurance brand.
The owner of a 1974 Ferrari Dino Spyder 246 GTS, a Mr Abraham, has had the car for 33 years, has taken his case to the Financial Ombudsman after a dispute over the claims payment when the car was stolen.

Mr Abraham had a classic car policy that was providing cover under 'market value terms' the value of the car in the market at the time of the claim. When he insured it originally he gave a declared value of £35,000 which was accepted by the insurers.

The problems arose when the claim occurred. Classic car experts have valued the car in the current market at £120,000 when it was stolen from his garage in South london last summer. RSA have according to Mr Abrahams only offered him £35,000!

This case is going to bring the whole question of classic car valuations and how classic cars are valued for insurance purposes into the limelight, when the Judgement is delivered by the Financial Ombudsman later this year!

It sounds to us folks here like a little bit cake and eat it! Whatever the outcome it will change the way that classic car insurance is sold!