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.
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.
