Car Insurance For Classic & Performance Vehicles

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Classic Car Insurance

An increasing number of drivers are buying classic cars, often vehicles they have lusted over in their youth but could never afford.

Owning a vintage car is only one part of the equation, however: the other important aspect is that of finding the cheapest classic car insurance.

Generally, although not always, the cost of a cheap classic car insurance policy is less than for a more modern vehicle. This reflects the fact that a vintage car will be better cared for, usually garaged and typically driven for fewer miles every year.

Cheaper Insurance For Classic Cars

However, premiums can still vary significantly, so here are a few tips to make sure you find the right classic car insurance policy, at the right price.

• Take out an agreed valuation when insuring your classic car. This is the amount that will be paid should the car be written off or stolen. Make sure that it is guaranteed, as some insurers refuse to pay out otherwise. There may be an extra charge for this and some companies may require an independent valuation.
• Check whether you will be able to increase the agreed valuation each year. The value of many classic cars increases year on year and it may cost a lot more to replace next year. Don’t forget the cost of rare embellishers and accessories, which can be expensive to replace.
• Consider a “limited mileage” policy on your vehicle. This can often be set at anything between 1,500 and 10,000 miles. If you are close to exceeding the limit find out whether this might be adjusted upwards mid-way through the insured period.

Performance Car Insurance

If you own a high performance car, you are likely to pay more for your insurance than with a standard car.

Statistically, high performance cars are more likely to be involved in accidents – and cost more to repair, especially if driven by younger owners.

Insurers argue that some modifications, for example lowered suspensions, can negatively affect handling.

This applies to a greater or lesser degree whether the car is kit-built, prestige, imported, modified, or simply has a powerful engine.

Cheaper Car Insurance For High Performance Vehicles

There are ways to cut your high performance car insurance bill - if you are careful. Here are a few useful ideas.

• Be aware of the difference between “sports” high performance, like a Porsche or a Mercedes, and a “modded-up” car, which can cost more to insure.
• Consider waiting until you are at least 30 years old. Premiums will fall both as a result of your age and also because, hopefully, you will have built up a no-claims history.
• Go to a specialist insurer who will have knowledge of your type of vehicle and suitable claims experience.
• Take an advanced driving course, for example from the Institute of Advanced Motorists.