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Insuring a classic car

Classic cars are often stunning examples of the complimentary fusion between engineering and design. Cars such as the Austin Mini and Porsche 911 are incredibly different yet they are both innovative creations that went on to become popular choices for the discerning classic car buyer. The definition of the term 'classic car' is largely debated amongst owners, enthusiasts and insurance companies, however, HM Revenue and Customs state a car can be defined as a classic provided it is over 15 years old and worth more than £15,000. Some insurance companies will also provide classic car insurance for cars that don't meet these criteria but it may be subject to terms and conditions.

Why they need a specialist policy

Although a classic car policy will share some similarities with a standard policy there are normally several specific features and benefits available that differentiate it from standard cover. Assessing the value of a classic car can be much more difficult than performing a valuation on a modern car, as a result classic car policies tend to include a valuation that both the insurer and the car owner agree upon. The agreed valuation may also be subject to a vehicle inspection and some insurers will provide yearly valuation reviews due to the fluctuation of the classic car market. Classic car insurance may also have a replacement parts policy that ensures authentic parts are used to repair a car in the event of an accident.

Look out for policy restrictions
Whilst classic car policies generally offer good value for money there are normally several restrictions that will apply to the cover. Some insurers will apply mileage caps to the policy and will often invalidate the cover if this mileage is exceeded. Similarly, not all insurers will accept a no-claims bonus from a standard car policy and this could result in a higher premium. Displaying a car at classic car events such as shows and rallies is a popular activity however insurers often don't provide cover for this as standard and will normally offer it as an optional extra.

Looking after your car

A classic car owner can reduce the risks of making a claim by ensuring that their policy is appropriately suited to both themselves and their vehicle. Keeping the vehicle in a secure location and investing in security such as a car alarm, steering wheel lock or wheel clamps can also reduce the risk of theft and the likelihood of making a claim. They do get stolen from time to time but since they are usually distinctive, and so not easy to sell on or even hide, they are usually taken by joyriders, who usually don't treat them very well. Don't like them spoil your pride and joy.

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