Six Things to Consider When Insuring a Vintage Car in the UK

June 14, 2013

June is when most vintage and classic car events kick off. It’s the time of year when vintage car owners finally get back behind the steering wheel of their cherished motors.

In preparation for a summer of motoring events you’re sure to have retuned the engine, checked the oil (at least once), and polished your car until it shone. But before you reverse out of the garage, have you sorted your insurance? If not, here are a few things to consider when insuring a vintage car in the UK.

1. Whether Your Car Is a Classic

Your motor doesn’t have to date back to the roaring twenties and the times of The Great Gatsby to be a classic car. Vehicles as young as five years old can be considered classics. So even if you’re driving a Morris Marina, a VW Camper or a Ford Capri, you could still be eligible for classic motor insurance.

Why choose classic insurance? A dedicated classic insurer understands classic car owners. They know that you look after your vehicle well, storing it in a garage (which is, no doubt, alarmed) and driving it carefully. And they’ll reward you for that with lower premiums than a regular insurer would charge.

2. Where You’re Going to Drive It

Where you’re planning to use your car will make a big difference to the premiums you pay. Track days or rally events may be assessed differently to owners’ club rallies, especially if you ferry your vehicle to the destination on a truck rather than drive it there. Even if you hire out your car for weddings, classic cover may still be suitable, as some insurers offer dedicated cover for wedding cars too.

3. Your Estimated Mileage

If you’re only using your car for a few events this summer, then it’s unlikely that you’ll cover too many miles in your vehicle. If this is the case then opting for a limited mileage policy could be the best bet. By agreeing a maximum number of miles at the outset, you may well find that you’ll save pounds on premiums. Just keep an eye on the milometer though. If you underestimate how many miles you’re likely to do, you could find yourself putting your car back in the garage before the season’s finished.

4. If Your Car’s Off the Road

One of the downsides of vintage vehicle ownership is the time that may be needed to repair or restore your vehicle. If it’s taking longer than expected to hunt down that much needed spare part, then you may not be able to get your car back on the road this summer.

If this is the case, then don’t leave your vehicle unprotected. Consider taking out a laid-up policy to cover your car against theft or damage while it’s being worked on.

5. The Real Value of Your Car

Many mainstream insurers will look at what your car’s worth on paper – which often means that the amount it will be covered for is far lower than the actual value of the vehicle. In some cases the difference may be staggering.

Avoid this by taking out agreed value insurance. In this case, you and your insurer agree on the value of your vehicle, taking into account the money spent on it, the condition of the car and how much a like-for-like replacement would cost. It’s a great way to make sure you’re not left out of pocket if anything happens to your vehicle.

6. If You’re a Member of a Classic Owners Group

Birds of a feather flock together—and so do classic car owners. If you’re a member of one of the many classic owners clubs in the UK, then this could make a difference to your insurance premiums too. In some cases classic car group members can save up to 15%. So make sure you mention your membership when you’re searching for a quote.

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