How classic car insurance is calculated

Whether your classic car is your pride and joy or just a fun hobby, you’ll want to get adequate classic car insurance to make sure it’s covered in case something goes wrong.

If you are just looking for a quote, you can contact us at Carole Nash at 0333 005 3355. One of our friendly advisers will be available to speak to you about your quote as quickly as possible.

In general, classic car insurance tends to be much cheaper than regular car insurance. But what factors go into the calculation of classic car insurance?

What is classified as a classic car?

First of all, your classic car must really be a classic. You may like your old bump that you’ve had for many years, but does it count as a classic car?

In order for a car to count as a classic car, most insurers generally require that it fit a combination of these descriptions:

  • more than 15 years
  • drove less than 5,000 miles a year
  • kept in perfect condition
  • used as a second car

If your car meets some of the above, most insurers will see it as a classic car.

Ways to Reduce the Cost of Classic Car Insurance

As we mentioned, classic car insurance is generally cheaper than regular car insurance, but there are a few ways you can further reduce the cost.

If you’re lucky enough to do the following, you might see your cousins ​​drop:

  • You have another vehicle that you use every day instead of your classic car
  • It has a very low annual mileage (generally between 2,000 and 5,000 miles)
  • Keeps your vehicle in a garage, unit or specialized locked place
  • You are 25 years or older

Modifications can increase premiums

If you have made any modifications to your classic car, it is important to indicate this when you get your insurance quote. Whether cosmetic or performance-related, modifications can increase premiums by approximately 10-15%. This, of course, depends on the extent of the work done and how much the value of the vehicle has increased. Unlike modern cars, some level of modification is expected with classic cars to ensure they are roadworthy. So while you may increase your premiums a bit, it won’t be as much as if you had reviewed a modern car.

Some of the most common modifications to classic cars include:

  • New engine
  • Power steering
  • Computerized controls
  • Paint and bodywork

While it’s not uncommon for many classic cars to do some sort of modification work, it still needs to be noted on your insurance quote.

Securing your classic car with Carole Nash

As brokers specialized in classic car insurance, by insuring your ar with us, you get a series of benefits as standard:

  • UK and EU breakdown recovery, including home start, worth £ 100 compared to other providers.
  • Legal coverage of up to £ 100,000: Cover your legal costs to help you recoup your excess policy,
    loss of earnings, rental of another vehicle and compensation for any injury sustained as a result of an accident other than your fault
  • Agreed Value: If your car is removed after a successful claim, you will receive
    the agreed value (subject to photos and written confirmation, excluding third party cover only)
  • Salvage Lien Rights: If your car is declared a total loss after a claim, you can
    you have the option to purchase the remaining remainder of your vehicle
  • EU coverage for up to 90 days
  • Club member discounts

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